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Savant
Joined: 25 May 2007
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 Posted: Thu Apr 21, 2011 2:03 am Post subject: A Hagwon Bankbook Scam? |
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I work at a school which is part of a small franchise and the accounting of the franchise takes place at another school campus.
Today, we [foreign teachers] were told by the Head foreign teacher that the other campus needs every staff member at all schools to open a new Hana bank account for some unexplained accounting reason.
However, we all have Hana accounts and so asked the Head foreign teacher why we need to open a 2nd Hana account. She couldn't explain but was adamant we had to sign the forms to open a new account.
Another foreign teacher and I refused to sign any forms as it sounds suspicious and so the matter was delayed until the next meeting with our Korean supervisor.
Is there any good reason why my school needs me to open a 2nd account with the same bank?
Thanks for reading. Comments welcome. |
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minos
Joined: 01 Dec 2010
Location: kOREA
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| Posted: Thu Apr 21, 2011 2:13 am Post subject: |
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Tax scam.
They run the money through your bank account to avoid paying taxes.
I'd avoid doing this at all costs. Only the sketchiest companies pull this crap. Prepare for late paychecks and 11 month firings too.
If you refuse some companies will fire you so I'd be looking for another job. |
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Savant
Joined: 25 May 2007
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| Posted: Thu Apr 21, 2011 2:28 am Post subject: |
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I thought as much. I had high hopes for this Hagwon but it's turning into another shady one. |
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busanliving
Joined: 29 Apr 2009
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| Posted: Thu Apr 21, 2011 2:49 am Post subject: |
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| It might be they are splitting your pay between two accounts and thus declaring your pay as lower than it is to tax, pension etc |
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RMNC
Joined: 21 Jul 2010
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| Posted: Thu Apr 21, 2011 3:09 am Post subject: |
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Yeah, they just transfer their money into yours to avoid paying taxes. It's shifty but it's also another headache to rock the boat on this.
Truth be told, though, if the hammer falls on someone it won't be you. I've had this happen to me and I decided it was best to just ignore it. Nothing ever came of it. |
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DaeguNL
Joined: 08 Sep 2009
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| Posted: Thu Apr 21, 2011 3:27 am Post subject: |
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| Including housing into employee pay didnt work out, so gotta save money somewhere. you would think not paying pension/healthcare would be enough! |
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Swampfox10mm
Joined: 24 Mar 2011
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| Posted: Thu Apr 21, 2011 3:58 am Post subject: |
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If they want to be able to pull money in and out themselves, then it's a tax scam.
Last edited by Swampfox10mm on Sun Apr 24, 2011 8:02 am; edited 1 time in total |
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Murakano
Joined: 10 Sep 2009
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| Posted: Thu Apr 21, 2011 4:06 pm Post subject: |
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| is it an afterschool program? they are the usual culprits for this sort of thing. As already mentioned, it's a scam. |
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joeteacher
Joined: 11 Jul 2007
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| Posted: Thu Apr 21, 2011 7:42 pm Post subject: |
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| Murakano wrote: |
| is it an afterschool program? they are the usual culprits for this sort of thing. As already mentioned, it's a scam. |
Yeah, I had this happen to me a couple of years ago. However, nothing came of it. I always got paid on time and I just cancelled the account when my contract was over. I'm back with the same company now and they stopped doing it that way. Maybe they are better finacially so they don't have to any more.
I wouldn't do it again though. At that time, I was a new fish I didn't know any better but it's a scam for sure. It could still backfire on me in the future bc I was not paying taxes on the money that was going through my account. |
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Savant
Joined: 25 May 2007
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| Posted: Fri Apr 22, 2011 6:11 am Post subject: |
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| DaeguNL wrote: |
| Including housing into employee pay didnt work out, so gotta save money somewhere. you would think not paying pension/healthcare would be enough! |
On a good note the housing hasn't been included into monthly pay.
I will certainly not be opening a 2nd account at Hana bank and don't believe there to be any legal or contractual rules to force me to do this. |
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Savant
Joined: 25 May 2007
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| Posted: Fri Apr 22, 2011 6:12 am Post subject: |
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| Murakano wrote: |
| is it an afterschool program? they are the usual culprits for this sort of thing. As already mentioned, it's a scam. |
Sounds like an after school program but it is your typical [we don't pay pension/health insurance] Hagwon. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Fri Apr 22, 2011 5:57 pm Post subject: |
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How is it a scam? You know how much you earn. If they put 50% in one account and 50% in another, then you got your pay.
Actually, I prefer this. You aren't putting all your eggs into one basket. At one time, I had 5 bank accounts and a 6th one that I closed during my time in Korea.
As a foreigner you can earn a little higher interest if you are willing to give the bank some of your money to a second account. You are not allowed to withdraw. If you have a Korean girlfriend or boyfriend you trust, you can earn more interest by adding their name. I didn't trust mine though  |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Fri Apr 22, 2011 6:02 pm Post subject: |
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| lifeinkorea wrote: |
How is it a scam? You know how much you earn. If they put 50% in one account and 50% in another, then you got your pay.
Actually, I prefer this. You aren't putting all your eggs into one basket. At one time, I had 5 bank accounts and a 6th one that I closed during my time in Korea.
As a foreigner you can earn a little higher interest if you are willing to give the bank some of your money to a second account. You are not allowed to withdraw. If you have a Korean girlfriend or boyfriend you trust, you can earn more interest by adding their name. I didn't trust mine though |
The scam is they put a percentage of the money in your bank account and the rest in their bank account. Leaving you with a tax liability on the whole amount.
This is illegal under the real name banking laws, the tax law, anti money laundering law and probably even the PATRIOT Act for Americans.
The Korean will do a deal if caught, you will be deported. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Sat Apr 23, 2011 4:47 am Post subject: |
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| big_fella1 wrote: |
| lifeinkorea wrote: |
How is it a scam? You know how much you earn. If they put 50% in one account and 50% in another, then you got your pay.
Actually, I prefer this. You aren't putting all your eggs into one basket. At one time, I had 5 bank accounts and a 6th one that I closed during my time in Korea.
As a foreigner you can earn a little higher interest if you are willing to give the bank some of your money to a second account. You are not allowed to withdraw. If you have a Korean girlfriend or boyfriend you trust, you can earn more interest by adding their name. I didn't trust mine though |
The scam is they put a percentage of the money in your bank account and the rest in their bank account. Leaving you with a tax liability on the whole amount.
This is illegal under the real name banking laws, the tax law, anti money laundering law and probably even the PATRIOT Act for Americans.
The Korean will do a deal if caught, you will be deported. |
I have been told the same before. I still don't understand. If you get 100% of owed, not 99%, not 101%, but 100%, WHERE IS THE SCAM? |
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RMNC
Joined: 21 Jul 2010
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| Posted: Sat Apr 23, 2011 5:02 am Post subject: |
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| They're not scammg you, they're scamming the Korean government. The problem is that if caught, both of you will suffer. |
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