BoT Explains 'Negative' Bank Balances and Unfreezing Delays
The central bank has identified two causes for the system errors, ordering commercial banks to assist affected customers and improve their processes
The Bank of Thailand (BoT) has addressed public concerns about bank accounts showing negative balances and delays in unfreezing funds.
The central bank has attributed the problems to two separate issues and has ordered commercial banks to take immediate action.
According to Daranee Saeju, Assistant Governor of the Payment Systems Policy and Financial Consumer Protection Department, the first cause of negative balances was a technical error.
On 1 September, an incomplete end-of-day data update resulted in incorrect balances for some deposit accounts.
The bank involved has since corrected the issue, and the BoT has instructed it to assist all affected customers and implement measures to prevent future occurrences.
The second cause is related to police investigations. When law enforcement orders a bank to freeze a suspicious account, the system sometimes shows a negative balance if the amount requested for the freeze is greater than the funds remaining in the account.
The BoT has instructed banks to provide clearer explanations to customers in such cases.
The BoT acknowledged that the process of freezing and unfreezing accounts can affect innocent customers and is working with commercial banks and law enforcement to improve the system.
The goal is to more effectively combat fraud and protect victims while also speeding up the process for innocent individuals whose accounts have been frozen.
The BoT urged any member of the public facing unresolved issues with their financial institution to contact its complaint centre at 1213.
