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thomas pars
Joined: 29 Jan 2009
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 Posted: Tue Jan 28, 2014 3:28 pm Post subject: Settlement from old job...now what? |
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So a few years ago I worked for a pretty shady school. And it really
came as no surprise when i never received my pension.
The other day I get a letter from a Korean law firm. Old boss was sued
by former/current teachers ( class action law suit, of which I was a
part of). Settlement: 1200$.
Funny thing, instead of mailing me a check, they put it in my old Woori
bank account. I call the bank and sure enough 1200 bucks plus the
man won i had left over when i drained the account before I left Korea.
Here's where it gets interesting. Bank won't let me transfer MY money to my US account from the US. They say I have to be in Korea. Can't have a friend transfer it either.
It's allot of money but not enough to offset a trip to Korea. I'm kinda done dealing with the bank. Any ideas. Or should I just let it sit and collect interest for the next 50 years? |
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IS-F
Joined: 20 Oct 2009
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| Posted: Tue Jan 28, 2014 5:08 pm Post subject: |
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| If you have the bank card, mail it to your friend, have them withdraw and then send you the money? |
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optik404
Joined: 24 Jun 2008
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| Posted: Tue Jan 28, 2014 5:14 pm Post subject: |
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| Or mail me the card and I'll send it to you. |
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nate1983
Joined: 30 Mar 2008
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| Posted: Tue Jan 28, 2014 5:51 pm Post subject: |
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I don't know enough about the Korean commercial banking laws to give a fully-informed answer, but it is possible that not letting you transfer from outside Korea violates some sort of domestic or international banking regulation. That said, probably not worth all the effort in this case.
Do you have a bank/ATM card that you can use to withdraw the funds overseas? If not, you may be able to get them to re-issue another one and sent it to wherever you're located now (I am pretty confident they have to, notwithstanding the initial protests you'll probably hear).
It does seem strange to me that you can't transfer money out when you're located overseas. The more I think about it, the more I'm skeptical of what you were told (I've worked in financial services for years and used to work in a bank in Korea).
I think Woori also has branch operations in the US, at least in NYC, so maybe give them a call as they could be more used to dealing with this situation. |
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CentralCali
Joined: 17 May 2007
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| Posted: Tue Jan 28, 2014 6:15 pm Post subject: |
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| nate1983 wrote: |
| I think Woori also has branch operations in the US, at least in NYC, so maybe give them a call as they could be more used to dealing with this situation. |
Woori banks in the US are US banks. They're simply owned by the parent corporation (Woori Financial Group) in Korea. They are not branches of the same bank. Your account at the Woori Bank in US has nothing to do with bank accounts in Korea. They may, however, be able to tell you the same thing you've already been told about transferring money. |
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nate1983
Joined: 30 Mar 2008
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| Posted: Wed Jan 29, 2014 11:11 am Post subject: |
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| CentralCali wrote: |
| nate1983 wrote: |
| I think Woori also has branch operations in the US, at least in NYC, so maybe give them a call as they could be more used to dealing with this situation. |
Woori banks in the US are US banks. They're simply owned by the parent corporation (Woori Financial Group) in Korea. They are not branches of the same bank. Your account at the Woori Bank in US has nothing to do with bank accounts in Korea. They may, however, be able to tell you the same thing you've already been told about transferring money. |
That's what I suspected, as I had bank accounts with my employer in two countries (one being Korea), but the balances weren't fungible. Nevertheless, I'd imagine they are used to dealing with Korean clients who may also have this same issue, and they may be able to give a more definitive answer on your options. |
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