webfact Posted August 16, 2021 Share Posted August 16, 2021 Many depositors may have to think hard about the safety of their cash deposits in commercial banks after deposit insurance was slashed to a maximum of Bt1 million from Bt5 million per depositor per financial institution. The change took effect from August 11. Stability of financial system The idea of deposit insurance was born out of the 1997 financial crisis when several finance companies and commercial banks collapsed, leaving account holders stranded. Before the crisis, small banks and many finance companies used to offer financial products with high-interest rates to depositors and investors, who were negligent about the high risk of insolvency of those financial institutions. Full story: https://www.thaipbsworld.com/cutback-in-deposit-insurance-a-challenge-for-banks-and-account-holders/ -- © Copyright Thai PBS 2021-08-16 - Whatever you're going through, the Samaritans are here for you - Follow ASEAN NOW on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
Popular Post Tuvoc Posted August 16, 2021 Popular Post Share Posted August 16, 2021 (edited) One million baht is not a lot of money, there was really no need to do this in my opinion. But at least it covers the 800k you need in the bank for retirement extensions. Edited August 16, 2021 by Tuvoc 5 Link to comment Share on other sites More sharing options...
Isaan sailor Posted August 16, 2021 Share Posted August 16, 2021 Told my wife I had to move money to balance accounts within insured account changes. First time in my life I had uninsured money in a bank. Can sleep better now. 2 Link to comment Share on other sites More sharing options...
Popular Post Mickeymaus Posted August 16, 2021 Popular Post Share Posted August 16, 2021 (edited) There is only one option if you care. Avoid to have more than 1 million Baht at a bank (the company). And don't forget that accounts in foreign currencies are not covered. It wasn't for sure a good time to reduce the insurance... Edited August 16, 2021 by Mickeymaus 3 Link to comment Share on other sites More sharing options...
Popular Post worgeordie Posted August 16, 2021 Popular Post Share Posted August 16, 2021 People will be moving any excess cash to Government Banks, GHB , GSB , BAAC, covering any amount. coincidence, that the Government is in need of money ???? in these trying times. regards worgeordie 4 Link to comment Share on other sites More sharing options...
Mickeymaus Posted August 16, 2021 Share Posted August 16, 2021 1 minute ago, worgeordie said: People will be moving any excess cash to Government Banks, GHB , GSB , BAAC, covering any amount. coincidence, that the Government is in need of money ???? in these trying times. regards worgeordie Yes, but only if you are allowed to open an account there. The better solution seems to be -> only have in this country what you really need and what is protected. Sadly - I can't give you any other advice. But okay - you always can hope for the best. Link to comment Share on other sites More sharing options...
j.a.farang001 Posted August 16, 2021 Share Posted August 16, 2021 I opened up an account with a different bank (KBank, actually) and moved about half my savings there. The silver lining is that KBank has easy mobile payments for my utilities - PEA and PWA. Bangkok Bank doesn't have a payment option for those guys. Link to comment Share on other sites More sharing options...
worgeordie Posted August 16, 2021 Share Posted August 16, 2021 2 minutes ago, j.a.farang001 said: I opened up an account with a different bank (KBank, actually) and moved about half my savings there. The silver lining is that KBank has easy mobile payments for my utilities - PEA and PWA. Bangkok Bank doesn't have a payment option for those guys. Is it safe to have half your saving in an account with mobile access ? , I only keep a minimum in any account that is connected to a Debit card, mobile access . regards worgeordie Link to comment Share on other sites More sharing options...
Mickeymaus Posted August 16, 2021 Share Posted August 16, 2021 2 minutes ago, j.a.farang001 said: I opened up an account with a different bank (KBank, actually) and moved about half my savings there. The silver lining is that KBank has easy mobile payments for my utilities - PEA and PWA. Bangkok Bank doesn't have a payment option for those guys. At Bangkok Bank there are 2 versions - the browser version and the app. It is impossible to make a transfer from my foreign accounts at the app. And it is impossible to make any transfer to a 3rd party account at the browser version. I complained already - but so far nobody cares. Link to comment Share on other sites More sharing options...
nrasmussen Posted August 16, 2021 Share Posted August 16, 2021 6 minutes ago, Mickeymaus said: At Bangkok Bank there are 2 versions - the browser version and the app. It is impossible to make a transfer from my foreign accounts at the app. And it is impossible to make any transfer to a 3rd party account at the browser version. I complained already - but so far nobody cares. Unless Bangkok Bank has changed something recently, it is possible to make transfers to 3rd party accounts using a browser; I have done so several times. Indeed, that is how I pay my rent. Link to comment Share on other sites More sharing options...
hotchilli Posted August 16, 2021 Share Posted August 16, 2021 1 hour ago, Isaan sailor said: Told my wife I had to move money to balance accounts within insured account changes. First time in my life I had uninsured money in a bank. Can sleep better now. I don't keep any money in a Thai bank... I sleep like a baby every night. 1 Link to comment Share on other sites More sharing options...
Mickeymaus Posted August 16, 2021 Share Posted August 16, 2021 13 minutes ago, nrasmussen said: Unless Bangkok Bank has changed something recently, it is possible to make transfers to 3rd party accounts using a browser; I have done so several times. Indeed, that is how I pay my rent. Perhaps I am using the wrong browser. But I would not complain here if it works. Link to comment Share on other sites More sharing options...
nrasmussen Posted August 16, 2021 Share Posted August 16, 2021 6 minutes ago, Mickeymaus said: Perhaps I am using the wrong browser. But I would not complain here if it works. Yeah, that looks strange. Sorry, but I have no suggestions for what the problem might be. Link to comment Share on other sites More sharing options...
Mickeymaus Posted August 16, 2021 Share Posted August 16, 2021 4 minutes ago, nrasmussen said: Yeah, that looks strange. Sorry, but I have no suggestions for what the problem might be. It was even more strange. I can't pay my 3BB Internet bill at the location I normally go - because of Covid it is closed. So I tried to use my account at Bangkok Bank. At the browser version I entered the account and it said that the amount cannot be more than 0 - it was 631. Then I entered 0 and it said that the amount cannot be 0. Then I installed the app and there it worked. They achieved it - they got on my nerves... 1 1 Link to comment Share on other sites More sharing options...
JimGant Posted August 20, 2021 Share Posted August 20, 2021 On 8/16/2021 at 9:02 AM, webfact said: The idea of deposit insurance was born out of the 1997 financial crisis when several finance companies and commercial banks collapsed, leaving account holders stranded. But did any depositors at the large, well known banks (Bangkok Bank, KBank, etc) lose any money? I can't seem to find any info about this, but I suspect the Thai Gov't covered any losses at these banks -- and would do again in an event where deposit insurance proved inadequate. "Too big to fail" is not just a Western term. Link to comment Share on other sites More sharing options...
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