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I'm Seoul Lost
Joined: 19 Jun 2006
Location: In the mountains of Gyeonggi
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 Posted: Tue Jun 20, 2006 5:47 am Post subject: Hagwon telling me to change banks |
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I started a new job a month ago. They asked me for my bank information in order to deposit my pay, so I gave them my KEB booklet. They came right back to me two minutes later and said that I needed a KB account in order to get my pay deposited, the reason being "commissions". I have no clue why there is a problem with my KEB account. Has anyone had this happen before? Any ideas?
Thanks. |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Tue Jun 20, 2006 5:54 am Post subject: |
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Yeah, they're too cheap to pay the 1,000 won fee that the transfer costs them each month. It's almost stupid because KB is buying KEB, so no problems in a month or two.
KPRROK |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Tue Jun 20, 2006 8:33 am Post subject: |
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This has happened to me. I now have several bank accounts, which I probably should close a few.
The previous poster is correct:
a) They are too cheap to pay the fee
b) KB is buying KEB
I'm not sure if there's anything you can do though. |
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sadsac
Joined: 22 Dec 2003
Location: Gwangwang
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| Posted: Tue Jun 20, 2006 1:52 pm Post subject: |
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To save yurself a lt of grief, just go and open a KB account. You will also find that the Director has a relationship with someone at the bank and they do their little deals.  |
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Novernae
Joined: 02 Mar 2005
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| Posted: Tue Jun 20, 2006 2:42 pm Post subject: Re: Hagwon telling me to change banks |
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| Same thing happened to me.... Oh wait, that was when I was back in Canada! |
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Hollywoodaction
Joined: 02 Jul 2004
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| Posted: Tue Jun 20, 2006 3:33 pm Post subject: |
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| sadsac wrote: |
| To save yurself a lt of grief, just go and open a KB account. You will also find that the Director has a relationship with someone at the bank and they do their little deals. |
Yeah, such as divulging your account balance and all transactions (sending money home) to your boss. Take out all your cash and put it in your first account on payday. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue Jun 20, 2006 4:47 pm Post subject: |
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Nonsense.
Open a KB a/c and when paid transfer all but 1,000 KRW to your "Real" KEB a/c.
It is very common for companies to ask employees to open an a/c at the same bank used by the company. That's why the ATM machines are busy on pay day as Koreans withdraw their pay and pay it into their "real" a/c. |
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Juregen
Joined: 30 May 2006
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| Posted: Tue Jun 20, 2006 5:28 pm Post subject: |
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| Wangja wrote: |
Nonsense.
Open a KB a/c and when paid transfer all but 1,000 KRW to your "Real" KEB a/c.
It is very common for companies to ask employees to open an a/c at the same bank used by the company. That's why the ATM machines are busy on pay day as Koreans withdraw their pay and pay it into their "real" a/c. |
you have given me light and understanding
i never really understood this |
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Gideon
Joined: 24 Feb 2004
Location: Seoul
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| Posted: Tue Jun 20, 2006 5:33 pm Post subject: |
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This process of changing your bank account to the same account the company uses is inefficient.. In the bigger picture you have people changing jobs all the time and it causes more line ups at the banks because they have to change their accounts.. and then as previously mentioned on pay day the atms are backed up because they are transferring their salary to their real accounts..
There is only one word to explain why u must change accounts to the company's choice of bank is " INEFFICENT "
The process is a complete waste of time.
However the flipside to this coin is that korean salarys are paid monthly and not bi-weekly. It takes more accounting work for salarys to go out twice a month as opposed to just once.. |
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antoniothegreat
Joined: 28 Aug 2005
Location: Yangpyeong
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| Posted: Tue Jun 20, 2006 7:22 pm Post subject: |
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| Gideon wrote: |
This process of changing your bank account to the same account the company uses is inefficient.. In the bigger picture you have people changing jobs all the time and it causes more line ups at the banks because they have to change their accounts.. and then as previously mentioned on pay day the atms are backed up because they are transferring their salary to their real accounts..
There is only one word to explain why u must change accounts to the company's choice of bank is " INEFFICENT "
The process is a complete waste of time.
However the flipside to this coin is that korean salarys are paid monthly and not bi-weekly. It takes more accounting work for salarys to go out twice a month as opposed to just once.. |
NEWS FLASH: Koreans are inefficient |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue Jun 20, 2006 7:42 pm Post subject: |
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| antoniothegreat wrote: |
| Gideon wrote: |
This process of changing your bank account to the same account the company uses is inefficient.. In the bigger picture you have people changing jobs all the time and it causes more line ups at the banks because they have to change their accounts.. and then as previously mentioned on pay day the atms are backed up because they are transferring their salary to their real accounts..
There is only one word to explain why u must change accounts to the company's choice of bank is " INEFFICENT "
The process is a complete waste of time.
However the flipside to this coin is that korean salarys are paid monthly and not bi-weekly. It takes more accounting work for salarys to go out twice a month as opposed to just once.. |
NEWS FLASH: Koreans are inefficient |
Jeez, guys, why do you seem always to be finding things "wrong" with companies here? Why is it so inefficient? The company can make one debit for all its employees instead of 2, or 3 or 10,000.
For the employee's part, one internet transfer, takes about one minute, from the receiving bank to your "current" and another to your savings accounts - all done! Not even a bank visit.
By being "introduced" by your director to a bank, you might even get a credit card, debit card and international ATM card.
Paying twice a month (a practice peculiar to USA btw) seems to me to be grossly inefficient - double the effort in fact. Yep, Korea has the edge here. |
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Juregen
Joined: 30 May 2006
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| Posted: Wed Jun 21, 2006 6:27 pm Post subject: |
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| antoniothegreat wrote: |
| Gideon wrote: |
However the flipside to this coin is that korean salarys are paid monthly and not bi-weekly. It takes more accounting work for salarys to go out twice a month as opposed to just once.. |
NEWS FLASH: Koreans are inefficient |
Hueeeeee
In Europe it is thye law to be paid once a month. So Europeans are also ineffcient?
Do not get me started. |
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poker player
Joined: 27 Sep 2004
Location: On the river
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| Posted: Thu Jun 22, 2006 4:41 am Post subject: |
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| Wangja wrote: |
Paying twice a month (a practice peculiar to USA btw) seems to me to be grossly inefficient - double the effort in fact. Yep, Korea has the edge here. |
Not just the US, also Canada. You're right it's inefficient in terms of higher costs and resources for the company but it is a definite benefit to the employee. I like it because I was able to make 2 mortgage payments a month which my financial planner told me to do as it saved me a fair amount in interest over the term of the mortgage.
Monthly pay also saves the company "float"and to a large company this becomes signifcant. North American companies would love to be able to pay monthly but it would never fly with employees. Some companies with strong unions still have to pay weekly. |
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