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  1. #1
    Thailand Expat harrybarracuda's Avatar
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    Bank deposit protection cut to THB1 million from August 11

    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.

    The new rate will cover 82.07 million account holders at 35 financial institutes, equivalent to 98.03 per cent of all account holders in the banking system,” DPA director Songphol Chevapanyaroj said.

    As of May 31, DPA had 83.72 million account holders under its protection, up by 1.62 per cent or 1.33 million accounts compared to the end of last year.


    “Of the new account holders, 97 per cent have less than 1 million baht in their accounts. Deposits under DPA’s protection add up to 15.28 trillion baht, up by 2.33 per cent or 347.9 billion baht from the end of 2020,” he added.


    DPA offers protection to both Thai and foreign individuals and juristic persons who hold accounts in the Thai currency in any of 35 financial institutions. The institutions covered include 18 commercial banks, 12 foreign banks with branches in Thailand, two finance companies and three credit foncier firms. Deposits covered include current account, savings account, fixed deposit, deposit card and deposit receipt.


    “Protection will only be provided to accounts in the baht currency. In case a financial institution gets its licence revoked, the account holder will get their money back within the sum covered within 30 days,” Songphol said.


    Bank deposit protection cut to THB1 million from August 11

  2. #2
    I am not a cat
    nidhogg's Avatar
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    Now that is slightly concerning.....

  3. #3
    Thailand Expat havnfun's Avatar
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    Yeah, concerning, I might have to move my other 4 million baht into gold,

  4. #4
    Guest Member S Landreth's Avatar
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    It was announced last year that Thailand’s Deposit Protection Agency (DPA) would be doing this. No surprise

  5. #5
    Thailand Expat tomcat's Avatar
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    ...it may mean expanding one's bankbook collection...

  6. #6
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by nidhogg View Post
    Now that is slightly concerning.....
    Expecting several bank failures would be the only reason to decrease.

  7. #7
    Thailand Expat lom's Avatar
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    Quote Originally Posted by tomcat View Post
    ...it may mean expanding one's bankbook collection...
    yes but not within the same bank

    Quote Originally Posted by harrybarracuda View Post
    it will only provide protection for 1 million baht per account holder

  8. #8
    Thailand Expat
    Shutree's Avatar
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    If you are a retiree with a visa based on B800K in the bank and the bank fails at renewal time then what happens to your visa?
    (Asking for a friend.)

  9. #9
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by Shutree View Post
    If you are a retiree with a visa based on B800K in the bank and the bank fails at renewal time then what happens to your visa?
    (Asking for a friend.)
    Tell your friend he can apply through the DPA and get his 800k back.

  10. #10
    Thailand Expat
    Shutree's Avatar
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    Quote Originally Posted by Norton View Post
    Tell your friend he can apply through the DPA and get his 800k back.
    Only hypothetical. I understand you can get it back. I only wonder what Immigration would say when the bank cannot give you the letter on the day.
    Of course, wondering what Immigration might say about anything is probably not a useful way to spend my time.

  11. #11
    I am not a cat
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    Quote Originally Posted by Shutree View Post
    Only hypothetical. I understand you can get it back. I only wonder what Immigration would say when the bank cannot give you the letter on the day.
    .
    yeah, that had crossed my mind as well.

    Obviously, this may have a chilling effect on farangs, but I would have thought the effect would be much more chilling on people considering investing here.

  12. #12
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    Quote Originally Posted by nidhogg View Post
    yeah, that had crossed my mind as well.

    Obviously, this may have a chilling effect on farangs, but I would have thought the effect would be much more chilling on people considering investing here.
    yes guys that could open up one big can of worms for us,bank closes over night.
    extension due next day.
    no letter no extension.
    fined for overstay.
    how long do you have to wait for your money.
    then find a bank to deposit your money.
    then has it got to be 2-3months on deposit.
    fyhk i got to take a tablet.

  13. #13
    Thailand Expat Saint Willy's Avatar
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    Quote Originally Posted by Norton View Post
    Expecting several bank failures would be the only reason to decrease.
    depends, what are international standards? Perhaps just a recalibration

  14. #14
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by TheRealKW View Post
    depends, what are international standards? Perhaps just a recalibration
    Naturally amounts vary by country. Some countries such as the US have laws which fix the insured amount. Thailand has no such law so the insurer can change up or down as they deem appropriate. When their holding capital is less than projected needed to cover claims, they reduce coverage. Call it "recalibration" if you like but bottom line is the insurer sees banks are in deep shit. Shit which will hit the fan soon.
    "Whenever you find yourself on the side of the majority, it is time to pause and reflect,"

  15. #15
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    As stated above this was in the news in the past year or so.

    Surely there are loads people with many millions in the bank around Thailand. In the US accounts are insured for up to $250k which isn't really that much.

    Maybe just stick a few million in the wall or something I'll take my chances at the bank for now.

  16. #16
    Thailand Expat Slick's Avatar
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    Quote Originally Posted by TheRealKW View Post
    depends, what are international standards? Perhaps just a recalibration
    USA is $250,000 per account for a single account, or $500,000 per joint account.

    Which is why my assets stay firmly in the US system and only my visa finds and living allowances go to Thailand, and never more than whats actually needed for the short term.

  17. #17
    Hangin' Around cyrille's Avatar
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    Yeah, that's what pretty much everyone does.

  18. #18
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    Quote Originally Posted by headhunter View Post
    how long do you have to wait for your money.
    According to the article (OP) 30 days

  19. #19
    I am not a cat
    nidhogg's Avatar
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    Quote Originally Posted by Happy As Larry View Post
    According to the article (OP) 30 days
    Plus the 3 months it takes to convince the bank that it does include foreigners with accounts.

  20. #20
    Thailand Expat Saint Willy's Avatar
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    3 months?

    You're optimistic!

  21. #21
    Thailand Expat

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    Quote Originally Posted by TheRealKW View Post
    3 months?

    You're optimistic!
    as everyone knows we FARANGS are bottom of the pile.

  22. #22
    Thailand Expat
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    Quote Originally Posted by TheRealKW View Post
    3 months?

    You're optimistic!
    I wonder if there is enough liquidity in the system to reimburse every depositor at a medium-sized bank very promptly. It would be interesting to find someone who understands these things and could explain it all. Any bankers here?

    Surely the knock-on effect of one bank collapse would be that depositors at other banks would get worried and try to withdraw their funds. Simultaneous runs on multiple banks: nightmare scenario. Probably it would be wiser for the government quietly to bail out the first failing bank. Ethical or not I don't know, the alternative looks worse.

  23. #23
    Thailand Expat

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    just talking with the wife about this situation,for her she can move her's around,i have had 1.4million fixed every 3yrs.to cover my ext.any illness [hospital bill]so i have to take half to another bank.but even doing that doesnt give you cover if one goes under.even putting it under the bed is a NO NO.you just have to study the HOW MUCH ASSETS your banks hold.with interest rates being so low we just have to grin and bare it,at 76yrs.old i dont need any hastle.

  24. #24
    Thailand Expat

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    2 accounts both with 800k.in each will do the trick. at different banks.

  25. #25
    Thailand Expat

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    here's one for us expats to swallow,these banks
    cover all loses if they go belly up.
    GHB.BANK.
    GSB BANK.
    BAAC,BANK.
    who owns these 3 i wonder? 1 guess only.

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