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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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 Posted: Wed Mar 24, 2010 3:41 am Post subject: Shinhan ATM eats bank book |
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I'm annoyed to say the least. I get this new account and was really looking forward to withdrawing my settlement allowance tonight after waiting a whole month for it. The days of being handed a white envelope with your settlement allowance upon arriving like stated in the contracts are over as the new finance system only allows direct deposit and that requires an ARC and bank account so I had to wait. Hopefully I get my first pay and access to my account tomorrow.  When I opened the account 2 days ago, I was told I have to wait 3 months to get an ATM card, but this rule might be waived for me at a later date after I accumulate some savings. I'm only concerned that my account is sitting there accessable and I simply couldn't figure out how to get my book out, but the machine did reset back to the way I found it as if I hadn't put my book and punched in my pin #. I know I can probably get this resolved tomorrow, but was wondering if this is typical. The banker did tell me I could use the book to do inquiries and withdrawals until I'm able to be issued an ATM card, but obviously this is not the case. I'm going to demand an ATM card and service that makes sense or I'm going to another bank immediately. Might give Shinhan a pass or this is simply a bad stroke of luck for me? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Mar 24, 2010 3:51 am Post subject: |
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The 3 month ATM restriction on foreigners is a Korean bank law that came into effect a couple years ago.
It is SUPPOSED to be waived for foreign residents once they obtain their ARC.
Changing banks won't likely make any difference.
Calling the bank's ENGLISH assistance line may get you a resolution or else you will have to wait until your account is 3 months old. |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Wed Mar 24, 2010 4:00 am Post subject: |
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| Even if I do have to wait 3 months for an ATM card, shouldn't I be able to get some cash going on? I'll have to visit the bank during the day to get a new book and some cash. Heck, I don't even know if I have any money since I couldn't do an inquiry, I'm just assuming I do. I'm going to wilt away if I don't get money soon. Like a plant needing water, a new public school teacher needs a re-watering after spending it all on getting here and surviving the first month. If I do have to wait 3 months for an ATM card, then I'll be sure to go to my local Shinhan branch to withdraw as to keep plenty of cash in my underwear and cupboard so I can actually afford that new pair of glasses and other things like good tasty food I've been wanting/needing for so long. Now do they have a new withdrawel limit and minimum account balance in place for foreigners? Well I do want to go on a shopping spree this Saturday. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Mar 24, 2010 5:00 am Post subject: |
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| AsiaESLbound wrote: |
Now do they have a new withdrawel limit and minimum account balance in place for foreigners? Well I do want to go on a shopping spree this Saturday. |
The ATM machines have a single transaction limit of between 600k and 1 million won per transaction. Most are the lower (600k) limit.
You will probably have a daily transaction limit of 5 million won (standard) for ATMs and 50 million over the counter.
There is no required minimum balance required for a savings/ATM account.
The original requirement DID mandate that foreigners were limited to over-the-counter transactions for the first 90 days in Korea (which stopped the chinese tourists from opening accounts and then using them to defraud others at the ATMs.)
That was the reason behind the restriction and REGISTERED (have an ARC) foreigners WERE supposed to be exempt from the rule.
. |
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UknowsI
Joined: 16 Apr 2009
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| Posted: Wed Mar 24, 2010 5:07 am Post subject: |
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I had temporary employment here before I started studying in Korea, and I got an ATM card right away even though I never had an ARC. I got it at an Woori Bank, but it might have been because the Woori bank was actually located inside the campus of the huge company I worked for and I came there with another employee.
The fact that I got my ATM card before my ARC did however make some minor trouble later... but that's another story. |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Wed Mar 24, 2010 5:58 am Post subject: |
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ttompatz, I think those withdrawel limits will be ample in meeting my cash need as long as cash is in my account.  Money matters are always dicey and often a bit embarassing and humbling anywhere you go so it's nothing new to me to experience delays, strict rules, and technical difficulties. |
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kiknkorea
Joined: 16 May 2008
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| Posted: Wed Mar 24, 2010 3:31 pm Post subject: |
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Just get your cash from a teller when you go in for a new bankbook.
Old-fashioned withdrawls seems antiquated now I know, but they still work!  |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Wed Mar 24, 2010 6:19 pm Post subject: |
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LMAO... 3 months for an ATM card???
I flashed my ARC and they had a card for me in 3 minutes... Get yourself a new bank OP...
(I'm with KB*... Also great b/c they have 5k overseas remittances at the ATM that you can get set up for around 20 minutes worth of paperwork) |
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ChilgokBlackHole
Joined: 21 Nov 2009
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| Posted: Wed Mar 24, 2010 6:39 pm Post subject: |
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| KEB gave me an ATM card on the spot when I opened my account. |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Thu Mar 25, 2010 1:33 am Post subject: |
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| ChilgokBlackHole wrote: |
| KEB gave me an ATM card on the spot when I opened my account. |
Nonghyup also gave me an ATM card on the spot when I opened my account today. I still can't get access to my money since it went into my Shinhan account.
It has been confirmed by an English speaking Shinhan banker that Shinhan does NOT allow any foreigners to use ATM's for 3 months regardless of the fact their bankers specifically tell me and my handler I could withdraw cash using my bank book at ATM's. I was doing everything right with the buttons, but the machine ate my book 2 times requiring their security to dig it out from behind. The security man put me on his phone with thier English speaker. When I told the English speaking Shinhan banker that registered foreign residents are exempt from the 3 month rule, she said Shinhan is different than other banks such as Nonghyup and KEB. I simply told her this is crappy service to be lied to, put through a frustrating and embarassing experience, and then told I can't get cash because it's too late in the day. If they had told me the truth up front that I could NOT use ATM for 3 months, then I would not had opened the account as this is obviously a problem for someone who works all day. Sure I can go to their bank in person Friday afternoon since I have 2 hours of free time on Fridays, but I was expecting some cashee after work on my 1st pay day to my disappointment. I'm also PO'd that I had to call my busy co-teacher for help, wasting both of ours time.
I was under the impression Shinhan was good, because they have an ad in the SEOUL travel & culture magazine that says, "Shinhan speaks your language," which announces their Global Center near City Hall. Honestly, with this 3 month rule and lies, how can they offer banking to foreigners that makes sense? I also was told I would receive a new ATM card on Friday after I got my 1st direct deposit. At this point, I'm quite very sure that too is a big fat bald faced lie as it's official this bank does NOT allow ATM use for the first 3 months under any circumstance.
Shame on you Shinhan. |
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seoulsucker
Joined: 05 Mar 2006
Location: The Land of the Hesitant Cutoff
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| Posted: Thu Mar 25, 2010 2:30 am Post subject: |
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| What we all want to know is....did it make a slurping sound? |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Thu Mar 25, 2010 2:46 am Post subject: |
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| seoulsucker wrote: |
| What we all want to know is....did it make a slurping sound? |
LOL
I'd say it made a sucking sound when it ate my book. Actually it sounded like some geeky servo motor in those new robot teachers. |
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toonchoon
Joined: 06 Feb 2009
Location: Gangnam
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| Posted: Thu Mar 25, 2010 3:08 am Post subject: |
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3 month rule? haha... i got my card about 2 weeks, on the spot. so did every other teacher that came in and worked at my hagwon. depends on the bank?
i go with KEB bank. they treat me VIP, in part cos I am. try them out.  |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Thu Mar 25, 2010 6:29 am Post subject: |
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| AsiaESLbound wrote: |
| ChilgokBlackHole wrote: |
| KEB gave me an ATM card on the spot when I opened my account. |
Nonghyup also gave me an ATM card on the spot when I opened my account today. I still can't get access to my money since it went into my Shinhan account.
It has been confirmed by an English speaking Shinhan banker that Shinhan does NOT allow any foreigners to use ATM's for 3 months regardless of the fact their bankers specifically tell me and my handler I could withdraw cash using my bank book at ATM's. I was doing everything right with the buttons, but the machine ate my book 2 times requiring their security to dig it out from behind. The security man put me on his phone with thier English speaker. When I told the English speaking Shinhan banker that registered foreign residents are exempt from the 3 month rule, she said Shinhan is different than other banks such as Nonghyup and KEB. I simply told her this is crappy service to be lied to, put through a frustrating and embarassing experience, and then told I can't get cash because it's too late in the day. If they had told me the truth up front that I could NOT use ATM for 3 months, then I would not had opened the account as this is obviously a problem for someone who works all day. Sure I can go to their bank in person Friday afternoon since I have 2 hours of free time on Fridays, but I was expecting some cashee after work on my 1st pay day to my disappointment. I'm also PO'd that I had to call my busy co-teacher for help, wasting both of ours time.
I was under the impression Shinhan was good, because they have an ad in the SEOUL travel & culture magazine that says, "Shinhan speaks your language," which announces their Global Center near City Hall. Honestly, with this 3 month rule and lies, how can they offer banking to foreigners that makes sense? I also was told I would receive a new ATM card on Friday after I got my 1st direct deposit. At this point, I'm quite very sure that too is a big fat bald faced lie as it's official this bank does NOT allow ATM use for the first 3 months under any circumstance.
Shame on you Shinhan. |
There is no such law and I would suggest a call to the Human Rights Commission or just give Shinhan the bird and take your business to a non-racist or less racist bank.
I have written on this made up law before, but I can't find it. |
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