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Bank deposits get Bt5m insurance for one year

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Bank deposits get Bt5m insurance for one year

By The Nation

 

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President of the Deposit Protection Agency (DPA) Songpol Chevapanyaroj

 

The Cabinet has extended the period of Bt5 million insurance on bank deposits by a year, president of the Deposit Protection Agency (DPA) Songpol Chevapanyaroj said on Tuesday (April 7).

 

Without the Cabinet’s intervention, the DPA would have only provided Bt1 million insurance per bank account as of August 11 onwards. Under the Cabinet’s move, DPA will now provide Bt5 million insurance coverage until August 10, 2021. 

 

The aim of this move is to restore confidence of depositors who may be worried about volatility in financial markets caused by the Covid-19 epidemic. 

 

Songpol said the Bt5 million insurance covers 99.65 per cent of depositors in the banking system as of December 31, 2019.

 

Source: https://www.nationthailand.com/business/30385564

 

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-- © Copyright The Nation Thailand 2020-04-09

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worth noting 

 

This insurance does not cover accounts held in foreign currency and I understand it

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how strange all those things at the same time ... 20 to 5 to 1 million

 

fear of bank runs

 

well not for the poor, the did not learn to save any or have no means, chicken or egg situation

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1 hour ago, smedly said:

worth noting 

 

This insurance does not cover accounts held in foreign currency and I understand it

Yep, but people should have known that when they opened the account

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So if I have my visa renewal funds in a FCD account (no deposit insurance) and the dollar gets especially high against the baht and (without knowing the future of course) my bank allows me to change those dollars into baht and simultaneously open a baht account with them, would I then have deposit insurance?

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Why why why would a country want to destabilize their own banking/financial system and cause fear and mistrust amongst their own depositors?

 

And, if a complete failure of Thailand's banking system is expected, why telegraph this so that depositors can get their money out?

 

Can somebody please explain this to me?

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53 minutes ago, Iron Tongue said:

Why why why would a country want to destabilize their own banking/financial system and cause fear and mistrust amongst their own depositors?

 

And, if a complete failure of Thailand's banking system is expected, why telegraph this so that depositors can get their money out?

 

Can somebody please explain this to me?

Maybe to calm the masses, while allowing the Thai elite to withdraw all their money. 

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4 hours ago, Enzian said:

So if I have my visa renewal funds in a FCD account (no deposit insurance) and the dollar gets especially high against the baht and (without knowing the future of course) my bank allows me to change those dollars into baht and simultaneously open a baht account with them, would I then have deposit insurance?

 

Correct. Up to 5 million ThB until August next year, unless they extend it again.

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2 hours ago, SwissCheeseMan said:

Maybe to calm the masses, while allowing the Thai elite to withdraw all their money. 

 

Yeah right. Just what all their brother and sister hi-so elite lizard masons are doing all over the world. Cunningly directed by the chief lizard himself, who shall remain secret but we all know. Time for the serfs to be culled, and be put back in their place again.

 

These lizards transcend politics, religions and are multi-ethnic in appearance. David Icke knows. 

 

Don't forget your tin foiled hat amigo.

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If a Thai bank was to fail, let's just say the insurance did come good, does anyone really think they will be reimbursed a week later? 

 

It could take months and months.  In the meantime, if you have a extension looming, what are you going to do, deposit another 800k baht into another Thai bank, which could fail as well?  

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Posted (edited)
46 minutes ago, Leaver said:

If a Thai bank was to fail, let's just say the insurance did come good, does anyone really think they will be reimbursed a week later? 

 

It could take months and months.  In the meantime, if you have a extension looming, what are you going to do, deposit another 800k baht into another Thai bank, which could fail as well?  

And to get your failed bank money it would be needed to be here to oversee your claim …., as from home country you would be in hands of …..remote controlled Th. lawyer ….

So need of extension in any form 

Edited by david555

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3 minutes ago, david555 said:

And to get your failed bank money it would be needed to be here to oversee your claim …., as from home country you would be in hands of ….. lawyer ….

So need of extension in any form 

I don't fully understand your post. 

 

The main thing is your deposited amount is returned to you, as per the guarantee. 

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Posted (edited)
10 minutes ago, Leaver said:

I don't fully understand your post. 

 

The main thing is your deposited amount is returned to you, as per the guarantee. 

Oh , that could be , after the necessary signatures  , don't think they would send it to your foreign bank ….are you …? 55555

 

You never changed address or passport or a new bankbook by a Thai bank …. if so you know how many signatures on how many forms you need to sign .

 

I would like to believe you get it back ….. but  a hassle it shall be  , hence the need to be in Thailand I think .

But feel free thinking  they just send it next day after the collapse to your Home country bank ….., even in western world such a thing can take (long)time 

Edited by david555

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1 hour ago, david555 said:

But feel free thinking  they just send it next day after the collapse to your Home country bank

Are you just trolling otherwise why would anybody think they would do that? As you say even in "western" developed countries with guarantees it is not immediate....... 

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