In Full Agreement Posted August 7, 2021 Share Posted August 7, 2021 I've read in a few places this new limit of one million is per bank account. I don't see where it says a person can't have several accounts each of which is under one million at the same bank. My Missus thinks the protection limit is based on a per name basis in Thailand as a whole, meaning each Thai citizen or falang can only have protection up to one million baht in a Thai savings account. From an earlier link: "As the DPA will reduce insu-rance protection from Bt50 million per bank account to only Bt1 million from August this year, it will also bring fund flows to the GSB, a |state-run bank that provides 100-per-cent protection to customers, he said." Link to comment Share on other sites More sharing options...
CharlieH Posted August 7, 2021 Share Posted August 7, 2021 My understanding is "per accoun/ bank" so 5 mil in one no,but 5 x 1 in seperate banks is ok. Edited to correct error. 1 1 Link to comment Share on other sites More sharing options...
Popular Post blackcab Posted August 7, 2021 Popular Post Share Posted August 7, 2021 Deposit protection is on a per depositor, per institution basis. It doesn't matter how many accounts you have with the same institution, only a maximum of 1 million baht is protected at each institution. However, you could open accounts at multiple institutions. In this way you could have up to 1 million baht protected multiple times. 8 2 Link to comment Share on other sites More sharing options...
tifino Posted August 7, 2021 Share Posted August 7, 2021 this'll keep many an Actuary in a job for yonks... working it all out... 1 Link to comment Share on other sites More sharing options...
Popular Post Havefunme Posted August 7, 2021 Popular Post Share Posted August 7, 2021 https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection 2 1 Link to comment Share on other sites More sharing options...
Popular Post Bob12345 Posted August 8, 2021 Popular Post Share Posted August 8, 2021 Due to the mortgage our account is 10 million negative. If the bank collapses, would that also wipe out 9 million of my debt? 4 Link to comment Share on other sites More sharing options...
Pedrogaz Posted August 8, 2021 Share Posted August 8, 2021 (edited) The smart will borrow lots of money from banks to hedge against the institution's collapse. Use the borrowed money to buy rental homes and physical precious metals. If you have bank accounts with lots of money in them, it is probably time to reduce your exposure. Edited August 8, 2021 by Pedrogaz add Link to comment Share on other sites More sharing options...
Etaoin Shrdlu Posted August 8, 2021 Share Posted August 8, 2021 13 minutes ago, Bob12345 said: Due to the mortgage our account is 10 million negative. If the bank collapses, would that also wipe out 9 million of my debt? Unfortunately not. Your loan is considered an asset on the balance sheet of the bank and would be sold or assigned to another lender in the event of your bank's insolvency. Somewhere in the fine print of your loan document there is likely wording that gives the bank the right to do that. 1 Link to comment Share on other sites More sharing options...
Popular Post brucegoniners Posted August 8, 2021 Popular Post Share Posted August 8, 2021 3 4 Link to comment Share on other sites More sharing options...
nickmondo Posted August 8, 2021 Share Posted August 8, 2021 21 hours ago, CharlieH said: My understanding is "per account" so 5 mil in one no,but 5 x 1 is ok. not correct. you cannot have five accounts with Bkk Bank (eg) each with 1 million, you would be protected for only 1 million but you can have 1 million in various banks, ie, Kasikorn, Krungsri, BKK, SCB. 2 Link to comment Share on other sites More sharing options...
Popular Post nickmondo Posted August 8, 2021 Popular Post Share Posted August 8, 2021 1 hour ago, Pedrogaz said: The smart will borrow lots of money from banks to hedge against the institution's collapse. Use the borrowed money to buy rental homes and physical precious metals. If you have bank accounts with lots of money in them, it is probably time to reduce your exposure. try doing that as a farang good luck with that 3 Link to comment Share on other sites More sharing options...
Popular Post nickmondo Posted August 8, 2021 Popular Post Share Posted August 8, 2021 43 minutes ago, brucegoniners said: great advice, and a good safe to put the box in 2 1 Link to comment Share on other sites More sharing options...
kingstonkid Posted August 8, 2021 Share Posted August 8, 2021 20 hours ago, Havefunme said: https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection reading this link it says Thai baht deposits only. I guess that means if you have an American dollar or such account there is no protection 1 Link to comment Share on other sites More sharing options...
xylophone Posted August 8, 2021 Share Posted August 8, 2021 7 minutes ago, nickmondo said: not correct. you cannot have five accounts with Bkk Bank (eg) each with 1 million, you would be protected for only 1 million but you can have 1 million in various banks, ie, Kasikorn, Krungsri, BKK, SCB. I have just yesterday split my accounts between Bkk Bank and SCB and feel a lot happier now.........just in case, you understand! Link to comment Share on other sites More sharing options...
fulhamster Posted August 8, 2021 Share Posted August 8, 2021 Does this include funds deposited in bonds ?? Link to comment Share on other sites More sharing options...
userabcd Posted August 8, 2021 Share Posted August 8, 2021 9 hours ago, Pedrogaz said: The smart will borrow lots of money from banks to hedge against the institution's collapse. Use the borrowed money to buy rental homes and physical precious metals. If you have bank accounts with lots of money in them, it is probably time to reduce your exposure. The debt will still have to be repaid to the bank or to whomever the debt is sold. Link to comment Share on other sites More sharing options...
Popular Post userabcd Posted August 8, 2021 Popular Post Share Posted August 8, 2021 7 hours ago, fulhamster said: Does this include funds deposited in bonds ?? What is covered from the DTA website Protected Deposit Products Protected deposit products are deposit accounts that are opened at member financial institutions under the Deposit Protection Agency Act. They must be denominated in Thai baht and must be opened within the country. Currently, there are 5 types of protected deposits: Current deposit accounts Savings deposit accounts Fixed deposit accounts Certificates of deposit Deposit receipts Financial products or certain deposit products that are not protected include: Foreign currency deposit accounts (SSF, RMF) Money invested in bonds, debentures, mutual and tax-saving funds (SSF and RMF) Deposits in cooperatives Cashier’s cheques and bills of exchange Electronic money (e-money) Savings insurance products offered by insurance companies 3 Link to comment Share on other sites More sharing options...
TigerandDog Posted August 8, 2021 Share Posted August 8, 2021 (edited) 21 hours ago, blackcab said: Deposit protection is on a per depositor, per institution basis. It doesn't matter how many accounts you have with the same institution, only a maximum of 1 million baht is protected at each institution. However, you could open accounts at multiple institutions. In this way you could have up to 1 million baht protected multiple times. please read the report copied here FYI. " From an earlier link: "As the DPA will reduce insu-rance protection from Bt50 million per bank account to only Bt1 million from August this year, it will also bring fund flows to the GSB, a |state-run bank that provides 100-per-cent protection to customers." NB: the THB 50 million in the quote should be THB 5 million. Not sure about the GSB providing 100% protection. Will check that one out. So it's per account, NOT per depositor. Also bear in mind most banks will only allow you to have 1 of each type of savings account they offer e.g. ttb ( formerly TMB ) will only allow me to hold 1 All Free account and 1 Non fixed account. They won't even allow me to open either of these accounts as a joint account as I already have my name on both types of accounts as does my wife. So accounts with other banks will have to be a consideration. Edited August 8, 2021 by TigerandDog 1 Link to comment Share on other sites More sharing options...
Brick Top Posted August 8, 2021 Share Posted August 8, 2021 I have to resort to stuffing my mattress with my cash soon , these banks have to many unsecured loans out in my opinion 2 Link to comment Share on other sites More sharing options...
Popular Post blackcab Posted August 8, 2021 Popular Post Share Posted August 8, 2021 29 minutes ago, TigerandDog said: So it's per account, NOT per depositor. You are wrong. Please read the second sentence from this page from the Deposit Protection Agency website: https://www.dpa.or.th/en/articles/view/who-is-protected The DPA website states: "Protection is based on a per depositor per institution basis, meaning that all of an individual’s deposit accounts across all branches of that financial institution will be aggregated into a single amount." As I stated earlier, deposit protection is on a per depositor, per institution basis. 3 Link to comment Share on other sites More sharing options...
Sambora Posted August 8, 2021 Share Posted August 8, 2021 Thank you all for consolidating the information, much appreciated. I understand that juristic depositors such as companies and funds are included, meaning: a company that holds a corporate bank account is subject to the protection and NOT the individual director that holds the share majority, meaning that if the corporate account has a THB 1 Million deposit but the individual director has personal deposit accounts exceeding the protection, the deposit in the corporate account is still protected? saving funds e.g. SSF are included in the protection act and count towards the ‚per depositor per institution‘ limit, meaning that if I hold a personal deposit account of THB 1 million and have THB500K in my funds, then this fund is not protected. Is my understanding here correct? Link to comment Share on other sites More sharing options...
topt Posted August 8, 2021 Share Posted August 8, 2021 1 hour ago, kingstonkid said: reading this link it says Thai baht deposits only. I guess that means if you have an American dollar or such account there is no protection Foreign Currency accounts are not covered. 1 Link to comment Share on other sites More sharing options...
brucegoniners Posted August 8, 2021 Share Posted August 8, 2021 2 hours ago, nickmondo said: great advice, and a good safe to put the box in Indeed. Link to comment Share on other sites More sharing options...
userabcd Posted August 8, 2021 Share Posted August 8, 2021 (edited) 7 hours ago, Sambora said: Thank you all for consolidating the information, much appreciated. I understand that juristic depositors such as companies and funds are included, meaning: a company that holds a corporate bank account is subject to the protection and NOT the individual director that holds the share majority, meaning that if the corporate account has a THB 1 Million deposit but the individual director has personal deposit accounts exceeding the protection, the deposit in the corporate account is still protected? saving funds e.g. SSF are included in the protection act and count towards the ‚per depositor per institution‘ limit, meaning that if I hold a personal deposit account of THB 1 million and have THB500K in my funds, then this fund is not protected. Is my understanding here correct? 1) yes in the company bank account (s) up to 1 million baht per institution. 2)SSF - see DPA clarification below as to what is protected (I read SSF is not protected being it is an investment product) Who is protected? Individual depositors are automatically protected upon opening a deposit account with a financial institution as prescribed in the Deposit Protection Agency Act B.E. 2551 (2008). Protection is based on a per depositor per institution basis, meaning that all of an individual’s deposit accounts across all branches of that financial institution will be aggregated into a single amount. Juristic depositors such as companies, funds, foundations, temples, associations, and cooperatives are also protected in the same manner as individual depositors. Foreigners with Thai baht deposit accounts at member financial institutions in Thailand are also protected under the Deposit Protection Agency Act. However, “Non-Resident Baht Accounts” as defined in the Exchange Control Act B.E. 2485 (1942) are not protected. Remark: A “Non-Resident Baht Account” is a special type of deposit account denominated in Thai baht that is used solely for transactions as specified in the Exchange Control Act. A “Non-Resident” means: 1) Corporations, institutions, funds, financial institutions or juristic persons located outside Thailand. 2) Entities of foreign governments located outside Thailand. 3) Branches and agents of domestic juristic persons located outside Thailand 4) Natural persons not of Thai nationalities and not having alien identity or residence permits. However, “Non-Residents” exclude: 1) Thai embassies, Thai consulates or other entities of Thai government located outside Thailand. 2) Foreign embassies, foreign consulates, specialized agencies of the United Nations, international organizations or institutions (both financial and non-financial) located in Thailand. 3) Branches and agents of foreign juristic persons located in Thailand. Protected Deposit Products Protected deposit products are deposit accounts that are opened at member financial institutions under the Deposit Protection Agency Act. They must be denominated in Thai baht and must be opened within the country. Currently, there are 5 types of protected deposits: Current deposit accounts Savings deposit accounts Fixed deposit accounts Certificates of deposit Deposit receipts Financial products or certain deposit products that are not protected include: Foreign currency deposit accounts (SSF, RMF) Money invested in bonds, debentures, mutual and tax-saving funds (SSF and RMF) Deposits in cooperatives Cashier’s cheques and bills of exchange Electronic money (e-money) Savings insurance products offered by insurance companies Edited August 8, 2021 by userabcd 1 Link to comment Share on other sites More sharing options...
Hindy Posted August 8, 2021 Share Posted August 8, 2021 3 hours ago, xylophone said: I have just yesterday split my accounts between Bkk Bank and SCB and feel a lot happier now.........just in case, you understand! why did you go with SCB any particular reason? Link to comment Share on other sites More sharing options...
Knocker33 Posted August 8, 2021 Share Posted August 8, 2021 Not being funny . But I rarely take any notice of what my wife thinks on money matters . 2 Link to comment Share on other sites More sharing options...
jcojco Posted August 8, 2021 Share Posted August 8, 2021 5 hours ago, kingstonkid said: reading this link it says Thai baht deposits only. I guess that means if you have an American dollar or such account there is no protection That's right 1 Link to comment Share on other sites More sharing options...
Mickeymaus Posted August 8, 2021 Share Posted August 8, 2021 It is a great idea with all the non performing loans because of Covid to reduce the deposit insurance now... Best is to move all your money to the state owned GSB if you can open an account there. This will even put more pressure on the other banks... Link to comment Share on other sites More sharing options...
xylophone Posted August 8, 2021 Share Posted August 8, 2021 3 hours ago, Hindy said: why did you go with SCB any particular reason? I had an old account with them which I hadn't used for ages, but it was still on their records so it made things a lot easier. Link to comment Share on other sites More sharing options...
unblocktheplanet Posted August 8, 2021 Share Posted August 8, 2021 I'm no economist (ask my wife!) but this sure smells like a run on the banks--all of them--to me. Every Thai I know is talking about this. Govt (if you can call it that) is waaay overextended due both to Covid & the economy. The fatcats are still filling their pockets. So how do they keep their money safe? Link to comment Share on other sites More sharing options...
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