koreaspondent

Wednesday, December 20, 2006

Korean Banks in Dire Straits

So what's a man to do when he needs money out of his U.S. account? Go to a bank with a Global ATM machine, right? Seoul is a big city, it should have a lot of those. Well, they're not so easy to find. I work in Yeouido ė—Žė˜ë„, thought of as the financial center of Seoul, and there are only 2 of these Global ATMs in banks (that I know of). One is in the building I work in. It doesn't work. I've pointed this out to the people in the bank before, but they insist they will fix it and don't want me to take off the 'Global ATM' sticker. That was like a year ago and it still doesn't work. The other is in a Korea Exchange Bank. Well, if one KEB has one, you would think they all do, right? That is why they named the bank that way. I stopped at a different KEB on the way home to get some money. Here is the machine (only 1 of 4 has the sticker) with the sticker on it.


Here is a closer view of the sticker which shows that it should accept most cards, especially ones fromt the U.S., right?



But put your card in, and all you get is a prompt which reads that machine only deals with domestic cards, as shown below.




You can see that it only allows you to choose a transaction for a domestic card. I went in to ask the people in the bank and they of course dismissed me as an idiot and that it was my fault. So they went down to show me how to use it, and then realized it didn't work. At that moment, a manager happened to walk by, and he took a look and then said he couldn't tell me for sure when it would be fixed, but they would work on it. You would think it wouldn't be that difficult in this age of easy communication and technology to link that up to the proper system. I could call my bank in the U.S. on my cellphone, why can't they hook their ATM up? The crazier thing is, both KEB and Korea First Bank (the other one in my building) are owned by foreign entities (albeit KEB's owner, Lonestar is a currently unhappy owner, trying to sell, but owner nonetheless). So their own CEO couldn't come get money out on his credit card if he wanted! And the Korea Exchange Bank? What's up with their machine not working? Anyway, go figure that many subway stations carry an ATM which allows withdrawals from any card in the universe, but the banks can't get their act together. No wonder the banking industry has so many problems here... Alan Greenspan needs to come kick some Korean banker butt.

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