I went to the Kasikorn bank branch office, on Soi Buakhau in Pattaya, yesterday during banking hours and the building was abandon, doors were locked, bank signage removed, windows were white washed. No signs indicating where the accounts had moved. Local street vendor said they moved the accounts to the Pattaya Klang branch. At that office, I had to stand outside for 20 minutes, because too many customers inside. 4 wickets out of 11 were open to serve customers. It took 45 minutes to get a bank balance letter, which normally takes 15 minutes. Clerk confirmed the Soi Buakhau branch had been moved into the Pattaya klang office. Technically they didn't close the branch office, it was just moved into another office occupied by another branch.

 

It certainly feels like Kasikorn is cutting costs and customer service. Kind of scary to find a bank abandon and not being notified that one's account has been moved to a new location.

 

Why are you thinking they are in Financial Trouble (any prove of that????)

 

The KSK branch in our "small city" was also closed down a couple of months ago because just not enough customers and with the Pay Per Phone etc etc and a lot of things can be done via the Phone no need for expensive branch offices and banks when they see a saving of 1 THB they will most certainly do it!!

 

And 2 branches within a couple Km's is not cost worthy (banks are not 7/11 ???? )

Edited December 16, 20214 yr by MJCM

 

 

I would not say unexpected to start seeing office closures of banks or any other business.  Wife has told me branch of BBL we use often has closed in Udon.  Probably more of a surprise they have lasted this long.  Got to remember the country has been shut down for 2 years with no realistic end in sight.

 

 

Expect more closures and empty office space all over country.

 

 

Small branch office closed, conspiracy theories abound.

 

Online banking, covid and the lack of foot traffic results in closing unprofitable branches, just like everywhere else in the world.

 

You need to find another branch to do person to person banking.

Edited December 16, 20214 yr by userabcd

Just now, userabcd said:

Small branch office closed, conspiracy theories abound.

 

Online banking, covid and the lack of foot traffic results in closing unprofitable branches, just like everywhere else in the world.

Many things can be done by online banking now so it makes sense. Same happened in my country long ago. Branches close.

 

But sure some farangs will immediately think there is a problem and the bank will lose their money.

8 minutes ago, MJCM said:

Why are you thinking they are in Financial Trouble (any prove of that????)

 

The KSK branch in our "small city" was also closed but already a long time because just not enough customers and with the Pay Per Phone etc etc and a lot of things can be done via the Phone no need for expensive branch offices and banks when they say a saving of 1 THB they will most certainly do it!!

I think they maybe in financial trouble because of the reduced customer service, reduced employees serving customers, making customers travel to further away offices. All of which results in reducing their costs/expenses. These types of reductions are not of way of attracting new customers or retaining existing customers in a service based business.

 

At the very least, they should notify customers at the branch being closed, before it is closed and tell them the new location of their accounts.

Edited December 16, 20214 yr by Banana7

It's happening all over the world. It's expensive for banks to run branches, with all the costs entailed; rent, staff, security etc.

 

With a little help from the pandemic and movement restriction, people started using mobile and electronic banking to pay for things.

 

Now the banks are cost cutting.

Yesterday was another brick wall at every turn and not helped by K Bank.  I was in town and wanted a bottle of wine from the Off Licence. next road away is K Bank. I tried the ATMs both of them for 5,000B . No hab.

Tried both ATMs for just 1,000B , no hab. Had to go to Lotus to use their ATM , got cash then back to off licence, 

Grrr , again.

As more people do banking stuff online, the more banks

will close, The UK  they are shutting bank branches

down at a fast rate, it's not about convenience for the customer

especially the older folks , it's all about the bottom line.

regards worgeordie

 

Just now, toofarnorth said:

Yesterday was another brick wall at every turn and not helped by K Bank.  I was in town and wanted a bottle of wine from the Off Licence. next road away is K Bank. I tried the ATMs both of them for 5,000B . No hab.

Tried both ATMs for just 1,000B , no hab. Had to go to Lotus to use their ATM , got cash then back to off licence, 

Grrr , again.

Many places now accept payment by QR code. Even small mom and pop shops. Easy to set up on most modern phones (smartphones).

HTH

14 minutes ago, toofarnorth said:

Yesterday was another brick wall at every turn and not helped by K Bank.  I was in town and wanted a bottle of wine from the Off Licence. next road away is K Bank. I tried the ATMs both of them for 5,000B . No hab.

Tried both ATMs for just 1,000B , no hab. Had to go to Lotus to use their ATM , got cash then back to off licence, 

Grrr , again.

So it sounds like K bank is running out of cash since multiple K bank ATMs can't even dispense 1,000 baht cash.

 

Another warning sign for me is that the bank maybe in trouble is the security guard at the door, told me it was a long wait to get a withdrawal and maybe I should come back another day. I had to ask him 2 times for a queue ticket.

 

This is the way bank closures/runs start. ATM have no cash, branch offices close without notifying customers, large line-ups at open offices, reduced open hours at remaining offices.

Edited December 16, 20214 yr by Banana7

11 minutes ago, Banana7 said:

I think they maybe in financial trouble because of the reduced customer service, reduced employees serving customers, making customers travel to further away offices.

You can do 99% of banking online or via an app - physical branches are an anachronism 

1 minute ago, Banana7 said:

So it sounds like K bank is running out of cash since their ATMs can't even dispense 1,000 baht cash.

 

Another warning sign for me is that the bank maybe in trouble is the security guard at the door, told me it was a long wait to get a withdrawal and maybe I should come back another day. I had to ask him 2 times for a queue ticket.

You certainly are a funny guy. Atm runs out of money bank trouble. Bank does what all banks doe close offices because more people use online .. bank in trouble. ????

2 minutes ago, Stocky said:

You can do 99% of banking online or via an app - physical branches are an anachronism 

Yes with qr payment its get easier and easier to pay stuff.

6 minutes ago, robblok said:

Yes with qr payment its get easier and easier to pay stuff.

Yeah when they work and when you get confirmation slip etc BUT if NOT it's a pain in the ....

(I wrote about what happened to me last Saturday in the QR topic)

Edited December 16, 20214 yr by MJCM

In most countries banks have been reducing their branch networks because they are costly to maintain. Particularly with so much banking business being done online these days. If anything, Thailand is way behind the curve in terms of rationalizing bank branches.

 

 

not saying it’s a good thing for the customer, but it is a thing.

Also it's often more convenient for people to use a shopping mall branch if you actually need to go in. The street branches usually have very limited parking and mall branches have more convenient hours, 7 days a week. 

41 minutes ago, Banana7 said:

Technically they didn't close the branch office, it was just moved into another office occupied by another branch.

That´s an amazing explanation! Actually, it´s soo good, that it almost fooled me for a while.

8 minutes ago, KhaoNiaw said:

Also it's often more convenient for people to use a shopping mall branch if you actually need to go in. The street branches usually have very limited parking and mall branches have more convenient hours, 7 days a week. 

But also in Shopping Malls they are closing branches. In our Local (approx 60kms away ???? ) Shopping Mall they closed the SCB branch around 1,5 years ago!

Just stopped by at a small remote Kasi in CM and they too had shuttered... 

 

But in my years here I have seen all major banks open and close locations that weren't profitable to keep open... 

Libelous and speculative topic title has been edited

53 minutes ago, Banana7 said:

Anybody else see any signs the banks are in financial trouble?

No, and you know why?  There are no signs that Thai banks, or any Thai bank in particular, are in trouble. 

 

The bank explained very clearly to you why your branch was closed.   As you said, they didn't close the branch office, it was just moved into another office occupied by another branch.

Edited December 16, 20214 yr by Liverpool Lou

Kasikorn definitely does hard cost cutting.

Closure of branches, reducing ATMs (50 to 15 in our area).

The branch in the district town has fired all but two clerks (counter service).

Long waiting times.

Queing outside seems a special K-Bank Covid paranoia (also here).

All this does not fit to their wannabee modern image.

Even if they are not in financial troubles it creates suspicion.

But I think it's just the start to be followed by other banks. They have to cut down on their silly paper based bureaucrazy creating non productive jobs.

Edited December 16, 20214 yr by KhunBENQ

I opened an account at Kasikorn in 2009 at Royal Garden (as a 30 day tourist with hotel business card, good old times).

The branch was on the street front, quite comfortable.

From one year to the other they moved up first floor to a tiny booth like branch.

From yet another year on they vanished from this (dying down) Royal Garden.

I had to ask at the Avenue where to go: Central.

(as I read Avenue will be closed too?)

All this happened without being informed in any way!

(I had online access all the time, phone number, SMS OTP etc.)

Ugly poor.

 

Soi Buakhao is closed since quite a while.

Noticed it in end of October when I wanted to do deposit money at the machine.

Was a bit puzzled when looking from the Baht bus.

 

Bank branches will die like they did in Germany e.g.

Extremely thin network now.

Edited December 16, 20214 yr by KhunBENQ

41 minutes ago, robblok said:

Many things can be done by online banking now so it makes sense. Same happened in my country long ago. Branches close.

 

But sure some farangs will immediately think there is a problem and the bank will lose their money.

Some foreigners will immediately think there is a problem and very happily spread their illogical rationalisation and speculative assertions that the bank will lose their money.

"Operating performance for the first half of 2021 compared with the first half of 2020, 

          KBank and its subsidiaries reported net profit of Baht 19,521 Million, an increase of Baht 9,971 Million or 104.40% over the same period of 2020"

 

https://kasikornbank.com/en/News/Pages/Performance-H1-2021.aspx

 

They're actually doing o.k., up to July at least. 

44 minutes ago, toofarnorth said:

Yesterday was another brick wall at every turn and not helped by K Bank.  I was in town and wanted a bottle of wine from the Off Licence. next road away is K Bank. I tried the ATMs both of them for 5,000B . No hab.

Tried both ATMs for just 1,000B , no hab. Had to go to Lotus to use their ATM , got cash then back to off licence, 

Grrr , again.

That is nothing to do with the bank's liquidity and certainly it's no "brick in the wall", it's just that some ATMs run out of cash before others!   There is a finite amount of cash that is put into ATMs every day, there is not a conveyer belt from Kasikorn's vault to the ATMs continually topping them up!

17 minutes ago, Liverpool Lou said:

As you said, they didn't close the branch office, it was just moved into another office occupied by another branch.

You should apply for a job at their PR department.

38 minutes ago, Banana7 said:

So it sounds like K bank is running out of cash since multiple K bank ATMs can't even dispense 1,000 baht cash

 

This is the way bank closures/runs start. ATM have no cash, branch offices close without notifying customers, large line-ups at open offices, reduced open hours at remaining offices.

That is just so much nonsense.  ATM's run out of money because all the money that was in them at the start of the day has been withdrawn, that's all!  It happens with every bank on occasions.

 

"This is the way bank closures/runs start. ATM have no cash, branch offices close without notifying customers..."

More nonsense.   Which one ATM was not able to dispense cash to you?  You know that if you went to another ATM you would have been able to get cash, yes?   Your OP referred to one small branch being absorbed into another branch, not to offices, plural, closing.

50 minutes ago, Banana7 said:

So it sounds like K bank is running out of cash since multiple K bank ATMs can't even dispense 1,000 baht cash.

 

Another warning sign for me is that the bank maybe in trouble is the security guard at the door, told me it was a long wait to get a withdrawal and maybe I should come back another day. I had to ask him 2 times for a queue ticket.

 

This is the way bank closures/runs start. ATM have no cash, branch offices close without notifying customers, large line-ups at open offices, reduced open hours at remaining offices.

If you really think so about KK or other Thai banks ???? you should have  take all your money already out as quick as you can and put it under the mattress ....????

 

Why you didn't do  yet ?? ????

Edited December 16, 20214 yr by david555