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raewon
Joined: 16 Jun 2009
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 Posted: Sun Sep 18, 2011 1:46 am Post subject: Suspended savings banks..... how DO we get our money? |
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From the Korea Herald (September 18/2011)
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The seven including -- Jeil Savings Bank, Jeil 2 Savings Bank, Prime Savings & Finance Co., Daeyeong Savings Bank, Ace Mutual Savings Bank, Parangsae Savings Bank and Tomato Savings Bank -- are now suspended for six months starting today.
The seven can resume operations if they manage to significantly raise their deposit base and normalize their businesses within 45 days. Should they fail to do so, the state-run debt clearer KDIC will sell them or transfer their assets to a state-run secondary lender to resume operations within three months. |
Full article at: [url] http://www.koreaherald.com/national/Detail.jsp?newsMLId=20110918000164 [/url]
So what steps do people take to get their money? Or do we wait three
months and go from there? |
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sojusucks
Joined: 31 May 2008
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| Posted: Sun Sep 18, 2011 2:35 am Post subject: |
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| You have your bank account with one of those banks? |
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Joe Boxer
Joined: 25 Dec 2007
Location: Bundang, South Korea
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| Posted: Sun Sep 18, 2011 2:38 am Post subject: |
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| "Tomato Bank"? |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Sep 18, 2011 3:08 am Post subject: |
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Saw this on the news tonight. Lots of pissed off people lined up in front of them.
I seem to recall a thread here a few months bad recommending Tomato bank too  |
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sojusucks
Joined: 31 May 2008
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| Posted: Sun Sep 18, 2011 3:17 am Post subject: |
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| The bankers saw what happened to that big bank down south with investigations, hearings, angry depositors, and they continued giving out bad loans and possibly stealing money. |
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jeffkim1972
Joined: 10 Jan 2007
Location: Mokpo
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Sun Sep 18, 2011 4:53 am Post subject: |
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| My understanding is that the Korea Deposit Insurance Corporation guarantees savings accounts up to 50 million won. |
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mellinger
Joined: 21 Jan 2007
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| Posted: Sun Sep 18, 2011 4:55 am Post subject: |
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Yeah, I was the one a few weeks ago who recommended Tomato Bank....hmmm. Had been with them for 2 years and went well, and well, now this.
So, it looks like i'll be one of the many lining up on Thursday to claim my money back.
Does anyone know the interest rates for a savings account or time-deposit at the major banks (less likely of failing), ex. KB, KEB, Woori?
Thanks! |
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jamesd
Joined: 15 Aug 2011
Location: Korea
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| Posted: Sun Sep 18, 2011 5:02 am Post subject: |
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I guess it means that some borrowers don't have to pay back their loan.
Are there any more of these small mom and pop's savings bank? |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Sep 18, 2011 12:48 pm Post subject: |
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| mellinger wrote: |
| Does anyone know the interest rates for a savings account or time-deposit at the major banks (less likely of failing), ex. KB, KEB, Woori? |
Not sure about time-deposits, but all I know is that my regular bank account offers an amazing 0.10%. Just goes to tell you that banks offering 3-5% were unsustainable. The best savings account interest in Canada I can find is 1.5%. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Sep 18, 2011 4:11 pm Post subject: |
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| jvalmer wrote: |
| mellinger wrote: |
| Does anyone know the interest rates for a savings account or time-deposit at the major banks (less likely of failing), ex. KB, KEB, Woori? |
Not sure about time-deposits, but all I know is that my regular bank account offers an amazing 0.10%. Just goes to tell you that banks offering 3-5% were unsustainable. The best savings account interest in Canada I can find is 1.5%. |
How about this?
https://www.happysavings.ca/rates.aspx
Here's a list with a few offering more than 1.5% The example above is also included on the list.
http://www.cannex.com/canada/english/depa/depa01.html
Not recommending or selling anything...just saying you should be able to find something better than 1.5%. |
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mellinger
Joined: 21 Jan 2007
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| Posted: Sun Sep 18, 2011 6:42 pm Post subject: |
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Well, I'm a little bit more relieved. I just found out today that it is Tomato Bank which was suspended, not Tomato 2 bank. Yes, there is a difference. Tomato Bank is the parent company of the Tomato 2 Banks, but even if Tomato Bank goes under, Tomato 2 banks will still keep running.
Tomato 2 banks are the ones that aren't in Seoul. Well, at least mine is in Daejeon.
The other good thing is that the Tomato 2 bank had a BIS rating of 6.26% which is above the 5% that Korea requires.
Now, this doesn't mean that sometime in the future, this bank may well be suspended, but at least for now, it looks like I'll be keeping my money in there.
I'll be keeping my eye more closely on the news though just in case my bank does get suspended. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Sep 18, 2011 9:44 pm Post subject: |
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| TheUrbanMyth wrote: |
| jvalmer wrote: |
| mellinger wrote: |
| Does anyone know the interest rates for a savings account or time-deposit at the major banks (less likely of failing), ex. KB, KEB, Woori? |
Not sure about time-deposits, but all I know is that my regular bank account offers an amazing 0.10%. Just goes to tell you that banks offering 3-5% were unsustainable. The best savings account interest in Canada I can find is 1.5%. |
How about this?
https://www.happysavings.ca/rates.aspx
Here's a list with a few offering more than 1.5% The example above is also included on the list.
http://www.cannex.com/canada/english/depa/depa01.html
Not recommending or selling anything...just saying you should be able to find something better than 1.5%. |
Don't want to store my money in a smaller bank that could end up like the small Korean ones. But for the major Canadian ones 1.5% is pretty much the upper-end. Haven't ever heard of half those banks, so probably out of my province. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Sep 18, 2011 10:00 pm Post subject: |
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| jvalmer wrote: |
| TheUrbanMyth wrote: |
| jvalmer wrote: |
| mellinger wrote: |
| Does anyone know the interest rates for a savings account or time-deposit at the major banks (less likely of failing), ex. KB, KEB, Woori? |
Not sure about time-deposits, but all I know is that my regular bank account offers an amazing 0.10%. Just goes to tell you that banks offering 3-5% were unsustainable. The best savings account interest in Canada I can find is 1.5%. |
How about this?
https://www.happysavings.ca/rates.aspx
Here's a list with a few offering more than 1.5% The example above is also included on the list.
http://www.cannex.com/canada/english/depa/depa01.html
Not recommending or selling anything...just saying you should be able to find something better than 1.5%. |
Don't want to store my money in a smaller bank that could end up like the small Korean ones. But for the major Canadian ones 1.5% is pretty much the upper-end. Haven't ever heard of half those banks, so probably out of my province. |
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| With Hubert, every penny of your deposits are 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba regardless of where you live in Canada |
Well it says that your deposits are 100% guaranteed and it doesn't matter where you live in Canada. Of course you should check out a bank thoroughly before putting money in it but if this is a legit Canada bank and it seems to be by all accounts...it's a lot safer than a Korean bank. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Sep 18, 2011 10:07 pm Post subject: |
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| TheUrbanMyth wrote: |
| Well it says that your deposits are 100% guaranteed and it doesn't matter where you live in Canada. Of course you should check out a bank thoroughly before putting money in it but if this is a legit Canada bank and it seems to be by all accounts...it's a lot safer than a Korean bank. |
Not a big fan of those internet banks. Only one I trust is ING. |
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