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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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 Posted: Mon Sep 27, 2004 4:24 am Post subject: |
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| They want you to use a particular bank because they use the same bank and there is no fee when transfering your salary. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Sep 27, 2004 5:27 am Post subject: |
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| manlyboy wrote: |
Sooke wrote:
| Quote: |
| I was forced to use Woori Bank at my school |
I was forced to change to a particular bank at one hagwon I worked at. Is that common? I was actually forced under threat of dismissal. |
It was recommended at our school to use Woori but my friend at that school used another bank. You wouldn't be turfed.
The advantage of using Woori is if you go with one of the school's whitey wranglers they have some preferred banking card. You get to bypass hoi polloi and enter the private banking chambre. You'd get free candy and eye candy. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Thu Sep 30, 2004 12:45 am Post subject: |
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Did you use Woori Bank's ATM or services today?
Here is what I received when I first tried to access the Woori Bank English webpage:
The page cannot be displayed
The page you are looking for is currently unavailable. The Web site might be experiencing technical difficulties, or you may need to adjust your browser settings....
Here is what appeared when I finally could accessed the page.
Notice of temporary service interruption Date 2004/09/21
Content
(That is correct. The message was blank.)
Here is a Korean message
(after a few attempts to access the pop-up message):
�����ޱⰣ ������ �츮���� ����ý��� ��ü�� ���Ͽ�
���̹��д��� ���� �Ͻ� �ߴܵ˴ϴ�.
- ��û�����Ⱓ: 2004�� 9�� 24��(��) ~ 29��(��)
- ����: �Žý��� �� CRMS Open ���� ������ ���� �۾�
- �ݵ�� 2004�� 9�� 24��(��)���� �������� �湮�Ͻþ� ���������
�Ϸ��ϼž� �մϴ�.
�ݵ�� 2004�� 9�� 24��(��)���� �������� �湮�Ͻþ�
Woori Bank
http://www.wooribank.com |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Thu Sep 30, 2004 12:55 am Post subject: |
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| Gord wrote: |
Having worked in the banking industry doing the exact work we are talking about here, I'm thinking it's a work of fiction because it doesn't make sense that they would require six days to do such an upgrade. And certainly no one would plan it around a time when everyone would be spending more and having to pay triple time on wages to get the job done and bringing in all sorts of managers to make sure it works. One upgrade project I was on had to be done before December 19 to ensure that everyone could get their money in the week leading up to and including Christmas (and of course, the days after).
I would wager it's a solvency issue. Up to and including Chusok, everyone goes on a spending binge. That means lots of people are taking money out and no one is putting money in. Given how Woori has overextended on the credit card business this year, had the floodgates remained I would wager they would have run out of cash. And it's far nicer to say "we're not letting you have your money because we are doing bank upgrades" than to say "we're not letting you have your money because we don't have it to give you."
At least that's my opinion. |
No. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Thu Sep 30, 2004 12:58 am Post subject: |
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| JongnoGuru wrote: |
| jurassic5 wrote: |
| nothing like having a bank not allowing a person to withdraw their OWN money. isn't woori one of the biggest banks here in korea too? |
They fell from Korea's 2nd largest to 3rd largest banking "concern" (it's a weird "financial holding company/group" structure) over the past year or two. |
This "fall" was due to the fact that other banks became larger due to their mergers.
And whether a bank is first, second, or third depends upon how you measure it's size.
What exactly is weird about a financial holding company? That's the dominant structure in the U.S. |
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Gord
Joined: 25 Feb 2003
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| Posted: Thu Sep 30, 2004 1:26 am Post subject: |
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You are welcome to disagree with my opinion as I never stated it was fact, but rather a conclusion I reached based on the evidence at hand. Though I am curious why you disagree with me. It's not like bank's failing in Korea are rare, unheard of events but rather are surprisingly common by western standards. For example, Hanmaum Bank is in the process of be bailed out and turned into a state run institution as we speak. |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Thu Sep 30, 2004 2:39 am Post subject: |
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| dogbert wrote: |
| This "fall" was due to the fact that other banks became larger due to their mergers. |
Rankings can fall for all sorts of reasons -- slow asset growth, closure of unprofitable branches... or sometimes the competition just beats you in the areas that determine "rank", as in the case of Woori FG.
Rankings aren't permanent, nor are they always particularly telling, but they're deemed important enough that companies/banks will typically boast of (or intentionally avoid mentioning) their industry rank in the very first line of any PR material.
| Quote: |
| And whether a bank is first, second, or third depends upon how you measure it's size. |
Woori's Industry Peer Group Rankings
�� 3rd in asset volume with 129 trillion won
�� 2nd in net interest margin with 3.2%
�� 1st in BIS capital ratio with 11.3%
�� 2nd in cost-to-income ratio with 41.7%
Not the most impressive criteria, granted, but those that Woori wanted me to highlight in the annual report this year.
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| What exactly is weird about a financial holding company? That's the dominant structure in the U.S. |
You're absolutely right about that, Sparky! Indeed it is dominant in the U.S., where it's been around since the 1950s and accounts for nearly all commercial banking assets. However, it wasn't until sometime last Thursday afternoon, so to speak, that Korean law even permitted such entities. Hence, "wholly new", "largely unfamiliar" and judging from the convoluted explanations you see in the media, "weird"... in the Korean context.
The Guru |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Thu Sep 30, 2004 3:42 am Post subject: |
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| JongnoGuru wrote: |
| dogbert wrote: |
| This "fall" was due to the fact that other banks became larger due to their mergers. |
Rankings can fall for all sorts of reasons -- slow asset growth, closure of unprofitable branches... or sometimes the competition just beats you in the areas that determine "rank", as in the case of Woori FG. |
Did Hana, Seoul, Kookmin, or HCB rank higher than Woori before their respective mergers? No.
Asset volume, which you reference below, is, in the cases of these banks, a direct function of their size. These mergers caused a natural immediate increase in asset size and do not represent "beating" other banks.
| JongnoGuru wrote: |
| Rankings aren't permanent, nor are they always particularly telling, but they're deemed important enough that companies/banks will typically boast of (or intentionally avoid mentioning) their industry rank in the very first line of any PR material. |
| dogbert wrote: |
| And whether a bank is first, second, or third depends upon how you measure it's size. |
| JongnoGuru wrote: |
Woori's Industry Peer Group Rankings
�� 3rd in asset volume with 129 trillion won
�� 2nd in net interest margin with 3.2%
�� 1st in BIS capital ratio with 11.3%
�� 2nd in cost-to-income ratio with 41.7%
Not the most impressive criteria, granted, but those that Woori wanted me to highlight in the annual report this year. |
BIS ratio is impressive. Do you know why?
Also important are such measures as ROA and ROE.
| dogbert wrote: |
| What exactly is weird about a financial holding company? That's the dominant structure in the U.S. |
| JongnoGuru wrote: |
You're absolutely right about that, Sparky! Indeed it is dominant in the U.S., where it's been around since the 1950s and accounts for nearly all commercial banking assets. However, it wasn't until sometime last Thursday afternoon, so to speak, that Korean law even permitted such entities. Hence, "wholly new", "largely unfamiliar" and judging from the convoluted explanations you see in the media, "weird"... in the Korean context.
The Guru |
Not last Thursday, but about three years ago. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Thu Sep 30, 2004 5:17 pm Post subject: |
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| JongnoGuru wrote: |
Not the most impressive criteria, granted, but those that Woori wanted me to highlight in the annual report this year.
The Guru |
Let's say, for the sake of argument, that there is an employee of a printing company, let's call it PAOS, who talks in an online forum about how one of his employer's clients requested that he highlight "unimpressive criteria" in its annual report.
I'd call that not very bright. |
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danieltudor
Joined: 26 Sep 2003
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| Posted: Sat Oct 02, 2004 5:56 pm Post subject: |
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..
Last edited by danieltudor on Fri May 06, 2011 1:21 am; edited 1 time in total |
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matthews_world
Joined: 15 Feb 2003
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| Posted: Sun Oct 03, 2004 1:55 am Post subject: |
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Maybe you should ask about a new one.
I'm not a customer there but it might help. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Oct 03, 2004 3:24 am Post subject: |
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| danieltudor wrote: |
i still can't use my atm card..
anyone else the same? |
I've used it twice no problem but some people I heard are still having some troubles. The people who brought you the T-Money cluster fork must have worked on the Woori change out too. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Sun Oct 03, 2004 4:59 am Post subject: |
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Just visited the Woori Bank website. There is nothing about the servicing or problem.
http://eng.wooribank.com/eng/eng_main.jsp
You can find out about the following:
1. ATM service charge
2. E-banking Services Application (form)
3. Winners of Internet Banking Gift Festival
4. Woori bank awarded "2002 Korea Internet Awards" |
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danieltudor
Joined: 26 Sep 2003
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| Posted: Sun Oct 03, 2004 8:12 pm Post subject: |
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| not only can i not get my f***ing money, but the machine just ate my card too! not that my miserable balance gives them any cause for concern, but i'm definitely moving to a different bank! |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Sun Oct 03, 2004 8:19 pm Post subject: |
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Woori bank looks like a worry bank to me  .
Too bad to all you guys that still can't get money. I bet quite a few waygookins had a bad Chuseok.
Someone said maybe if they told their customers too early there would be a major run of money from the bank which honestly makes sense and would be a potential catastrophe. |
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