How much of your savings should be insured?

[Social Media]

If my bank fails, how much of my savings will I get back?

It’s a scenario no one likes to think about. But in the past 15 years, it has unfolded with particular drama on several occasions — during the 2008 global financial crisis and again since mid-March, as turmoil has gripped the banking sector.

The US Federal Deposit Insurance Corporation insures deposits up to $250,000 per person, per account, using a fund that banks pay into. But last month, when Silicon Valley Bank and Signature Bank failed in rapid succession, the FDIC, backed by Treasury Secretary Janet Yellen, stepped in to insure all deposits. It could do so again if the ailing First Republic Bank implodes despite multiple bailout measures.

[macahoom]

 

What has this to do with Thailand?

[Jotnar]

1 million baht per bank, per customer in Thailand.   So may need to spread it around, or sleep on it.  

[topt]

On 4/29/2023 at 9:11 AM, macahoom said:

 

What has this to do with Thailand?

Unfortunately doesn't seem to matter too much anymore especially for "Social Media".  Before you would have expected it to have been posted in Home Country forum.....

[JimGant]

On 4/29/2023 at 9:11 AM, macahoom said:

What has this to do with Thailand?

.... that the BoT, like the US Treasury, will make up the difference between your insured amount and the amount in your accounts. It certainly has had a calming effect in the US -- preventing a bank run. A lesson certainly not lost on Thailand, or other financially solvent countries. No, would be foolish to let folks lose money because they didn't put their 6 million baht in 6 different banks. I know I don't lose any sleep 'cause I've got well over 1 million baht in Bangkok Bank.