Korean Job Discussion Forums

some waygug-in · Joined: 25 Jan 2003

I was a bit worried when I started this job because the boss insisted that I open a new bank account. I already had a Korean bank account and this seems a bit suspicious. But he explained that it's the bank he deals with and it will make things easier as he can pay us electronically. (which he has done)

So far, nothing weird has happened (touch wood) and I hope nothing will, perhaps I worry too much, but to be on the safe side, I started sending home large amounts of cash. I recently heard a story of a teacher who was fired early ( for refusing to work unpaid overtime) and then had their bank account frozen and subsequently lost everything they had saved.

This brought to my attention my current director's insistance upon me having a new bank account with his specific branch. Shocked

It's about the 5 month mark so if he's going to pull anything....I expect it will be either within the next month or at the 11th month mark.

Not sure that any of this will happen...but I do want to make sure that I don't have a lot here for him to grab if it comes to that.

I just thought I would share this tidbit...in case anyone is in a similar situation.

Pink Freud · Joined: 27 Jan 2003 Location: Daegu

For a small fee you can transfer your money to your original Korean bank account. If your bank has ATMs with an English menu or if you can read the instructions in Korean, you can do it withouit seeing a teller. perhaps you already know this, but just in case...

Cheers

Xerxes · Posted: Tue Mar 28, 2006 9:48 pm Post subject:

A lot of places have a relationship with their personal banker, and while the banker helps the institution with a lot of banking services and clears through some red tape, the hogwon owner will often help his/her banker out with getting that banker a lot of new banking accounts to help with the banker's quota for new accounts. The place I work does this too. I even think that the processing charge for either you getting the money or the owner sending the money is less, probably another reason that the owner may want to do this. Faster too, but by only a business day at most.

I wouldn't worry about the owner because of that, although you can easily siphon off your money to your other account as Pink Freud above has said.

Ya-ta Boy · Joined: 16 Jan 2003 Location: Established in 1994

I would be paranoid, too. My first employer dragged us half-way across Taejon, past probably two dozen banks to have us open accounts at his favorite branch.

It turned out that he had a reason for this. He could call the bank and ask how much we had in our accounts. That determined who got paid on time and how much.

Laws have changed since then. Maybe they can't do that anymore.

Personally, I'd transfer my money to another bank ASAP after payday.

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

It is common practice for an employer here to want to use his "nominated" bank, the nrom in fact.

Most people simply make a mass withdrawal on pay day - check the ATM's on the last day of the month ...

Hollywoodaction · Joined: 02 Jul 2004

Xerxes · Posted: Wed Mar 29, 2006 4:12 am Post subject:

Well, the branch manager came to the hagwon one day and told us to all fill out the new account forms, and all of us did at the banker's insistence. The owner just looked on and didn't care one way or the other. I think that the point was merely to appease the banker who insisted after obviously having done the hagwon owner some past favor.

I do know for a fact that the owner can check the balance on an account, if the owner knows the banker well (and even though this is illegal). I've seen this happen, and understanding Korean, I knew what was going on. The banker wouldn't allow this on a regular basis, it seemed, because the owner had asked this as a favor to a business contact who wasn't paying the owner for some work that the owner had done for the contact.

At any rate, best to keep the cheese away from the rats.

Hater Depot · Joined: 29 Mar 2005

I have the same deal at my school. It appears to make a bit more sense though as the bank branch is in our building. I don't mind letting them think they have an ace up their sleeve as they have no idea how much I have saved up in other accounts.

jacl · Joined: 31 Oct 2005

Who cares if they know how much money is in you account?

Anyway, I wonder if they do have to pay a service fee. Hagwon's pay employees and without the hagwon, the bank wouldn't have a customer.

I wouldn't worry too much about this.

Horangi Munshin · Joined: 06 Apr 2003 Location: Busan

One of my bosses handed out forms for KEB at the start of this year. I haven't done it but I suppose all the Korean teachers have.

What is more of a pain is she 'forgot' to pay me on time again, gee my boss does get forgetful around my pay day. I got it five days late after nagging. I really can't understand it though with two new teachers who have just started, what sort of message does that send to the new guys?

I was paranoid about the bank thing too, how the hell do I get a cashcard with a PIN without visiting the bank? If I am forced to open a new account I will be emptying it every payday, assuming I get paid on time.

Hollywoodaction · Joined: 02 Jul 2004

jacl · Joined: 31 Oct 2005

ilovebdt · Joined: 03 Jun 2005 Location: Nr Seoul

OiGirl · Joined: 23 Jan 2003 Location: Hoke-y-gun

some waygug-in · Joined: 25 Jan 2003

I know mine are being monitored because after working here for about a month, the director asked me point blank , "how come you have no money"?

How else could he know this?

I suspect that he was able to find out my balance in both my bank accounts, not just the one associated with the school. That is why I feel better about sending the cash directly home.

Sure, I may be worrying about nothing, but that's just it. In K-land, you just never know.