Who Pay The Peoples Saving In Case The Bank Is Out Of Money?

[Sandman77]

here in the eu when I talk with my bank man about that I have a Thai bank acount, all the answer was same,maybe your money gone when the bank is out of money from one day to the other, or is there also a insurance behind, when bank is out of bisness ?

If the eu not would support many smaler bank the can close quickly, how this worst case scenario handled in Thailand?

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[yoshiwara]

A golden ATM effigy of Thaksin Shinawatra will be wheeled throughout the nation dispensing 1000 baht notes to the people.

[jbrain]

I think each account is covered for 10.000.000 Baht by the Thai government.

If that means you also gonne see money in case of a foreclosure is something completely different.

[soi41]

I think each account is covered for 10.000.000 Baht by the Thai government.

If that means you also gonne see money in case of a foreclosure is something completely different.

Wrong! The amount covered by the government is 50M baht. There was talk about changing to 1M, but the amount was left unchanged. @ OP I think you should tell your bank, that they are talking a lot of garbage. Since the financial crisis here in 1997, no Thai banks have gone bust, but plenty of banks in Europe and the US.

[richard_smith237]

I think each account is covered for 10.000.000 Baht by the Thai government.

If that means you also gonne see money in case of a foreclosure is something completely different.

Wrong! The amount covered by the government is 50M baht. There was talk about changing to 1M, but the amount was left unchanged. @ OP I think you should tell your bank, that they are talking a lot of garbage. Since the financial crisis here in 1997, no Thai banks have gone bust, but plenty of banks in Europe and the US.

How sure are you of those figures?

I always believed it to be 1.25 MB in Thailand and £75,000 in the UK (but I could be mistaken).

[jbrain]

I think each account is covered for 10.000.000 Baht by the Thai government.

If that means you also gonne see money in case of a foreclosure is something completely different.

Wrong! The amount covered by the government is 50M baht. There was talk about changing to 1M, but the amount was left unchanged. @ OP I think you should tell your bank, that they are talking a lot of garbage. Since the financial crisis here in 1997, no Thai banks have gone bust, but plenty of banks in Europe and the US.

But that is no guarantee that tomorrow a Thai bank can't close down.It is only a few years ago that it was big news that siam city bank and an unnamed major bank needed help from the government to survive.

By the way, I also said I THINK it's 10 Million, and in fact I would prefer that over the 50 Million, as I rather don't get 10 M instead of not getting 50 M if something happens

[soi41]

I think each account is covered for 10.000.000 Baht by the Thai government.

If that means you also gonne see money in case of a foreclosure is something completely different.

Wrong! The amount covered by the government is 50M baht. There was talk about changing to 1M, but the amount was left unchanged. @ OP I think you should tell your bank, that they are talking a lot of garbage. Since the financial crisis here in 1997, no Thai banks have gone bust, but plenty of banks in Europe and the US.

How sure are you of those figures?

I always believed it to be 1.25 MB in Thailand and £75,000 in the UK (but I could be mistaken).

Yes I am sure, but as mentioned theres was a lot of talk about changing it, to that extent that people started to open account in many different banks to be covered by the guarantee. But then came the Euro-crisis and the government left the guarantee-amount unchanged to attract money from the Eurozone.

[PCA]

I think each account is covered for 10.000.000 Baht by the Thai government.

If that means you also gonne see money in case of a foreclosure is something completely different.

Wrong! The amount covered by the government is 50M baht. There was talk about changing to 1M, but the amount was left unchanged. @ OP I think you should tell your bank, that they are talking a lot of garbage. Since the financial crisis here in 1997, no Thai banks have gone bust, but plenty of banks in Europe and the US.

How sure are you of those figures?

I always believed it to be 1.25 MB in Thailand and £75,000 in the UK (but I could be mistaken).

Yes I am sure, but as mentioned theres was a lot of talk about changing it, to that extent that people started to open account in many different banks to be covered by the guarantee. But then came the Euro-crisis and the government left the guarantee-amount unchanged to attract money from the Eurozone.

do you have a source for this claim? I would bet my ass on that the figure is much much lower than 50 and half of my ass that it is also much much lower than 10 Mill.

[davejones]

I think each account is covered for 10.000.000 Baht by the Thai government.

If that means you also gonne see money in case of a foreclosure is something completely different.

Wrong! The amount covered by the government is 50M baht. There was talk about changing to 1M, but the amount was left unchanged. @ OP I think you should tell your bank, that they talking a lot of garbage. Since the financial crisis here in 1997, no Thai banks have gone bust, but plenty of banks in Europe and the US.

But that's no guarantee that it won't happen here in the future. European and US banks were thought to be safe until they started going bust.

[richard_smith237]

How sure are you of those figures?

I always believed it to be 1.25 MB in Thailand and £75,000 in the UK (but I could be mistaken).

Yes I am sure, but as mentioned theres was a lot of talk about changing it, to that extent that people started to open account in many different banks to be covered by the guarantee. But then came the Euro-crisis and the government left the guarantee-amount unchanged to attract money from the Eurozone.

do you have a source for this claim? I would bet my ass on that the figure is much much lower than 50 and half of my ass that it is also much much lower than 10 Mill.

http://en.wikipedia....urance#Thailand

From Wikipedia: Deposit in Thailand is fully guaranteed until 10 August 2011. From 11 August 2011 until 10 August 2012, the coverage drops to 50 million baht per depositor per bank. Thereafter, coverage is limited to THB one million per depositor per bank.

It appears that since August 11th of 2012 - The deposit insurance on our accounts is 1 MB (previously it was 50MB).

UK its £85,000

Singapore its SG$50,000

EDIT: But a BKK post article suggests that it remains unchanged at 50 MB...

Google 'Deposit Insurance Thailand' and you will find that article on the first page.

Edited October 1, 2012 by richard_smith237

[soi41]

@PCA. Why comment on something were you clearly have no knowledge ? Betting your ass, and losing the bet, not so good for you, as the mentioned bodypart seems to do most of your talking!

[PCA]

@PCA. Why comment on something were you clearly have no knowledge ? Betting your ass, and losing the bet, not so good for you, as the mentioned bodypart seems to do most of your talking!

pretty sure my ass is much smarter than you can ever become.

[meatboy]

pca smart ass do you wear smarty pants?

[ThaidDown]

From 'The Nation' June 16 2012

The government plans to keep the bank deposit guarantee at Bt50 million per person per bank, instead of lowering it to Bt1 million on August 11 as planned, due the global economic uncertainty, Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said.

Full story at http://www.nationmultimedia.com/business/Reduction-in-deposit-guarantee-to-be-delayed-30184277.html

[PCA]

pca smart ass do you wear smarty pants?

I don't tell but you can ask your wife.

[meatboy]

pca smart ass do you wear smarty pants?

I don't tell but you can ask your wife.

she doesnt let me see them

[ChatterRat]

Does the goverment guarentee cover all banks in Thailand or only the government owned banks. I ask because I remember the wifey telling me during the last asian meltdown people with money in private banks lost their monies but not the government ones. Dont know if the rules have changed since.

[meatboy]

pca smart ass do you wear smarty pants?

I don't tell but you can ask your wife.

reading what you have posted looks like your an insulting twit as well[sorry there's no i in tw-t] some people have no sense of humour

[TongueThaied]

Good god. Not enough to worry about? The entire fiat paper money system of the world is dangling over the precipice. The only way to truely protect yourself is to get out of paper completely and put your wealth into tangibles that you can hold, like gold or bricks and mortar. But of course that is not convenient. I just don't worry about it. If the entire system collapses, we're all fuc_ked anyway.

[PCA]

pca smart ass do you wear smarty pants?

I don't tell but you can ask your wife.

reading what you have posted looks like your an insulting twit as well[sorry there's no i in tw-t] some people have no sense of humour

yeah, let's laugh all afternoon.

[Khun Jean]

Who cares, keeping your money out of the bank is the safest way. Who wants 1% interest with a bank that leverages your money and takes risks. Leverage it yourself.

No bank guaranties would actually be better.

[Khun Jean]

double....

Edited October 2, 2012 by Khun Jean

[chainarong]

The bank will freeze your assets before they run out, same as anywhere else ,including the EU, that's the problem with any bank , you can have a million in deposit and if they freeze your assets , they've gotcha by the short n curlys, you are technically broke. A friend of mine is still getting money owed from 08 in dribs n drabs they (Banks) call the shots,not you.

[chainarong]

The bank will freeze your assets before they run out, same as anywhere else ,including the EU, that's the problem with any bank , you can have a million in deposit and if they freeze your assets , they've gotcha by the short n curlys, you are technically broke. A friend of mine is still getting money owed from 08 in dribs n drabs they (Banks) call the shots,not you.

As an over rider to this , banks shut their doors, because of a run on the bank, banks scream to Government for help, Gov helps with its guarantee, if you have a million or shall we say a lot of money tied up in the bank, you wont get that back, moral of the story be happy be broke.