Thai Bank Deposit Insurance

[cloudhopper]

With banks starting to drop like flies in the States it doesn't seem impossible that a bank or two here in LOS might conceivably fail.

I was wondering if there is any deposit insurance on the normal savings accounts should there be a run on one here? I don't keep any more cash here in LOS than I'm prepared to walk away from but I wonder if I should spread it around over 2 or 3 banks - and a big wad under the mattress too! I hate standing in long lines....

[flying]

With banks starting to drop like flies in the States it doesn't seem impossible that a bank or two here in LOS might conceivably fail.

I was wondering if there is any deposit insurance on the normal savings accounts should there be a run on one here? I don't keep any more cash here in LOS than I'm prepared to walk away from but I wonder if I should spread it around over 2 or 3 banks - and a big wad under the mattress too! I hate standing in long lines....

Edit : Disregard I found the answer to my question

Edited July 13, 2008 by flying

[phupaman]

Hi all .

With my experience with insurance company's in Ihailand, do not trust them ,for sure if your bank fails it will be 100% that your insurance company has probably gone the same way with your premium... Phupaman

[Khonwan]

Deposit Insurance Act

24 June 2008

The Deposit Insurance Act, taking effect on 13 February 2008, establishes a Deposit Insurance Agency to guarantee depositors' funds in the event of a bank bankruptcy. The Agency will reduce the amount insured for each depositor for all deposits insured in the first year, to a maximum insured of 100 million baht the second year, 50 million baht the third year, 10 million baht the fourth year, and 1 million baht the fifth year. According to sources, the act is perceived by many as a means of strengthening consumer confidence in the Thailand financial system.

http://thailawforum.com/news/2008/news-June3-08.html

[cloudhopper]

OK thanks. I don't understand it but at least I feel better.....

[longball53098]

So what does that mean to me the average retired investor with 800k in the bank and it goes under tomorrow?

What will I get back?

[Khonwan]

So what does that mean to me the average retired investor with 800k in the bank and it goes under tomorrow?

What will I get back?

You are guaranteed to receive 100% of your Bt800,000.

[champee]

<br /><font color="#0000FF"><b>Deposit Insurance Act</b><br /><br />24 June 2008<br /><br />The Deposit Insurance Act, taking effect on 13 February 2008, establishes a Deposit Insurance Agency to guarantee depositors' funds in the event of a bank bankruptcy. The Agency will reduce the amount insured for each depositor for all deposits insured in the first year, to a maximum insured of 100 million baht the second year, 50 million baht the third year, 10 million baht the fourth year, and 1 million baht the fifth year. According to sources, the act is perceived by many as a means of strengthening consumer confidence in the Thailand financial system. </font><br /><br /><a href="http://thailawforum.com/news/2008/news-June3-08.html" target="_blank">http://thailawforum.com/news/2008/news-June3-08.html</a><br />

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So by 2013 my thai bank balance, now currently protected, won't be protected for any balance over 1 million baht....So how's that supposed to strengthen my confidence in the Thai financial system?....This Act does just the reverse with each of the next passing years. Or was there no protection on any deposited balance prior to this Act in the event a bank in thailand defaulted?

Champee