Kasikorn Bank Soi Buakhau Pattaya Branch moved

[mark5335]

1 hour 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. 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.

 

They're not in financial difficulty at all. S&P Global Ratings re-affirmed the Kasikornbank rating at "BBB+" (Local Currency LT credit rating) as recently as August 2021. A BBB+ rating is categorised in the markets as "Investment Grade" and incidentally is the same as Thailand's sovereign rating. A Thai banks rating cannot be higher rated than that of the sovereign country rating of BBB+. Additionally, K-Bank are classified as one of the 5 "systemically important" banks in Thailand, which implies that neither the Bank of Thailand nor the Thai Gov't would allow the bank to fail (i.e., they would be provided with the necessary liquidity in an adverse scenario).

[Banana7]

7 minutes ago, MJCM said:

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)

Many restaurants and bars accept only cash, especially small establishments. Next issue in electronic banking in Thailand is that many locations don't have cell phone reception. Next, apps don't work all the time. I can't remember a contiguous month when a banks' payment system was fully available, without an outage. Even big popular websites like shopee fail especially when they have their monthly sale like 11.11 or 12.12

 

Just today, I bought a railway ticket, the online payment process didn't work. Reservation expires in 24 hours if full payment not received. Phoned customer service, solution was to go to the train station and pay cash. The payment system didn't work yesterday either.

 

Thousands of places accept cash only, like Thai immigration, Thai police, land offices for property transfer, bus tickets, etc. etc.

 

Another big issue is fraud, unauthorized transactions draining bank accounts and the banks not reimbursing customers, or taking a very longtime to reimburse. Lots of stories in the newspapers and websites about these issues. These issues mostly only occur when the customer has made online purchases, used apps. or an ATM with an extra card reader. Online security and accountability for loss in Thailand is not the same as in western countries.

 

If a foreign credit or debit card is used, one can experience a 2% or more reduction in exchange rates compared to mid-market cash exchange rates. In my case, I lose 2.5% on the exchange rate using my Canadian credit card and a lot more using a Canadian debit card.

 

[scubascuba3]

Kasikorn Avenue also closing moving to Klang.

 

Krungsri Avenue and Buakhao closed amalgamated into Big C Extra branch

[gearbox]

4 hours 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.

You can end up in jail spreading unsubstantiated rumors about banks in trouble and causing potential bank runs. 

Many countries have legislation about spreading false rumors about banks in trouble. 

https://www.csmonitor.com/Business/The-Circle-Bastiat/2012/0606/Can-you-yell-run-in-a-crowded-bank

 

Closures of a few branches is not an indicator whether a major bank is solvent or not.

[Liverpool Lou]

9 hours ago, KhunBENQ said:

10 hours 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.

Funny how pointing out something accurate as opposed to just accepting the bizarre speculation of the OP get's under some posters' skin, isn't it?

[mal129]

That's my branch and they called me several months ago informing me of the closure. The lady told me they were calling all of their branch's customers. It could be that they had an old or incorrect phone number for you. 

 

I can see branches downsizing as most banking can be done over the phone, at an ATM, or online apps these days.

Edited December 17, 2021 by mal129

[SAFETY FIRST]

Theprasit Kasikorn bank shut down a few years ago. 

 

Smaller street banks come and go, not just Kasikorn bank. 

It's the same back in Oz.

 

Banks open branches in unknown locations, if they don't perform they shut em down. 

 

Don't lose any sleep, it's OK mate. 

[IAMHERE]

What I'd read was that the people that own MIT land(closed now) also own the K-Bank land site on Soi Buakhoa and had asked a large increase in rent. Bad time to increase the rent or a worse time to accept a rent increase perhaps. Anyway, bank branch moved to Klang. I'd expect it just moved so as to be easier to move back somewhere when times improve; seems a logical move.

 

[Benmart]

If you are refering to the Kasikorn Bank, (Avenue Branch) near Soi Buakeow, I received a letter at home two months ago telling me it was closing and moving to the office at Central Festival. The Avenue Branch was not doing much business due to the hysteria and most likely is the reason for closure.

[chang50]

2 hours ago, mal129 said:

That's my branch and they called me several months ago informing me of the closure. The lady told me they were calling all of their branch's customers. It could be that they had an old or incorrect phone number for you. 

 

I can see branches downsizing as most banking can be done over the phone, at an ATM, or online apps these days.

Same here a phone call and later a letter informing me where the branch was relocating to.More than I expected to be honest.

[Caldera]

Nowadays I only go to a Kasikorn Bank branch when I need to replace my ATM card. Everything else is done online or at their machines. I'd bet many other customers are the same, so I'm not surprised that they're thinning out their branch network. Add to this that the economics of Pattaya have changed for the worse and that they used to have many branches within a small area.

[NoshowJones]

On 12/16/2021 at 1:52 PM, 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.

My UK bank branch has also closed just recently, I am not worried about it. I am no fan of the UK, but the country is run by qualified people voted in by the UK people. So I know my money is safe.

Here in Thailand, it is the exact opposite, you have a third world country run by a bunch of tinpot soldiers with about the same mentality as the ordinary Thai people, so I only keep enough money here for living expenses.

[cnx355]

I had the same experience last month in Chiangmai.  I was driving in front of a branch  I had an account and saw it was boarded and sign removed.

 

I went to another branch and the   service people told me where my account was moved.

 

I still keep the same account number of the old branch . The service people were nice  and changed my bank book for a new one with the new branch name.

 

I think they have too much branches and with most transaction online they close branches with smaller customers base.

 

I wish they would send email or mail to advise their customer as they have the necessary information .