Bank deposits get Bt5m insurance for one year

[webfact]

Bank deposits get Bt5m insurance for one year

By The Nation

 

President of the Deposit Protection Agency (DPA) Songpol Chevapanyaroj

 

The Cabinet has extended the period of Bt5 million insurance on bank deposits by a year, president of the Deposit Protection Agency (DPA) Songpol Chevapanyaroj said on Tuesday (April 7).

 

Without the Cabinet’s intervention, the DPA would have only provided Bt1 million insurance per bank account as of August 11 onwards. Under the Cabinet’s move, DPA will now provide Bt5 million insurance coverage until August 10, 2021. 

 

The aim of this move is to restore confidence of depositors who may be worried about volatility in financial markets caused by the Covid-19 epidemic. 

 

Songpol said the Bt5 million insurance covers 99.65 per cent of depositors in the banking system as of December 31, 2019.

 

Source: https://www.nationthailand.com/business/30385564

 

-- © Copyright The Nation Thailand 2020-04-09

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[smedly]

worth noting 

 

This insurance does not cover accounts held in foreign currency and I understand it

[topt]

I posted this in the other thread but if anybody wants to read how this "protection" works - 

http://www.dpa.or.th/en/file/download/khumux-tham-txb-phasa-xangkvs

[justin case]

how strange all those things at the same time ... 20 to 5 to 1 million

 

fear of bank runs

 

well not for the poor, the did not learn to save any or have no means, chicken or egg situation

[scubascuba3]

1 hour ago, smedly said:

worth noting 

 

This insurance does not cover accounts held in foreign currency and I understand it

Yep, but people should have known that when they opened the account

[Enzian]

So if I have my visa renewal funds in a FCD account (no deposit insurance) and the dollar gets especially high against the baht and (without knowing the future of course) my bank allows me to change those dollars into baht and simultaneously open a baht account with them, would I then have deposit insurance?

[Iron Tongue]

Why why why would a country want to destabilize their own banking/financial system and cause fear and mistrust amongst their own depositors?

 

And, if a complete failure of Thailand's banking system is expected, why telegraph this so that depositors can get their money out?

 

Can somebody please explain this to me?

[SwissCheeseMan]

53 minutes ago, Iron Tongue said:

Why why why would a country want to destabilize their own banking/financial system and cause fear and mistrust amongst their own depositors?

 

And, if a complete failure of Thailand's banking system is expected, why telegraph this so that depositors can get their money out?

 

Can somebody please explain this to me?

Maybe to calm the masses, while allowing the Thai elite to withdraw all their money. 

[Baerboxer]

4 hours ago, Enzian said:

So if I have my visa renewal funds in a FCD account (no deposit insurance) and the dollar gets especially high against the baht and (without knowing the future of course) my bank allows me to change those dollars into baht and simultaneously open a baht account with them, would I then have deposit insurance?

 

Correct. Up to 5 million ThB until August next year, unless they extend it again.

[Baerboxer]

2 hours ago, SwissCheeseMan said:

Maybe to calm the masses, while allowing the Thai elite to withdraw all their money. 

 

Yeah right. Just what all their brother and sister hi-so elite lizard masons are doing all over the world. Cunningly directed by the chief lizard himself, who shall remain secret but we all know. Time for the serfs to be culled, and be put back in their place again.

 

These lizards transcend politics, religions and are multi-ethnic in appearance. David Icke knows. 

 

Don't forget your tin foiled hat amigo.

[Leaver]

If a Thai bank was to fail, let's just say the insurance did come good, does anyone really think they will be reimbursed a week later? 

 

It could take months and months.  In the meantime, if you have a extension looming, what are you going to do, deposit another 800k baht into another Thai bank, which could fail as well?  

[david555]

46 minutes ago, Leaver said:

If a Thai bank was to fail, let's just say the insurance did come good, does anyone really think they will be reimbursed a week later? 

 

It could take months and months.  In the meantime, if you have a extension looming, what are you going to do, deposit another 800k baht into another Thai bank, which could fail as well?  

And to get your failed bank money it would be needed to be here to oversee your claim …., as from home country you would be in hands of …..remote controlled Th. lawyer ….

So need of extension in any form 

Edited April 10, 2020 by david555

[Leaver]

3 minutes ago, david555 said:

And to get your failed bank money it would be needed to be here to oversee your claim …., as from home country you would be in hands of ….. lawyer ….

So need of extension in any form 

I don't fully understand your post. 

 

The main thing is your deposited amount is returned to you, as per the guarantee. 

[david555]

10 minutes ago, Leaver said:

I don't fully understand your post. 

 

The main thing is your deposited amount is returned to you, as per the guarantee. 

Oh , that could be , after the necessary signatures  , don't think they would send it to your foreign bank ….are you …? 55555

 

You never changed address or passport or a new bankbook by a Thai bank …. if so you know how many signatures on how many forms you need to sign .

 

I would like to believe you get it back ….. but  a hassle it shall be  , hence the need to be in Thailand I think .

But feel free thinking  they just send it next day after the collapse to your Home country bank ….., even in western world such a thing can take (long)time 

Edited April 10, 2020 by david555

[topt]

1 hour ago, david555 said:

But feel free thinking  they just send it next day after the collapse to your Home country bank

Are you just trolling otherwise why would anybody think they would do that? As you say even in "western" developed countries with guarantees it is not immediate....... 

[Leaver]

5 minutes ago, topt said:

Are you just trolling otherwise why would anybody think they would do that? As you say even in "western" developed countries with guarantees it is not immediate....... 

I think what he is getting at is, why would the insurer deposit your reimbursement into another Thai bank, which may fail as well. 

[Leaver]

1 hour ago, david555 said:

Oh , that could be , after the necessary signatures  , don't think they would send it to your foreign bank ….are you …? 55555

I only transfer my living expenses into Thailand, so I don't have this risk. 

 

If I understand your post correctly, you are saying the insurer would not deposit the money into a foreign bank account. 

 

I actually think the insurer might not deposit the reimbursement at all.   ????

[david555]

4 minutes ago, Leaver said:

I think what he is getting at is, why would the insurer deposit your reimbursement into another Thai bank, which may fail as well. 

No , I only meant that in those circumstances It would be more practical to be present in Thailand, to make it smooth handled as many signatures and doc. could be needed, and from outside Thailand would give more  problems , an so could end at the end of the que the easy ones first ….. no more no less 

[david555]

3 minutes ago, Leaver said:

I only transfer my living expenses into Thailand, so I don't have this risk. 

 

If I understand your post correctly, you are saying the insurer would not deposit the money into a foreign bank account. 

 

I actually think the insurer might not deposit the reimbursement at all.   ????

That is even not my thinking , but need to be present to keep eye on the situation .

And yes I have more than the full 800K on bank , not afraid, but realizing I have to be here , and so anyway must have another extension.... that was all I meant 

[Leaver]

5 minutes ago, david555 said:

No , I only meant that in those circumstances It would be more practical to be present in Thailand, to make it smooth handled as many signatures and doc. could be needed, and from outside Thailand would give more  problems , an so could end at the end of the que the easy ones first ….. no more no less 

So, you feel some security in the guarantee, but being physically in Thailand would make things easier if a bank was to fail. 

[Leaver]

4 minutes ago, david555 said:

That is even not my thinking , but need to be present to keep eye on the situation .

And yes I have more than the full 800K on bank , not afraid, but realizing I have to be here , and so anyway must have another extension.... that was all I meant 

How does "keeping an eye on the situation" help?

 

If the bank fails, you lose access to your money, and could have to wait anywhere from 6 to 12 to 18 to 24 months for a reimbursement, should one materialize. 

[david555]

3 minutes ago, Leaver said:

So, you feel some security in the guarantee, but being physically in Thailand would make things easier if a bank was to fail. 

some (!?) security   who make me feel to be in Thailand to handle it …. you got it right now 5555

Edited April 10, 2020 by david555

[david555]

6 minutes ago, Leaver said:

How does "keeping an eye on the situation" help?

 

If the bank fails, you lose access to your money, and could have to wait anywhere from 6 to 12 to 18 to 24 months for a reimbursement, should one materialize. 

Oh my God ….. don't you know how much documents would be needed and signature  , just compare it with some changes on passbook , new passport , address changes  , you sit already for that a while signing  documents  on your Thai  bank 

Edited April 10, 2020 by david555

[Leaver]

On 4/10/2020 at 8:58 PM, david555 said:

Oh my God ….. don't you know how much documents would be needed and signature  , just compare it with some changes on passbook , new passport , address changes  , you sit already for that a while signing  documents  on your Thai  bank 

How about you don't worry about submitting your paperwork to the insurance company after a bank failure and focus on not being in a position where you have to submit your paperwork for a reimbursement.  ????

[david555]

1 hour ago, Leaver said:

How about you don't worry about submitting your paperwork to the insurance company after a bank failure and focus on not being in a position where you have to submit your paperwork for a reimbursement.  ????

????????????Trusting a insurance company .....? For both we are in their mercy ....let's just hope nothing happens . My very first point was that in such case i would have to put anther 800 k in another bank to stay here ...in hopes to recover the missing 800 k ????????

[Leaver]

1 minute ago, david555 said:

????????????Trusting a insurance company .....? For both we are in their mercy ....let's just hope nothing happens . My very first point was that in such case i would have to put anther 800 k in another bank to stay here ...in hopes to recover the missing 800 k ????????

I don't have to hope for anything.  I pay an agent, and keep my 800k baht in my home country.  I have very little to lose here, just the way I planned it. 

 

You should seriously consider moving to the 65k baht a month method, and don't even consider moving another 800k baht for a visa, while chasing your original 800k baht. 

[david555]

20 minutes ago, Leaver said:

I don't have to hope for anything.  I pay an agent, and keep my 800k baht in my home country.  I have very little to lose here, just the way I planned it. 

 

You should seriously consider moving to the 65k baht a month method, and don't even consider moving another 800k baht for a visa, while chasing your original 800k baht. 

Better even 3 years ago i decided to change plan ...not buying a condo anymore ...so that transfered money i lived from it and can do for a few years still, whole 3 years no pain from interest rates as 11 years ago Kk gave me 47.9 for my Euro as exchange rate.

And 3 years ago i saw LOS is changing in 'Land of grin "because this gov. 

May 2022 is my planned leave .....no agents ever used an shall never risk....the monthly thing is too much in I.O.'s mercy 

Plan made and in the running ...

Paradise lost it is ......time to go but not rushing ....who knows wat this corona economic debacle go bring ....saw latest on Bloomberg  Thai gov. Plan a loan on the markets for 60 billions to finance the economic support because Corona .....this did not get the Thai newspapers headlines ...strange ????

 

 

Edited April 11, 2020 by david555

[SwissCheeseMan]

On 4/10/2020 at 8:43 PM, Leaver said:

I only transfer my living expenses into Thailand, so I don't have this risk. 

 

If I understand your post correctly, you are saying the insurer would not deposit the money into a foreign bank account. 

 

I actually think the insurer might not deposit the reimbursement at all.   ????

Who underwrites this insurance?  Is it the Thai government?  

[Leaver]

On 4/16/2020 at 2:55 PM, SwissCheeseMan said:

Who underwrites this insurance?  Is it the Thai government?  

As another member said, an insurance company is still just a company, like a bank is, and companies can go broke.  

 

The question is, will the Thai government deem the bank and/or the insurance company too big to fail, and bail them out, should the need arise?

[Leaver]

On 4/12/2020 at 2:55 AM, david555 said:

May 2022 is my planned leave

Why are you waiting 2 years to leave?