time to withdraw money from financial institutions here now?

daeum_tnaot · Post by **daeum_tnaot** » Thu Mar 16, 2023 7:21 pm

Kammekor wrote: ↑Thu Mar 16, 2023 7:48 am
I think Cambodian banks will hardly experience any effect from this, other than a general loss in trust in banks. Nothing new there, Cambodians' trust in the banks wasn't that high to begin with.
The yield on Western State loans was so low Cambodian banks would rather lend their money out locally against a local collateral, or deposit it at the National Bank of Cambodia. So they're hardly exposed to the risk of their long term state loans losing value.

What are you referring to as a Western state loan, or a long term state loan?

Post by **Freightdog** » Thu Mar 16, 2023 7:49 pm

Alex wrote: ↑Wed Mar 15, 2023 10:37 pm I might need popcorn for this thread. Panic!!!

I’ve seen both caramel and salted. There may even be salted caramel?

Kammekor · Post by **Kammekor** » Thu Mar 16, 2023 8:04 pm

daeum_tnaot wrote: ↑Thu Mar 16, 2023 7:21 pm
Kammekor wrote: ↑Thu Mar 16, 2023 7:48 am
I think Cambodian banks will hardly experience any effect from this, other than a general loss in trust in banks. Nothing new there, Cambodians' trust in the banks wasn't that high to begin with.
The yield on Western State loans was so low Cambodian banks would rather lend their money out locally against a local collateral, or deposit it at the National Bank of Cambodia. So they're hardly exposed to the risk of their long term state loans losing value.
What are you referring to as a Western state loan, or a long term state loan?

Western government bonds > 5 years

Sorry, should have used the word bonds.

Malone · Post by **Malone** » Thu Mar 16, 2023 8:49 pm

cambodia banks have given high percentage internet rates for years, even on usd savings. at a time where other banks around the world gave zero interest on usd.
that alone should raise some questions about safety.
i wouldn't park large sums in a Cambodian bank.

Kenr · Post by **Kenr** » Thu Mar 16, 2023 9:07 pm

The difference between a bank like SVB and other banks is that it has been reported that 90% of account holders at SVB had balances of over $250,000, because they and other regional banks like Stargate and Signature deal with a specific higher-end clientele, and when a bank run occurs they don’t have enough cash in reserves to honor those withdrawals, thus causing the problem they are in.

JReb · Post by **JReb** » Thu Mar 16, 2023 9:50 pm

Best to diversify your assets. These recent collapses are just the beginning. Take a look at real wages vs. inflation. People around the World are becoming serfs...I keep a few grand in my Cambodian bank. They have always been great. I came here to get away from the bank scams..I saw this in 2008...and in many other countries. Better shop smart..shop S-mart

Kenr · Post by **Kenr** » Fri Mar 17, 2023 6:26 am

JReb wrote: ↑Thu Mar 16, 2023 9:50 pm Best to diversify your assets. These recent collapses are just the beginning. Take a look at real wages vs. inflation. People around the World are becoming serfs...I keep a few grand in my Cambodian bank. They have always been great. I came here to get away from the bank scams..I saw this in 2008...and in many other countries. Better shop smart..shop S-mart

So where do you put the rest of your cash?

Darkcel · Post by **Darkcel** » Fri Mar 17, 2023 7:26 am

My wife just opened an ABA for her business and is allowed to withdrawal $10k USD 5 times per day, I doubt whatever is happening in America will effect here much.

xandreu · Post by **xandreu** » Fri Mar 17, 2023 7:41 am

Most people tend to keep a percentage of their money in a bank because its deemed safe and accessible. They will then use their other money in investments of one kind or another.

If banks go bust, firms go bust, investments disappear unless you're quick enough to get your money out, and the entire house of cards collapses.

So what are the alternatives? Where else should one put one's savings to protect it from vanishing into thin air? (Please don't mention crypto)

Kenr · Post by **Kenr** » Fri Mar 17, 2023 8:04 am

I have a TSP, it’s like a 401K.

I bank with Capital One. I stuck a big chunk of cash in a 5-year CD last November when it started paying 4.25% APY. The rest is in a savings currently paying a rate of 3.40% APY, which rate is flexible. Currently making $23 per day in interest. Nothing mind blowing, but that’s what I was making in a year in interest at Wells Fargo, so the Fed rate hikes is definitely helping the small time depositors like myself to earn money from them using my money.

The way I look at it you stay away from regional specialty banks, like SVB. And if you’re not talking about amounts over $250,000 in a single account you have nothing to worry about.

time to withdraw money from financial institutions here now?

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