Change to deposit protection at Thai banks will have little impact

[Liverpool Lou]

20 hours ago, 2umich said:

When a lot of people unable to pay debt there less money in the bank. And in case critical mass of people start panic (due to announcement like this one), and rash to withdraw money... Bank can become kinda insolvent.

But that's not happening and the revised legislation applies to every bank.  Why should customers "rush to withdraw money", where would they put it?

[JetsetBkk]

32 minutes ago, Liverpool Lou said:

But that's not happening and the revised legislation applies to every bank.  Why should customers "rush to withdraw money", where would they put it?

For me, I was thinking under my mattress.

 

 

[2umich]

1 hour ago, Liverpool Lou said:

But that's not happening and the revised legislation applies to every bank.  Why should customers "rush to withdraw money", where would they put it?

It is applied only to banks that have agreement with DPA, there are the list of banks that covered on DPA website. I don't know if it is happening or not. People can distribute money in different banks or keep it in cash. There are a lot of things you can do with money ????

[Liverpool Lou]

19 hours ago, 2umich said:

20 hours ago, Liverpool Lou said:

But that's not happening and the revised legislation applies to every bank.  Why should customers "rush to withdraw money", where would they put it?

It is applied only to banks that have agreement with DPA, there are the list of banks that covered on DPA website. I don't know if it is happening or not. People can distribute money in different banks or keep it in cash. There are a lot of things you can do with money

"It is applied only to banks that have agreement with DPA"

Obviously.     And those banks that don't have the DPA agreement (which are they?) obviously would provide no protection at all!

 

"People can distribute money in different banks"

I know but they'd have to do it with other banks that have the same DPA restrictions so what would be the point?

 

"There are a lot of things you can do with money"

Really?   What would you suggest for money that has to be immediately available as an alternative to a bank account that has DPA protection?

 

"I don't know if it is happening or not"

If Thai banks were going to the wall (and that was the reason for this reduction in protection that's been announced publicly for many years) do you not think you'd have heard about it?

 

[jacko45k]

On 8/12/2021 at 2:18 PM, Neeranam said:

No, I don't. 

 

I take it the bank was not held responsible?

They claimed not in this incident... 

https://thethaiger.com/news/pattaya/hundreds-of-investors-caught-in-massive-kasikorn-bank-branch-fraud-in-pattaya

 

I thought I read somewhere that Kasikorn were going to refund investors, but as the poster said these things go quiet after the event, Could not locate more with an internet search.

Edited August 15, 2021 by jacko45k

[2umich]

On 8/14/2021 at 4:18 PM, Liverpool Lou said:

"It is applied only to banks that have agreement with DPA"

Obviously.     And those banks that don't have the DPA agreement (which are they?) obviously would provide no protection at all!

 

"People can distribute money in different banks"

I know but they'd have to do it with other banks that have the same DPA restrictions so what would be the point?

 

"There are a lot of things you can do with money"

Really?   What would you suggest for money that has to be immediately available as an alternative to a bank account that has DPA protection?

 

"I don't know if it is happening or not"

If Thai banks were going to the wall (and that was the reason for this reduction in protection that's been announced publicly for many years) do you not think you'd have heard about it?

 

The point to distribute money between many banks is to keep less than 1 mil in each of them.

By the way in new article they are saying that non-residents are not protected at all lol.

https://www.thaipbsworld.com/cutback-in-deposit-insurance-a-challenge-for-banks-and-account-holders/

 

You can keep gold, cash, crypto etc.

[Liverpool Lou]

50 minutes ago, 2umich said:

By the way in new article they are saying that non-residents are not protected at all lol.

https://www.thaipbsworld.com/cutback-in-deposit-insurance-a-challenge-for-banks-and-account-holders/

Your comment is false and misleading.   

 

Foreigners with deposits in Thai banks are protected just as Thais' deposits are.   Foreigners' accounts protected under the DPA scheme are not "Non-resident Baht Accounts" that the article refers to.   Try some banking research before posting 100% inaccurate claims. 

Edited August 16, 2021 by Liverpool Lou

[RocketDog]

On 8/11/2021 at 1:36 PM, darrenr said:

BS ! We are going to have a global crash in the order of 65-80%,the banks know this, before anyone calls me a quak , do you honestly think that given the recent pandemic, insane QE /money printing that there will not be consequences? Inflation will be out of control and the central banks will start to tighten to try and control inflation, Interest rates will rise and crush the economy. Don’t have money in Thai  banks that you can’t afford to lose ! Think Asia Crisis !

We are the most overvalued market since 1929 (Great Depression), do your research if you don’t believe me !

The fundamentals of economics have been so flagrantly ignored for so long there will have to be repercussions eventually.

 

I have agreed with you since the 2008 crash in America. However, still no crash even with stock market continuing to mysteriously levitate. People rushing to buy stock in companies that lose money every year.

 

After studying the same materials you probably did I took action. Opened accounts in three offshore banks, purchased and vaulted metals in three countries, bought real estate, bought oil stocks when oil was $26/barrel. I regret none of it.

Admittedly I have diminished my cash holdings in banks, but cash is still an asset. American FDIC homepage states that their goal is to be able to cover 1.6% of US bank deposits. Obviously when the reset comes many folks will end up owning stock in failed banks, as the 'bail in' legislation dictates.

 

I sleep better at night and believe when the 'big reset' comes I will get hurt but not wiped out. Diversification of assets is the key. Don't fall in love with any single asset class.

[2umich]

On 8/16/2021 at 11:49 AM, Liverpool Lou said:

Your comment is false and misleading.   

 

Foreigners with deposits in Thai banks are protected just as Thais' deposits are.   Foreigners' accounts protected under the DPA scheme are not "Non-resident Baht Accounts" that the article refers to.   Try some banking research before posting 100% inaccurate claims. 

Yes, foreigners accounts are protected. So, nothing to worry about, as I said initially.????