Bank deposit protection cut to THB1 million from August 11

Prakhonchai Nick

Prakhonchai Nick

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www.nationthailand.com

Bank deposit protection cut to THB1 million from August 11

Thailand’s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.
www.nationthailand.com www.nationthailand.com

Thailand’s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.​


Better start clearing out under the bed! :)
 
No problems for this household then. My wife has an account with just about every bank in Surin. She likes to spread it around so to speak. Me, just the one account and nowhere near the 1 million baht new limit.
 
Prakhonchai Nick said:
www.nationthailand.com

Bank deposit protection cut to THB1 million from August 11

Thailand’s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.
www.nationthailand.com www.nationthailand.com

Thailand’s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.​


Better start clearing out under the bed! :)
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I'm not happy to read that.

Additionally my understanding is that Foreign Currency Accounts (ie: US$) sitting in Thai financial institutions have no bank deposit protection.
Is this true @Prakhonchai Nick ?
 
It's true. Banks now realise that they can't trust staff to not misappropriate and don't want to be covering theft of more than 1 million baht. That's up to the customer to seek reparation through the courts now.
 
Isn't this all to do with the bank going tits up?

I don't suppose that anyone has any idea how this affects "joint account" holders. It's not clear in the article.
 
The Deposit Protection Agency is a government organization established in order to provide protection for depositors of Financial Institution.If they fail.
Reimbursements are made to insured depositors under the amount of current coverage. This insurance is paid by the financial institutions. To the DPA.
Tax payers money is not used.

Misappropriation and theft is carried by the bank always. This has nothing to do with the DPA.

More to the point!
They just indicated to all a crash is coming.

That's the message here!
 
Prakhonchai Nick said:
www.nationthailand.com

Bank deposit protection cut to THB1 million from August 11

Thailand’s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.
www.nationthailand.com www.nationthailand.com

Thailand’s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.​


Better start clearing out under the bed! :)
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Apparently it's not quite as simple as being reported here. The statement by the DPA (in Thai) is many pages long. It needs research.

They don't want @Prakhonchai Nick and others to panic and withdraw billions of Baht for hoarding under their mattresses (or mistresses).
 
Surin said:
It's true. Banks now realise that they can't trust staff to not misappropriate and don't want to be covering theft of more than 1 million baht. That's up to the customer to seek reparation through the courts now.
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Robert. Is that only in Thailand or every country?
 
Cent said:
I saw a lot of people lose during the '97 crash and over the years through bank employee thieving. And conniving so-called 'wives' doing the dirty with the bank employees to the farang hubby, for a cut of course. Since then I have always kept my money in the USA.
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A true relationship is always built on trust (and reality). Good on you.

(It'd be so much better if they'd sold their homes and cash out the bank accounts for making merit in the next life by donating it all to their local wat. ;-)
 
Coffee said:
A true relationship is always built on trust (and reality). Good on you.

(It'd be so much better if they'd sold their homes and cash out the bank accounts for making merit in the next life by donating it all to their local wat. ;-)
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What a wonderful idea. They will all be reborn as princesses or queens. Can you translate that last paragraph into Thai please Coffee, so our wives can read it and understand it. :):):)
 
Cent said:
I saw a lot of people lose during the '97 crash and over the years through bank employee thieving. And conniving so-called 'wives' doing the dirty with the bank employees to the farang hubby, for a cut of course. Since then I have always kept my money in the USA.
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Hopefully your family has easy access to it should you fall under a bus?
 
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