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Author Topic: Bank deposit protection cut to THB1 million from August 11th  (Read 8452 times)

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Offline Smithy

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Bank deposit protection cut to THB1 million from August 11th

So if you have more than THB1 million in a bank account its best to open up a few accounts and move your money around a bit . And if you have a Foreign Currency Deposit Account please remember " Protection will only be provided to accounts in the baht currency " .

https://www.nationthailand.com/in-focus/40004190

Offline steini

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Re: Bank deposit protection cut to THB1 million from August 11th
« Reply #1 on: August 08, 2021, 05:14:34 AM »
It is per account holder not per account.

Thailand?s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.

Offline Smithy

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Re: Bank deposit protection cut to THB1 million from August 11th
« Reply #2 on: August 08, 2021, 08:50:28 AM »
It is per account holder not per account.

Thailand?s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.

Yes , when I suggested " its best to open up a few accounts " I meant with other Banks . Yes ,  pointless opening another account with the same bank  ::)

Offline olavhome

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Re: Bank deposit protection cut to THB1 million from August 11th
« Reply #3 on: August 08, 2021, 11:59:51 AM »
It might be 1 mill pr bank.
So should doble check if a "problem" :-)
Anyway:
The same in europe:
In norway the guarante was nok 5 mill.
Some years ago it was changes to 1mill to "coordinate with EU" :-)

Offline Smithy

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Re: Bank deposit protection cut to THB1 million from August 11th
« Reply #4 on: August 08, 2021, 01:38:20 PM »
After the Banking disasters In 2008 the G20 in 2011 pasted a banking resalution for governments not to bail-out banks but for users to bail-in . The lastest changes are just a folllow on from there!!

I have been investing in gold and plan to buy some more next week ( the wife seems happy )  thumbup

That means Banks can carry on wth their spurious lending schemes and expect Us ( the  depositors ) to take the risk when the shit hits the fan  ::)



https://www.cdic.ca/what-happens-in-a-failure/resolution-of-large-banks/resolution-tools-for-d-sibs/bail-in/bail-in-backgrounder/how-bail-in-works/

BTW ..There are some old Bankers that post on here that may know more about this than me  :)
« Last Edit: August 08, 2021, 01:40:26 PM by Smithy »

Offline iammike

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Re: Bank deposit protection cut to THB1 million from August 11th
« Reply #5 on: August 08, 2021, 04:50:46 PM »
It might be 1 mill pr bank.
So should doble check if a "problem" :-)
Anyway:
The same in europe:
In norway the guarante was nok 5 mill.
Some years ago it was changes to 1mill to "coordinate with EU" :-)

Yes it's 1 Million THB per account per bank

But please don't forget, 1 Million NOK (or 100.000 Euro) is still approx 3.x Million THB, so the guarantee there is still (approx) 3 times as much ;)

Offline Smithy

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Re: Bank deposit protection cut to THB1 million from August 11th
« Reply #6 on: August 10, 2021, 11:13:04 AM »

I have been investing in gold and plan to buy some more next week ( the wife seems happy )  thumbup


I just got back from the Gold shop and the wife has a new 2 baht bracelet ( 57600 ) .....she's dripping in the stuff  :laugh:

Whenever I has some spare cash and for birthdays I have been buying her gold as an investment .I've found the returns ( if sold )  is far better than the money sitting in a high interrest deposit account , yes I do understand that prices can go down as well as up, but as a long term investmet I think Gold its sound ( see graph below , gold prices for the last 5 years )



I know what some of you may be thinking  ::) BUT she has assured me she will go and sell the Gold if ever i need some cach in a hurry  pray1  ....   :laugh: :laugh: :laugh:


 

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