Korean Job Discussion Forums

cellphone · Joined: 18 Feb 2004

I believe my new employer is fine, however he will go with me tomorrow together to open up a bank account. Is that a risk? If he "cosigned" the account then that would mean he could easily withdraw from it in the future? (didn't say that explicitly, just making an example).

Also, even if a boss didn't cosign, could he withdraw from your account of which he deposits to, either easily or with tricks? Boss opening account together is overall fine?

Skippy · Joined: 18 Jan 2003 Location: Daejeon

It depends on how much he does for you. If he takes the bank book and know the secret pin number he could withdraw. My advice is if your paranoid. Is withdraw your money every month and put it in a seperate acounnt that you have set up yourself. All you need is your passport and and ARC card - to get an account.

Correct me if I am wrong people

Skippy

nrvs · Joined: 30 Jun 2004 Location: standing upright on a curve

J.B. Clamence · Joined: 15 Jan 2003

Some bosses arrange an account for you in order to spy on you better. I've heard stories of bosses who have agreements with their teachers' banks to let them know whenever a lot of money is moved/withdrawn/etc. in lieu of a possible runner.

whereisjay · Joined: 03 Jul 2004 Location: Earth

from my experience it is impossible to set up accounts under two peoples names.

I went to KB bank to set up a joint account with my wife, and was told that it is impossible to do this and as an account can only be held under one persons name, so therefor authority for the account can only be held by one person.

So assuming that you are the only one who signed on the application forms, even if anyone tried to use your bank account the bank would be held liable for not doing its job and hence your money would be safe.

I do believe however there is another law in kroea where a wife or husband can access their partners account so long as evidence is provided to show the relationship. this might be one of those old laws, was told it by a korean guy a few years ago...

whereisjay · Joined: 03 Jul 2004 Location: Earth

shawner88 · Joined: 01 Feb 2003

It's called power of attorney. They do it because whoever is paying you is required to pay you directly, not the agency. However, we can't be trusted to pay the angency the difference, so they have to control the bank account. It makes sense but seems that there should be a better way.

hellofaniceguy · Joined: 10 Jan 2003 Location: On your computer screen!

Gesh....
That's a no brainer! Would you give you employer back home your bank info; pin, etc...
no?
then why do it in korea.
Pick a bank..YOU do it, NOT your boss. YOU.
Choose from:
KB Star (Kookmin), KEB or another nation name bank.
DON'T let your boss choose.
These are well known established banks.
While your employer may be trying to help you and has good intentions...you don't know what will happen down the road.
You can go alone to a bank and open an account. You don't need someone to hold your hand do you? Protect your money!

Grotto · Joined: 21 Mar 2004

Unless you want to be walking around with envelopes stuffed full of man won notes your employer will be doing direct deposit. To do this they do need your bank account #. You can open your own account and just pass on the # to your boss.

They should NOT have joint access to your account under any circumstances...unless you are married to them Wink

mindmetoo · Joined: 02 Feb 2004

I don't think most employers open up joint accounts for their teachers. Most schools prefer their teachers to bank at the same bank because it looks better for them. If they're sending all this money the bank's way, it sure is easier to negotiate a loan on better terms.

Now the bank your school banks with might really, really suck. And that can be bad for you. *cough woori banks* The flip side is if your school does a lot of big money banking, they don't have to wait in line for a teller. They go behind the curtain and deal with the real cute tellers. And when you need help, you can march over to the bank with them speed along the process. That's the advantage.

FUBAR · Joined: 21 Oct 2003 Location: The Y.C.

teachingld2004 · Joined: 29 Mar 2004

Just because he is going to go with you to the bank to help u open an account, does not mean he will have access to your secret number. Maybe he is just being nice and will go and help u talk to them. That is all. Just keep the number a secret. And yes, he does need your account number if he is making direct deposits. Does not mean he will have your number so he can withdraw money.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

Skippy · Joined: 18 Jan 2003 Location: Daejeon

When I first posted I was commenting on an older post here about how some schools set up bank accounts in the teachers name to hide money.
Some owners do this with relatives or even friends.

http://www.eslcafe.com/forums/korea/viewtopic.php?t=23103

School is supposed to get only so much money and the tax man looks at the accounts and sees that only so much goes in and out everything is kosher, but a parent is paying into your accoun so the school is hding money.

It scares me that my school knows my bank account number. All that is protecting my money is 4 digits. If I am lucky a bank might look at my ID card.

Once again get another account when you get paid just transfer it to your other bank.

Skippy The Evil Twin