cavanami Posted June 7, 2011 Report Share Posted June 7, 2011 I had heard that the Thai banks were to lower the amount of gov insurance on accounts next year. This was confirmed in Stick's recent write up in the questions to Sunbelt Legal. http://www.stickmanbangkok.com/StickmanBangkokWeeklyColumn2011/Soi-LK-Metro-Pattaya.htm Are the Thai banks getting ready to crash??? why else would they lower the insurance???? ------------ Question 1: I have heard that presently, bank accounts in Thailand are insured up to 50 million baht but next year that will change to 1 million baht, per bank. Having seen people lose money in the 90s when banks went under, I want to avoid such a scenario. Sunbelt Legal responds: From 11 August 2012, only 1 million baht will be covered by government deposit insurance. Multiple branches of the same bank will count as one deposit, married couples will receive protection on a per person and per account basis up to 1 million for separate accounts, however joint accounts will not see separate insurance for that account. Generally, the money will be split and counted against the individual account of each spouse. Generally, it seems that money will need to be split across multiple financial institutions. It will be important to check the solvency of any banks you plan to deposit with and how their assets are distributed. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted June 7, 2011 Report Share Posted June 7, 2011 Shit, maybe? Link to comment Share on other sites More sharing options...
Dexi Posted June 7, 2011 Report Share Posted June 7, 2011 Seems unlikely,unless they have exposure to peripheral euro debt or lent recklessly on property developments.I was under the impression the Thai banks sorted out their problems after the Asian crisis in the late 90`s. Link to comment Share on other sites More sharing options...
Flashermac Posted June 7, 2011 Report Share Posted June 7, 2011 Do what Thaksin did. Put your money under your maid's name, the chuaffeur's name, the cook's name, the cat's name, the somtam woman's name, the jingjok's name etc. Just be sure not to let them know about it. Then if you get caught, the court can be convinced that you just forgot you'd done it. Link to comment Share on other sites More sharing options...
ThaiHome Posted June 8, 2011 Report Share Posted June 8, 2011 Prior to 2008, there was no deposit insurance. In the midst of the financial crisis, the government passed the Deposit Insurance Act which in order to maintain full confidence in Thai banks, initially included full coverage for deposits. As everyone knew that was not sustainable over the long term, the act had the coverage reduced to 50 million baht in 2010 and down to 1 million baht in 2012. Rather typical that now people are saying that Thai banks must be ready to collapse because the coverage is being reduced. Ignoring the fact that this something that was planned some 4 years ago. TH Link to comment Share on other sites More sharing options...
cavanami Posted June 8, 2011 Author Report Share Posted June 8, 2011 1 million baht overage is nothing! a little over $30K USD The coverage in the USA is at least $100K USD and add a name to the account and the coverage goes to $200K USD. Have to agree with Sunbelt, spread the money over several banks. Just a bit surprised of the low coverage next year in LOS. Link to comment Share on other sites More sharing options...
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