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13 minutes ago, Brunolem said:

The banking system is way ahead of anything in UK. OTPs have been in Thailand almost 10 years

OTP's have been in use in Europe for nearly 20 years and  have been subject to hacks in the US and Europe since 2005/6.

I used to work in UK internet/telephone banking security!

 

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Anyone keeping large sums of money in Thailand is nothing short of an idiot.

http://www.dpa.or.th/en/articles/view/protection-limit

I believe this has been delayed.   It's deposit insurance. If they go bankrupt then you get a maximum of 1 million Baht back via the insurance scheme.   If you have a balance of 10

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20 minutes ago, gentlemanjackdarby said:

And the biggest reason is that if things got so bad nothing else worked, the U.S. government would step in and provide liquidity and it has demonstrated on several occasions going back to 2008 that it has both the means and will to do so

As did the UK with Northern Rock and The Royal Bank of Scotland (RBS) takeovers and bailouts of other banks in October 2008.

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11 minutes ago, mr mr said:

you're using a bank as a storage place for your value now ? good grief. 

 

get a nano ledger and get usdt. 

So go and store all your so called money in a USB stick!  No thanks.

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23 hours ago, ukrules said:

Why have they been reducing this coverage in stages over the years is the real question here......?

Maybe this article from the Harvard Business Review can shed some light:

 

Quote

What’s more, as a result of the increase in insurable limits to $250,000, regulators have lost the help of a savvy group of private monitors. When insured deposits were limited to $100,000 per account, corporations and wealthy individuals would look closely at the financial condition of a bank before making deposits over that limit. In turn, the executives of the bank would bolster its financial condition to attract monies from such sophisticated depositors.

https://hbr.org/2009/10/fixing-the-fdic

 

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4 hours ago, baansgr said:

The banking system is way ahead of anything in UK. OTPs have been in Thailand almost 10 years...internet banking is far superior and easier. Instant transfers as long as I can remember but UK was 3 working days until only a few years ago....Thai Banks win hands down for me....

As the saying goes.....Up to you 🙄

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3 hours ago, fangless said:

Wrong!!    CHAPS/FPS,  was introduced in 1984,

Faster Payments Service (FPS) is a United Kingdom banking initiative to reduce payment times between different banks' customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-established BACS system. 

27 May 2008
 
FPS was officially launched on 27 May 2008 (though testing during the previous week allowed users to process very small-value (1p) transactions as "faster payments") for non-scheduled, "immediate" payments (about 5% of traffic) only, with access for future-dated payments and standing orders from 6 June.
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20 minutes ago, Chris.B said:
27 May 2008
 
FPS was officially launched on 27 May 2008 (though testing during the previous week allowed users to process very small-value (1p) transactions as "faster payments") for non-scheduled, "immediate" payments (about 5% of traffic) only, with access for future-dated payments and standing orders from 6 June.

That is the UK wide major high street bank inter FPS system.  Don't take Wiki as a Bible as it is not an authority on many things and does not know the details.!  

 

FYI FPS  started inside the then new CHAPS system as a branch to branch system between branches of the same banks with the introduction of CHAPS .  It certainly involved HSBC and I believe RBS were also doing inter branch use then.  It then expanded gradually bank wide until eventually the big four went interconnected in 2008.  Most of the rest of the UK & NI banks have now joined up.  

The point is that the post I commented on said  "only a few years ago". Which I take to be somewhat later than even 2008,

 

PS;  FYI In the UK you can now scan a cheque with your phone and be credited immediately.  But your funds can still be clawed back up to 8 working days as in the old system if the cheque eventually bounces!

 

PPS;  Standing orders as referenced in the WIKI article are rarely covered in the FPS as they normally come under BACS and also note that CHAPS/BACS/FPS/SDTs etc all have various payment levels and type of bank account restrictions/limitations.

 

PPPS;  Lets get back on to the actual subject please.

 

 

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23 hours ago, VBF said:

Presumably, it's 1 mil per institution ie 1 mil with SCB + 1 mil with Kasikorn etc.? If so possible to mitigate some risk that way.

 

Sorry for Thai people who have no choice, but really any foreigner who keeps lots of dosh in what is still, essentially a 3rd world banking system isn't very smart. Having seen the pitiful security, both personal and electronic practised in Thailand I don't think I'd keep any more than essential even if i did live there.

 

Especially seeing how easy it is today to transfer from a better-protected account Eg UK is  £85K per institution - approx 3,655,000 Baht. I presume the interest rates in Thailand are as pathetically low as other countries - I haven't bothered to look as it doesn't affect me.

Is Citibank considered 3rd world ??

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