Concerns About Krungthai Bank

[Neeranam]

5 minutes ago, skatewash said:

and the branch is far from where I live.

How inconsiderable of them

[hotchilli]

31 minutes ago, EricTh said:

699 = 70 baht per year versus 200 baht per year.

 

So Krungthai is actually cheaper, why is it a huge profit?

 

 

 

 

Krungthai 699baht  per year = 6,990 baht over the 10 year card life.

SCB 200 baht per year = 2,000 baht over the 10 year card life.

Try the maths again.

 

[KannikaP]

42 minutes ago, EricTh said:

699 = 70 baht per year versus 200 baht per year.

 

So Krungthai is actually cheaper, why is it a huge profit?

 

 

 

 

I was going to say that, but he did say an ANNUAL fee of Bht 699.

[lopburi3]

9 minutes ago, hotchilli said:

Krungthai 699baht  per year = 6,990 baht over the 10 year card life.

SCB 200 baht per year = 2,000 baht over the 10 year card life.

Try the maths again.

 

But the Krungthai Visa Card fee is actually 200 baht per year - 699 would have been some insurance type option I suspect.  

[cyril sneer]

I would avoid this bank at all costs.

 

My GF works for them and they're a disgrace. 

 

The bank is doing everything they can to cut staff down, thinking machines can do the job, but they are no way near ready to do so.

 

A huge number of staff have quit this month/next month as end of February is when they get their yearly bonus paid. So expect a longer queue than normal.

 

They are no longer a government bank, still in the process of going private. 

 

In the past year they have taken away all my GFs government benefits, main one being her sons education. I could go on about it isn't that related to the OP.

[Troy Tempest]

33 minutes ago, Caldera said:

People with social welfare ATM cards have to use Krungthai's ATMs. Due to the small-ish amounts they can withdraw, stocking their ATMs with more small denomination notes makes sense. Nothing to do with the bank's solvency.

Now you come to mention that I have queued at the ATM at my KTB branch in the past and seen people withdrawing only 2-300 Thb.....Now I understand why! 

 

Sometimes I forget how privaledged we are and how many very poor people there are here!

 

My Bad! 

 

 

[herfiehandbag]

18 hours ago, KhunBENQ said:

For me KTB always stands for mayhem.
Most crowded usually.

But what you expect if all public servants/government officers etc. get their payment through KTB.

They are also the "teller" for the revenue department (all tax reimbursements etc. go through KTB). Certain traffic tickets (highway police) always through KTB.

They are burdened with official/government/tax related tasks.

And therefore perhaps less likely to go bust?

[itsari]

3 minutes ago, Troy Tempest said:

Now you come to mention that I have queued at the ATM at my KTB branch in the past and seen people withdrawing only 2-300 Thb.....Now I understand why! 

 

Sometimes I forget how privaledged we are and how many very poor people there are here!

 

My Bad! 

 

 

I often withdraw 300 at a time .

I lost my wallet here in Thailand one time and lost 7000 baht . The wallet jumped out of my pocket while going over speed bumps on a motorcycle is my best guess how i lost it .

Now i just have what i need at home and in the wallet .

[rwill]

21 hours ago, chuang said:

Some prefer dogs others cats...anyway 500x2 = 1000.

But if you are taking out 20 or 30K it makes a big difference in trying to fit it into your wallet.

[hotchilli]

12 minutes ago, lopburi3 said:

But the Krungthai Visa Card fee is actually 200 baht per year - 699 would have been some insurance type option I suspect.  

No annual card renewal.

[bbko]

1 minute ago, rwill said:

But if you are taking out 20 or 30K it makes a big difference in trying to fit it into your wallet.

Fold em up and put it the front pocket, crisis averted,

[herfiehandbag]

In my local rural "Amphur" Krungthai have recently installed a new snazzy deposit/ATM machine which is in addition to the existing ATM.

 

We have Farmers Bank and a GSB, Kasikorn closed their branch but kept the ATM/ADM.  Bangkok Bank and Krungthai (2 machines) have ATMs. Mind you, I don't have any money!

 

I have noticed in Chiang Rai that Bangkok Bank have removed a number of ATMs from 7/11s but haven't they got some sort of a deal with 7/11 for the shop to offer basic banking services?

[scorecard]

On 2/25/2022 at 8:52 AM, tonray said:

I realize this is a stretch..but don't two 500 baht notes still equal one 1000 baht note ?

Further, do you really need to go into the bank and change the 500s to 1,000Baht note(s)? Why?

 

Banks all over the world are reducing the number of ATMs, I know from Australia, outside of mainstream centres and even inside shopping centres the number of ATMs has reduced a lot, all banks.

 

Usage of cash is dropping rapidly. It costs big money to buy an ATM machine, plus the costs of packing the notes into drawers and delivering (vehicle, security, delivery costs, maintenance and service costs) and inserting the drawers into the machines, and rent on the space the machine occupies (not free). 

 

Further, as more and more people use digital payments rather than cash, some banks have also noticeable reduced the number of branches.

 

Banks everywhere/many countries have openly stated they aim to reduce the number of ATMs and branches and move to online banking (internet banking) and telephone banking.

 

K bank and other Thai banks have openly stated the same thing. 

 

One bank is Australia is basically leading the way there.

 

Call the bank and someone (a real person, not a robot) quickly answers the phone.

 

By policy that person must aim to never transfer the call, therefore meaning that person must handle whatever query/service the customer wants, and they have changed their operating methods to make it happen. And they have changed their security systems, e.g. the customers voice is continuously anslysed to ensure it matches the test recorded previously. If the call involves putting records on screen the bank first asks the customer to look at a pop-up icon for 1 or 2 seconds - eye/face recognition software. 

 

This bank doesn't dispense cash, but customers can get cash by using their debit/credit cards at other banks and the issuing bank reimburses debit/credit card costs instantly. Same bank doesn't receive cash but customers can deposit cash at the teller or at many ATMs of several other banks. Again any costs are instantly reimbursed back to the actual customers account.

 

This is modern banking. Coming to a bank near you tomorrow.

 

 

Edited February 26, 2022 by scorecard

[lopburi3]

6 minutes ago, hotchilli said:

No annual card renewal.

The Krungthai Shop Smart Visa debit card that most people have is charged at 200 baht fee per year as is common at other banks for basic debit card.

[bradiston]

All very strange. I've been with Krungthai for 10 years. Never a problem, except the reverse of the OP. I always change my 1000 baht notes into 500s. Much less hassle getting change.

[Troy Tempest]

14 minutes ago, itsari said:

I often withdraw 300 at a time .

I lost my wallet here in Thailand one time and lost 7000 baht . The wallet jumped out of my pocket while going over speed bumps on a motorcycle is my best guess how i lost it .

Now i just have what i need at home and in the wallet .

Same happened to me whilst riding motorbike!....Wallet fell out once somewhere between home and 7/11!.....Went back to look for it, but of course no sign!

 

Lost about 10K, but more annoying was it had my driving licences (Car and Motorbike) in it, as well as ATM card!

 

What a ball-ache!.....Make police report.....Go to DLT and apply to get new licence copies....Go to bank for replacement ATM!..etc., etc,.

 

Now I only carry cash and/or ATM in my pocket when driving motorbike!...No Wallet!...

 

Always have copies of Passport and Driving Licences in car and motorbike!

 

Once bitten twice shy!.....Which reminds me of a Great Song!.....

 

 

 

 

[tomazbodner]

The cash cassette size is limited, there's only that many banknotes you can stuff in it. If people in your area are mostly withdrawing in thousands, then those banknotes will go quickly, and ATM will move to use smaller banknotes to dispense cash. In that case you would see a light blinking on the cash tray, indicating that it's low or out of some notes. Now if you withdrew 2000 baht and only 100 baht notes were available in machine, you'd get 20x 100 baht... and trying to do more than maximum number of notes, you'd get a warning of illegal amount or something like that. SCB ATMs do the same.

[scorecard]

6 minutes ago, bradiston said:

All very strange. I've been with Krungthai for 10 years. Never a problem, except the reverse of the OP. I always change my 1000 baht notes into 500s. Much less hassle getting change.

I don't have an a/c with Krung Thai but several years ago I went into a mid sized branch in a shopping centre. They quickly found a very pleasant good English speaker. 

 

She asked how she could help. I said 'I want to surprise my daughter in law DIL by totally paying off her student loan.

 

The bank lady quickly understood and said "I think all we need is her Thai ID number and we can then get the loan balance and some codes to accept a payment', and she continued 'please give me one or two minutes to check'. 

 

Sure enough they could do it and she showed me a screen, in English, which gave all the details of DIL's student loan balance.

 

I paid the full amount in cash and she processed the payment, 1 second later the bank lady pointed out the payment details on screen and showed the balance owing as NIL. She asked 'is there any other detail we can share with you?'. I indicated the details on the screen was enough. She printed the screen and put it in an envelope, along with her business card.

 

She asked if I would like to open an account which I declined.

 

All done, 15 minutes later at home I gave the envelope to my DIL with my son present. Everybody happy and DIL in tears of joy.  

[brianthainess]

Many branches of banks have closed and ATMs removed, especially those places that relied on tourism. 

On 2/25/2022 at 8:43 AM, SeaMike01 said:

and most recently all of the Krungthai ATMs in our area have been removed

No problem just use another banks ATM.  

[userabcd]

1 hour ago, rwill said:

But if you are taking out 20 or 30K it makes a big difference in trying to fit it into your wallet.

Need to think out of the box solve that.

[scorecard]

2 hours ago, rwill said:

But if you are taking out 20 or 30K it makes a big difference in trying to fit it into your wallet.

Well yes but how often does anybody need to withdraw 20,000 or 30,000Baht cash?

 

If it's to pay the rent, pay the mortgage etc., in fact it's much easier, quicker/instantaneous, more convenient, safer to pay with your internet banking.

 

If you have a Thai bank account you can set up internet banking very quickly and very easily and you have instant online records. No need for bigger wallet or pockets or to ever carry around big sums of money. 

[hughrection]

On 2/25/2022 at 8:43 AM, SeaMike01 said:

most recently all of the Krungthai ATMs in our area have been removed.

If the ATM is not directly outside a bank then these are put there by a third party. These ATM's are not owned or operated by the bank as you will find out if one of them short changes you.

 

Your bank will tell you to contact the number on the ATM as they can't help you. Hope this helps.

[hughrection]

1 hour ago, scorecard said:

I don't have an a/c with Krung Thai but several years ago I went into a mid sized branch in a shopping centre. They quickly found a very pleasant good English speaker. 

 

She asked how she could help. I said 'I want to surprise my daughter in law DIL by totally paying off her student loan.

 

The bank lady quickly understood and said "I think all we need is her Thai ID number and we can then get the loan balance and some codes to accept a payment', and she continued 'please give me one or two minutes to check'. 

 

Sure enough they could do it and she showed me a screen, in English, which gave all the details of DIL's student loan balance.

 

I paid the full amount in cash and she processed the payment, 1 second later the bank lady pointed out the payment details on screen and showed the balance owing as NIL. She asked 'is there any other detail we can share with you?'. I indicated the details on the screen was enough. She printed the screen and put it in an envelope, along with her business card.

 

She asked if I would like to open an account which I declined.

 

All done, 15 minutes later at home I gave the envelope to my DIL with my son present. Everybody happy and DIL in tears of joy.  

What a wonderful thing to do. Well done you. ????

[NoshowJones]

On 2/25/2022 at 12:11 PM, SeaMike01 said:

Yes, I'm aware that if an ATM runs out of 1000 baht notes it might dish out 500s, but... four times at four different ATMs? Anyway, that's not really the point. The branch closures, ATM pull-outs, plus the general disorganization, mayhem and inefficiency during recent branch visits made me wonder about the health of the entire organization. Interesting point, however, about it being one of the five "systemically important banks" in Thailand which would receive Bank of Thailand and Gov't Treasury support in an emergency. I won't close my account! ????

Just keep in mind that the Thai banks reduced the amount of their responsibility if anything goes wrong from 5 million Bt to 1 Million.

 

There had to be a reason for that. If they don't trust themselves, why should we trust them?

[davidst01]

On 2/25/2022 at 8:52 AM, tonray said:

I realize this is a stretch..but don't two 500 baht notes still equal one 1000 baht note ?

Brilliant. thanks for the first laugh of my day. 

 

OP sounds a bit neurotic. 

[arithai12]

OMG did the ATM really give you 500's ?

It's a clear sign that they are bankrupt, what else?

Quick, change bank!

[Neeranam]

On 2/26/2022 at 8:48 AM, cyril sneer said:

The bank is doing everything they can to cut staff down, thinking machines can do the job, but they are no way near ready to do so.

 

A huge number of staff have quit this month/next month as end of February is when they get their yearly bonus paid. So expec

Machines can do the job, this is happening all over the world. 

 

I suspect they didn't quit but were laid off. 

 

I wish they would lay off the security guard at my branch. He treats me like a tourist. 

[berrec]

Banks here are drowning in excess paperwork, inefficient business practices, ineffective staff, over the top regulations plus very limited branch authority to get things done. 

 

Try asking for anything that's not mainstream from a bank here, and you will get that deer in the headlights look.

 

Try getting any bank manager to actually help you with a problem or special request, if they decide to help you, they will drown you in paperwork to deter you. 

 

Having dealt with various banks institutions here over the years both at a personal and business level, I would rate them very low overall on the scale of efficiency, professionalism and productivity.  

 

What the hell, maybe all the bureaucracy of the banks here is based around anti corruption safeguard policies!

[TallGuyJohninBKK]

On 2/26/2022 at 1:09 PM, possum1931 said:

Just keep in mind that the Thai banks reduced the amount of their responsibility if anything goes wrong from 5 million Bt to 1 Million.

 

The 1 million Thai baht amount you refer to above is the Thai government's Deposit Protection coverage for commercial bank accounts, which includes Krung Thai.

 

But that deposit protection ONLY comes into play if the entire bank fails financially, i.e., goes bankrupt.  In all other circumstances, the DPA coverage doesn't apply at all.

 

https://www.dpa.or.th/en/site/index

 

 

 

[Tropicalevo]

On 2/25/2022 at 12:11 PM, SeaMike01 said:

Yes, I'm aware that if an ATM runs out of 1000 baht notes it might dish out 500s, but... four times at four different ATMs? Anyway, that's not really the point. The branch closures, ATM pull-outs, plus the general disorganization, mayhem and inefficiency during recent branch visits made me wonder about the health of the entire organization. Interesting point, however, about it being one of the five "systemically important banks" in Thailand which would receive Bank of Thailand and Gov't Treasury support in an emergency. I won't close my account! ????

ATM's and bank branches etc are being closed down everywhere.

It is the crashed economy.

No tourists, no jobs, no need for poor performing branches or ATM machines.

Banks often pay rent to put a machine anywhere that is not on their property.

 

Here, my local branch has closed - as have others. (Ayudthaya, SCB etc)

ATM's of all types being removed from shopping centres.

It has no connection with the liquidity of the bank - just closing things that are losing money.