Korean Job Discussion Forums

pet lover · Joined: 02 Jan 2004 Location: not in Seoul

I have a working international ATM card that my parents keep to periodically withdraw money from my Korean account and put in my American account. Or, I should say, my mother keeps.

Yesterday, noting the great exchange rate, I e-mailed her and asked her to withdraw $5,000. I have no idea why, as the whole family knows that my father can't handle this kind of thing, but she sent my father to do it.

He put the card in and had three options for withdrawal: checking, savings, and credit card.

Well, I don't know why, and he likely doesn't know either, but he pushed the credit card button and withdrew nearly $3,000 before realizing his mistake. Likely pushed it over and over as I don't think the machine would fork over that much in one transaction.

I don't have a Korean credit card, by the way, and my American one is not connected to my Korean account in any way whatsoever.

After realizing his mistake, he then proceeded to use the savings withdrawal button to withdraw $4,900.

My mom e-mailed me in a panic.

I wasn't worried as I knew I had enough in the account to cover it all, provided it all came from my account. I e-mailed her back and said I'd go check it out when the ATMs were open. (This was early this morning.)

So, anyway, all that cash he got when he was hitting the credit card button? It didn't come out of my account. No idea WHERE it came from.

What on earth do I do now? Do I somehow have a Korean credit card without knowing it? I thought at first that maybe the ATM card also functioned as a debit cart, then realized that the money STILL would have come out of my account if that were so.

Do I have the boss call the bank and find out what happened, or is that likely to cause some kind of trouble? What on earth do I tell my parents to do with that money?! And please, don't say spend it; I don't want to get in trouble later on.

the_beaver · Joined: 15 Jan 2003

I think (just think) that the money will be billed to your credit card at the end of the month with appropriate interest included.

pet lover · Joined: 02 Jan 2004 Location: not in Seoul

Yes, but what about the problem of my not HAVING a credit card? A Korean one, I mean. My father used my Korean international ATM card. He doesn't have my American credit card. The numbers are not the same either.

peppermint · Posted: Sat Mar 18, 2006 5:04 pm Post subject:

put the money in your american account for the moment, and have your family call that branch as soon as they open on Monday. It's someone's job to balance the money from that ATM machine, and if they come up short 3000$ it won't be pretty.

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

Oops!
Since you don't want to spend it, I assume you won't want to have Mom deposit it in the bank account number I just PMed you in case you do.

I'd have your boss call the bank pronto and ask them what happened. It sounds to me like your dad took out a cash advance.

In the meantime, run down to the nearest ATM and check your bank balance. That should give you some information--like just how much was withdrawn from your account.

But I do strongly urge you to consider my offer of taking the excess money off your hands.

pet lover · Joined: 02 Jan 2004 Location: not in Seoul

peppermint, I've already told my mother to contact the bank as soon as possible. But yeah, Monday there....that makes Tuesday here, I could very well die of curiosity before then.

Ya-ta Boy, Liar! You never pm'ed me. Like someone with dim light bulb trauma would take the time to pm someone! I'd have the boss call the bank pronto except that it's Sunday and the bank is closed. And, it's Sunday and it's the boss' day off. Medical emergency, yeah, I'd be on the phone if I needed him, but this? Although it IS entirely possible that I'll expire of curiosity before tomorrow, I'm going to wait and have him call tomorrow. As for the "excess" money, it's in the hands of my father....YOU want to try to get it from HIM???? Laughing

bulgogiboy · Joined: 12 Nov 2003

You might find the money will just have come off your regular balance because you don't have a credit card so it just took it off as a debit from your normal account. It just might take a few days to show up on your balance because it's a international transaction. Even within the UK, my home country,I did number of debit transactions one time and they didn't show up on my balance for a few days.

I'd keep quiet about it for the moment, and see what happens. You never know, 3000 buys alot of beer...

pet lover · Joined: 02 Jan 2004 Location: not in Seoul

Yes, someone else just told me the same thing. Very Happy

Mystery likely solved!! Very Happy

I hadn't realized I have a debit card, but checked the domestic use only one I have here and it says debit card on it. Probably, the international one my parents have says the same thing. Very Happy

Thanks!

korian · Joined: 26 Feb 2004

does your card act as a credit/debit card? i mean i don't have a credit card- in the sense that i can't take the bank's money, only mine - but my card can still function as a credit card. meaning that i can buy things via the credit system using visa.

so sometimes at some banks in various places in the world i can't withdraw money from the savings option, so i just use the credit option. and my balance isn't immediately calculated, but rather done so a few days later when the transaction goes through visa.

perhaps this is what happened to you.....

JAWINSEOUL · Joined: 19 Nov 2005

I would be more concerned about the possibly of a 17% interest charge on the cash advance from the credit card. That would be 17% of $3000.00, or $510.

lawyertood · Posted: Sat Mar 18, 2006 8:01 pm Post subject:

plattwaz · Joined: 08 Apr 2005 Location: <Write something dumb here>

When I withdraw money from my Cdn account at an ATM here in Korea, I HAVE to choose the "Credit card" option -- I have no credit card tied to the account, no credit card with that bank even. It is a chequing account, but when I choose the "chequing" option it won't allow it -- I can only have the money if I choose credit card.

It feaked me out when I first arrived and was reliant on money from my account back home, but to this day it continues. My bank at home said it was just something in the way the PLUS/CIRRUS system worked, and not to worry, if it made me select "Credit card" then do it, and let them know if it ever refused me money.

I would assume that your situation is something similar to this....when your dad hit "credit card" it will likely just withdraw from your main account as if that is what had been selected.

seoulsucker · Posted: Sat Mar 18, 2006 10:46 pm Post subject:

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

I hear there are a lot of ATM machines in Jeju Island Island.

pet lover · Joined: 02 Jan 2004 Location: not in Seoul

seoulsucker, I believe it is Automatic Teller Machine. You know, instead of an un-automatic teller person.

Turns out that in her panic, my mom got the numbers all mixed up and my father has only withdrawn the amount I first asked for. That has already been accounted for in my bank account book, so the credit card thing went automatically to debit card thing, which I now know I have.

No free cash, but, Ya-Ta Boy, the mushroom challenge is still on!