fixed term deposit safety in Korean banks here??

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atst
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Re: fixed term deposit safety in Korean banks here??

Post by atst »

Kammekor wrote: Tue Feb 23, 2021 4:02 pm
atst wrote: Tue Feb 23, 2021 3:55 pm If I recall correctly the last financial crisis in Greece anything over $100k in the banks was confiscated by the bank's, bad luck
it was Cyprus, and it wasn't confiscated by the banks but by their creditors. After all about 45% of all deposits over 100k were used to pay off the banks' debts.
You are probably right it was a while ago, but whoever took it , the people still lost thier money that was in thier Bank
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Re: fixed term deposit safety in Korean banks here??

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atst wrote: Tue Feb 23, 2021 4:14 pm
Kammekor wrote: Tue Feb 23, 2021 4:02 pm
atst wrote: Tue Feb 23, 2021 3:55 pm If I recall correctly the last financial crisis in Greece anything over $100k in the banks was confiscated by the bank's, bad luck
it was Cyprus, and it wasn't confiscated by the banks but by their creditors. After all about 45% of all deposits over 100k were used to pay off the banks' debts.
You are probably right it was a while ago, but whoever took it , the people still lost thier money that was in thier Bank
Yes, if your bank f*cks up you're f*cked.
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Re: fixed term deposit safety in Korean banks here??

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Kammekor wrote: Tue Feb 23, 2021 4:07 pm
AndyKK wrote: Tue Feb 23, 2021 4:00 pm I would say most of us would like an assurance that if we deposited money in an account, and more so over a fixed term, that if something happened to go wrong our monies would be safe and returned to us in full, or at least the 75% that maybe garranteed by active overseas banks.
But really who knows, I have had plenty of troubles of late with my own countries bank, with added difficulties to sort. So how would I be expected to sort a foreign bank based here operating under Cambodian law, and not altogether that of its own.
We would like an assurance like that, but as per Cambodian law there is no assurance like that in Cambodia. If a bank, either (partly) foreign owned or not, goes bankrupt you run the risk of losing all the money you have deposited with them.
When things turn bad the Cambodian National Bank will simply block all accounts of that bank / MFI and only after all creditors have been paid what is left over will be returned to the owners whom deposited money. That process takes years, so when in Cambodia longer term make sure you have access to money in another way than through your Cambodian bank account - just in case.
Thanks for making that clear, believe me I know from experience, that just of late make sure you have more then one option of obtaining your monies, believe me, I have three options, but if one fails don't like myself not see the knock on effect of the others. keep an assurance that you always have available monies to hand.
So, such has the ABA being now a foreign oparating bank in Cambodia, it's garrantee's would be overridden by Cambodian law?
Always "hope" but never "expect".
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Re: fixed term deposit safety in Korean banks here??

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AndyKK wrote: Tue Feb 23, 2021 4:34 pm
Kammekor wrote: Tue Feb 23, 2021 4:07 pm
AndyKK wrote: Tue Feb 23, 2021 4:00 pm I would say most of us would like an assurance that if we deposited money in an account, and more so over a fixed term, that if something happened to go wrong our monies would be safe and returned to us in full, or at least the 75% that maybe garranteed by active overseas banks.
But really who knows, I have had plenty of troubles of late with my own countries bank, with added difficulties to sort. So how would I be expected to sort a foreign bank based here operating under Cambodian law, and not altogether that of its own.
We would like an assurance like that, but as per Cambodian law there is no assurance like that in Cambodia. If a bank, either (partly) foreign owned or not, goes bankrupt you run the risk of losing all the money you have deposited with them.
When things turn bad the Cambodian National Bank will simply block all accounts of that bank / MFI and only after all creditors have been paid what is left over will be returned to the owners whom deposited money. That process takes years, so when in Cambodia longer term make sure you have access to money in another way than through your Cambodian bank account - just in case.
Thanks for making that clear, believe me I know from experience, that just of late make sure you have more then one option of obtaining your monies, believe me, I have three options, but if one fails don't like myself not see the knock on effect of the others. keep an assurance that you always have available monies to hand.
So, such has the ABA being now a foreign oparating bank in Cambodia, it's garrantee's would be overridden by Cambodian law?
Where did ABA ever state they guarantee deposits in Cambodia?

As for me, I have three different bank accounts in Cambodia, I have a foreign bank card I can use to withdraw from my foreign account and I always have a few hundred dollars in the safe in my house.

And if it all fails with my main bank in Europe I have someone who is notarized to act on my behalf with the bank. That usually scares the shit out of the banks, because once someone shows up being notarized on my behalf they can't play the 'we have to verify etc etc' trick anymore. The person identifies himself, shows the notarized authorization and the bank has to treat him or her as if it was me in person. That notarized authorization has paid for itself a few times already over the last ten years.

That's how I tried to be prepared just in case.
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Re: fixed term deposit safety in Korean banks here??

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wolfcreek wrote: Sun Feb 21, 2021 1:41 pm Anyone know if the Korean banks here in Cambodia (WB, Shinhan, etc) guarantee money placed in their fixed term deposit accounts?
The WB has several branches all over Cambodia and offers 8% on a 3 year term deposit... (See Contact link for branch list...)

https://www.wbfinance.com.kh/en/

Term rates:
https://www.wbfinance.com.kh/en/product ... t-account/
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Re: fixed term deposit safety in Korean banks here??

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Kammekor wrote: Tue Feb 23, 2021 4:47 pm
And if it all fails with my main bank in Europe I have someone who is notarized to act on my behalf with the bank. That usually scares the shit out of the banks, because once someone shows up being notarized on my behalf they can't play the 'we have to verify etc etc' trick anymore. The person identifies himself, shows the notarized authorization and the bank has to treat him or her as if it was me in person. That notarized authorization has paid for itself a few times already over the last ten years.

That's how I tried to be prepared just in case.
Even for this I advise caution. I once had a similar document to act on behalf of someone else (my mother). I went to one bank - no problem at all and I was noted on the account. I went to another bank and they refused absolutely to accept the document and insisted that my mother had to personally come to the bank and sign. At this point its really lawyer time but how much aggravation is that? Careful of the banks - they do as they please.
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Re: fixed term deposit safety in Korean banks here??

Post by Kammekor »

samrong01 wrote: Tue Feb 23, 2021 5:11 pm
Kammekor wrote: Tue Feb 23, 2021 4:47 pm
And if it all fails with my main bank in Europe I have someone who is notarized to act on my behalf with the bank. That usually scares the shit out of the banks, because once someone shows up being notarized on my behalf they can't play the 'we have to verify etc etc' trick anymore. The person identifies himself, shows the notarized authorization and the bank has to treat him or her as if it was me in person. That notarized authorization has paid for itself a few times already over the last ten years.

That's how I tried to be prepared just in case.
Even for this I advise caution. I once had a similar document to act on behalf of someone else (my mother). I went to one bank - no problem at all and I was noted on the account. I went to another bank and they refused absolutely to accept the document and insisted that my mother had to personally come to the bank and sign. At this point its really lawyer time but how much aggravation is that? Careful of the banks - they do as they please.
Yes, if banks willingly break the law then it's really lawyer time. I have never experienced that. Maybe because I have informed my bank I have appointed someone who is notarized to act on my behalf.
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Re: fixed term deposit safety in Korean banks here??

Post by AndyKK »

They bite your arse when you may least expect it. To be fare I have only had problems twice up to date. This, being the last and total nightmare.
Taking a bank to court don't usually get that far for the normal person, also being that the lawyer on behalf of the bank would be pretty good.
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Re: fixed term deposit safety in Korean banks here??

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I find it odd that bank's in Cambodia are offering such high interest rates when most of the world your lucky to get 1%
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Re: fixed term deposit safety in Korean banks here??

Post by Kammekor »

atst wrote: Wed Feb 24, 2021 9:02 am I find it odd that bank's in Cambodia are offering such high interest rates when most of the world your lucky to get 1%
Markets are insane in Cambodia due to lack of regulation / protection.

Cambodia:
Deposit: 3-6%
Loans: 10-15%

Most of the World:
Deposit: 0%
Loans: 3-5%
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