Is My money safe?

[taurus]

It is my understanding that 1million is to be the new figure starting this year,maybe August.

Just seen this on Thailaw.com.

Quote Andrew Goodman:

"The Deposit Insurance Act BE 2551 (2008) which came into force on the 11 th of August 2008 is the act which covers Thai protection provisions that relate to investor deposits at banks and other financial institutions. The protection of deposits is an ongoing concern for all investors large and small, and is becoming more and more of a concern in light of the multiple bank failures in the US and Europe over the past three years. The protection of deposits in a time of financial earthquakes, which seem to surround us on all sides, is of eminent concern. In Thailand , back in 1997, a number of banks, including Siam City bank, failed as part of the regional economic crisis of the time. The government responded by nationalizing the banks. When this happens, normally deposits are protected. Single bank failures usually will not result in nationalization, however, so this cannot be counted on as a general response of government to bank failure.

For the purposes of the general investor, meaning any of us living in Thailand or holding funds in a financial institution here, the key item in the Act concerns the amount of protection per depositor and per bank. Since the Act came into place and through the 10 th of August 2011, the full amount of each deposit is covered. Because of this, it was not necessary to worry over where funds are placed, or how they are distributed between accounts. Whatever the amount deposited, you were covered. Period. Taking effect 11 August 2011 until 10 August 2012 , the coverage drops to 50 million baht per depositor per bank. For most of us, this is still quite a comprehensive coverage amount.

The concern is going forward from 11 August 2012, just a little over a year away, when only 1 million baht will be covered by government protection. The implications of this change are significant, especially when one looks at how the coverage will apply. Multiple branches of the same bank will count as one deposit and will be lumped together. Though married couples will receive protection on a per person and per account basis of up to 1 million, separately, in the event of their owning a joint account, protection will not be separated out for that account. In most cases, the money will be split and counted against the individual account of each spouse. This means that management of funds across varied institutions may become a need for many depositors."

I'm going to make a few inquiries in different banks over the coming weeks to get a clearer picture, but as stated previously I would welcome any further comments 

[smithy99]

Which country do you bank in ?

[Vombatus]

Cheers for that Starman ,and as you rightly say things are far from rosey back in the UK are they and as I have no intention of going back there as my bridges are well and truly burned after quite a lot of thought I decided to bring all my funds here ,if you have a link to hand with the info you provided I'd be most appreciative

The compensation levels in the uk are considerably higher and that imo is a big factor in todays current climate.

United Kingdom
   

The Financial Services Compensation Scheme (FSCS) protects cash investors up to £85,000 per person per UK Banking Licence. So in order to be fully protected, you should have no more than £85,000 with any one banking licence.

Each individual building society has its own banking licence (which means that each one has its own £85,000 protection limit).

Fast payment rules have applied to banks, building societies and credit unions from 31 December 2010. This means that the FSCS will pay out compensation within 20 business days of the default of an institution.

... and more here:-


http://moneyfacts.co.uk/guides/savings/depositor-protection-schemes-if-a-bank-goes-bust180112/#UK

[Vombatus]

Go to several banks, ask the question and try to get the answer in writing.

I wouldnt rely on things posted on the internet,

Would you still have a uk address ? do you know what amount of compensation your bank in uk offers and if you would be eligible as a non resident,because however bad things are there,one thing for sure is that the compensation levels are considerably higher,goverment paid of course and now everyone else is paying for it,but you cant have it both ways.

Most people received 100% of their funds when the banks collapsed and that includes a Mr Dave Whelan you had 100 Million in Landsbanki

I will get some relevant info and post a link later, who do you bank with in the uk?

Which banks collapsed ?

I don't count Icelandic banks - anyone investing in significantly higher-than-market-rates should ask themselves WHY ?


Remember BCCI ?

[taurus]

Which country do you bank in ?

I have my account offshore in Jersey and decided to end it owing to the dreadful current financial climate which affected the future of my bank quite considerably and was not prepared to wait till the proverbial "hit the fan", which would have meant me losing quite a lot if it did,of course in fairness I am not prepared to give the name of the Bank out ,as previous to that I had over 20 years of excellent service ,and to Coffee corner" thanks very much  for your input, but I was already made aware of the info you kindly forwarded by my Bank