Tuesday, October 13, 2009
Foreign currency deposit away from insurance
The deposit insurance system is to protect the depositors under the condition where the deposit might not be paid back due to the financial institutes' bankruptcy. Deposit Insurance Corp, which is established by a government, the Bank of Japan and some other private sections, runs this system based on the Deposit Insurance Act. One thing should be taken into account that the foreign currency deposits are not applied for by this system. Please pay attention to the following misleading: "The deposit in the bank is all safe".
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