catterwell Posted June 15, 2015 Share Posted June 15, 2015 Just another reason why the legacy banking system will not last long. Cryptocurrency like Bitcoin will soon begin to replace the commercial banking system as more people begin to realize its benefits and it becomes more mainstream. Less fees to use the system, less government oversight and interference and significantly more control over your assets. Don't think so? Read The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order [Paul Vigna, Michael J. Casey]. Fiat currency will be gone before too long and the world will be better for it. Bitcoin is a nice concept, but it's not working out well in practice. The security on the computer systems is not quite up to scratch and the credibility among the general population is not there. It may have it's day one day, but not I think for some time. In the meantime we're waiting for the US$ to collapse, and then see he things work out. Link to comment Share on other sites More sharing options...
movsrus Posted June 15, 2015 Share Posted June 15, 2015 Just another reason why the legacy banking system will not last long. Cryptocurrency like Bitcoin will soon begin to replace the commercial banking system as more people begin to realize its benefits and it becomes more mainstream. Less fees to use the system, less government oversight and interference and significantly more control over your assets. Don't think so? Read The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order [Paul Vigna, Michael J. Casey]. Fiat currency will be gone before too long and the world will be better for it. Where do bit coins come from? Apparently you can generate them from a computer. Another money for free scheme? Similar to derivatives? Rampant gambling is part of the problem in my humble opinion. Not true. There are many sites that offer cryptocurrency that are legitimate. Like anything else- don't put all your cash in anything but the future of fiat currency is doomed and the status of the US dollar as the reserve currency in the world will soon be a thing of the past. Link to comment Share on other sites More sharing options...
northernphil Posted June 15, 2015 Share Posted June 15, 2015 To read some of these posts you would think it was the end of the world Most of us lived & managed before Internet banking and ATMs.... All very well. but my pension arrives in K Bank every 4 weeks from the UK and then a few thousand Baht are removed for shopping in T/Lotus . Oh but not on the 27th , hope I am not strapped for cash on the 27th...........pension day and I hope the UK pension office can send it ! Oh and I take it you don't use internet banking and ATMs. Link to comment Share on other sites More sharing options...
Tycoon Posted June 15, 2015 Share Posted June 15, 2015 Never heard or seen anything like it ever Link to comment Share on other sites More sharing options...
alanrchase Posted June 15, 2015 Share Posted June 15, 2015 Just another reason why the legacy banking system will not last long. Cryptocurrency like Bitcoin will soon begin to replace the commercial banking system as more people begin to realize its benefits and it becomes more mainstream. Less fees to use the system, less government oversight and interference and significantly more control over your assets. Don't think so? Read The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order [Paul Vigna, Michael J. Casey]. Fiat currency will be gone before too long and the world will be better for it.Where do bit coins come from? Apparently you can generate them from a computer. Another money for free scheme? Similar to derivatives? Rampant gambling is part of the problem in my humble opinion. Not true. There are many sites that offer cryptocurrency that are legitimate. Like anything else- don't put all your cash in anything but the future of fiat currency is doomed and the status of the US dollar as the reserve currency in the world will soon be a thing of the past. Yes, but what is Bitcoin backed up with? Did someone spend a lot of money and just change the name of the currency to Bitcoin? Apologies if I am ignorant but how do you make money from nothing? Link to comment Share on other sites More sharing options...
tolsti Posted June 15, 2015 Share Posted June 15, 2015 Hopefully they are upgrading their systems as part of going to cards with a chip for more security. Hopefully that also means my BKK chip card I'll work in their ATMs as BKK bank machines are as rare as rocking horse poo in my area. My mind boggles that people will complain when they have been given over a month of advance notice! Link to comment Share on other sites More sharing options...
Argus Tuft Posted June 15, 2015 Share Posted June 15, 2015 (edited) I love all the complaints and scaremongering about not having any notice about a major upgrade to the Kasikorn banking system... ...in a topic giving us all advance notice about a major upgrade to the Kasikorn banking system. One thought - wonder if this news will see a spike in customers switching from K-bank to their competitors? Edited June 15, 2015 by Argus Tuft Link to comment Share on other sites More sharing options...
IAMHERE Posted June 15, 2015 Share Posted June 15, 2015 Probably updating IE and Windows XP!!!!! I'd suspect they finally got Commodore upgrade. Link to comment Share on other sites More sharing options...
movsrus Posted June 15, 2015 Share Posted June 15, 2015 Just another reason why the legacy banking system will not last long. Cryptocurrency like Bitcoin will soon begin to replace the commercial banking system as more people begin to realize its benefits and it becomes more mainstream. Less fees to use the system, less government oversight and interference and significantly more control over your assets. Don't think so? Read The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order [Paul Vigna, Michael J. Casey]. Fiat currency will be gone before too long and the world will be better for it.Where do bit coins come from? Apparently you can generate them from a computer. Another money for free scheme? Similar to derivatives? Rampant gambling is part of the problem in my humble opinion. Not true. There are many sites that offer cryptocurrency that are legitimate. Like anything else- don't put all your cash in anything but the future of fiat currency is doomed and the status of the US dollar as the reserve currency in the world will soon be a thing of the past. Yes, but what is Bitcoin backed up with? Did someone spend a lot of money and just change the name of the currency to Bitcoin? Apologies if I am ignorant but how do you make money from nothing? Bit coins are traded on the open market. The price fluctuates based on many factors but it is the like a derivative. The underlying price is based on market factors. Fiat currencies allow governments to manipulate the exchange rate based on policy decisions not necessarily fiscal considerations. The book "Age of Cryptocurrency" explains this much better than I but I do think the future is not in fiat currency but a cyber currency. Link to comment Share on other sites More sharing options...
alanrchase Posted June 15, 2015 Share Posted June 15, 2015 Probably updating IE and Windows XP!!!!!I'd suspect they finally got Commodore upgrade. No particular offence with your comment but will you take every opportunity to take the pi**? Link to comment Share on other sites More sharing options...
Anthony5 Posted June 15, 2015 Share Posted June 15, 2015 Looks like they're packing up. Looks like you've lost the plot. Looks like you have no sense of humor. Link to comment Share on other sites More sharing options...
Jonmarleesco Posted June 15, 2015 Share Posted June 15, 2015 Well, Kasikorn's systems have been problematic for a while. They go offline at the most inconvenient times, they offer conflicting information, and I found out today that if there's no paper in the CDM machine, you can't make a deposit; at least not with a card. But then Siam Commercial's aren't overly efficient, either. One ATM has, apparently, been consistently debiting customers' accounts - SCB and non-SCB - with withdrawals while withholding the monies, yet has been continually left unattended. Link to comment Share on other sites More sharing options...
pinkpanther99 Posted June 15, 2015 Share Posted June 15, 2015 From the list in the OP that's just about every single service from Kasikorn. So basically all Kasikorn customers are with out any banking services for a whole weekend. Even ATM withdrawals and in store card payments. Amazing! It must be a pretty critical update to take all their banking services offline for such a period of time. I used to work for RBS in the UK and any major updates to the system that affected multiple departments were usually staggered and never offline for that length time. Updates by RBS were normally made from 11pm on Sunday evening to 5am on a Monday morning, traditionally the quietest times for customers using banking services. Still, this is Thailand so I know better than to try and even contemplate understanding what might be going on here. After the multiple outages at NatWest and Ulster Bank, perhaps RBS is not a very good example to quote as a standard of excellence Nope. All that was after I left. Probably not a coincidence. Link to comment Share on other sites More sharing options...
Jonmarleesco Posted June 15, 2015 Share Posted June 15, 2015 From the list in the OP that's just about every single service from Kasikorn. So basically all Kasikorn customers are with out any banking services for a whole weekend. Even ATM withdrawals and in store card payments. Amazing! It must be a pretty critical update to take all their banking services offline for such a period of time. I used to work for RBS in the UK and any major updates to the system that affected multiple departments were usually staggered and never offline for that length time. Updates by RBS were normally made from 11pm on Sunday evening to 5am on a Monday morning, traditionally the quietest times for customers using banking services. Still, this is Thailand so I know better than to try and even contemplate understanding what might be going on here. 'I used to work for RBS in the UK ...' I trust that was pre-stuff up (their overpriced ABN purchase) and pre-bail out? Link to comment Share on other sites More sharing options...
laocowboy2 Posted June 15, 2015 Share Posted June 15, 2015 That's planned outages at RBS. They had some pretty long unplanned outages at the Natwest bit a couple of years or so ago :-( From the list in the OP that's just about every single service from Kasikorn. So basically all Kasikorn customers are with out any banking services for a whole weekend. Even ATM withdrawals and in store card payments. Amazing! It must be a pretty critical update to take all their banking services offline for such a period of time. I used to work for RBS in the UK and any major updates to the system that affected multiple departments were usually staggered and never offline for that length time. Updates by RBS were normally made from 11pm on Sunday evening to 5am on a Monday morning, traditionally the quietest times for customers using banking services. Still, this is Thailand so I know better than to try and even contemplate understanding what might be going on here. Link to comment Share on other sites More sharing options...
The Deerhunter Posted June 15, 2015 Share Posted June 15, 2015 Don't their ATMs use XP. might be upgrading to W10. I believe all ATM's in the wold still operate on Windows XP. I am not sure what the upgrade pat is but I doubt that it is windows 10, well this soon anyway. But it begs the question of what the banks will eventually do. Link to comment Share on other sites More sharing options...
brewsterbudgen Posted June 15, 2015 Share Posted June 15, 2015 So is it confirmed that K Bank ATM cards will not work in other banks' ATMs during the shutdown? Link to comment Share on other sites More sharing options...
Jdietz Posted June 15, 2015 Share Posted June 15, 2015 Yes, confirmed, as all transactions need to be verified by Kasikorn's system which will be down. Link to comment Share on other sites More sharing options...
alanrchase Posted June 15, 2015 Share Posted June 15, 2015 Can't remember how I got cash before the Internet. Can't remember it being that difficult. Link to comment Share on other sites More sharing options...
jdinasia Posted June 15, 2015 Share Posted June 15, 2015 Just another reason why the legacy banking system will not last long. Cryptocurrency like Bitcoin will soon begin to replace the commercial banking system as more people begin to realize its benefits and it becomes more mainstream. Less fees to use the system, less government oversight and interference and significantly more control over your assets. Don't think so? Read The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order [Paul Vigna, Michael J. Casey]. Fiat currency will be gone before too long and the world will be better for it.Where do bit coins come from? Apparently you can generate them from a computer. Another money for free scheme? Similar to derivatives? Rampant gambling is part of the problem in my humble opinion. Not true. There are many sites that offer cryptocurrency that are legitimate. Like anything else- don't put all your cash in anything but the future of fiat currency is doomed and the status of the US dollar as the reserve currency in the world will soon be a thing of the past. Yes, but what is Bitcoin backed up with? Did someone spend a lot of money and just change the name of the currency to Bitcoin? Apologies if I am ignorant but how do you make money from nothing? Bit coins are traded on the open market. The price fluctuates based on many factors but it is the like a derivative. The underlying price is based on market factors. Fiat currencies allow governments to manipulate the exchange rate based on policy decisions not necessarily fiscal considerations. The book "Age of Cryptocurrency" explains this much better than I but I do think the future is not in fiat currency but a cyber currency. In other words, yes. Bitcoins aren't backed up with anything. Link to comment Share on other sites More sharing options...
theoldgit Posted June 15, 2015 Share Posted June 15, 2015 Can't remember how I got cash before the Internet. Can't remember it being that difficult. Indeed you went into a branch, but on this occasion these will be closed as well. However most people will plan ahead. Link to comment Share on other sites More sharing options...
DrTuner Posted June 15, 2015 Share Posted June 15, 2015 Probability of their updates going tits up ... 70%. Fill up your mattresses. Link to comment Share on other sites More sharing options...
Godders Posted June 15, 2015 Share Posted June 15, 2015 Kasikorn has a reputation as one of the safest Thai banks and made a healthy profit last year. However, the timing, length and scope of the shutdown. combined with the coyness over detailing the reasons are not exactly calculated to boost customer confidence. OK, so TIT. But it is worth bearing in mind that should any Thai bank go belly up, only the first million baht of account holders' deposits are covered by the nation-wide deposit insurance scheme. Link to comment Share on other sites More sharing options...
ableguy Posted June 15, 2015 Share Posted June 15, 2015 From the list in the OP that's just about every single service from Kasikorn. So basically all Kasikorn customers are with out any banking services for a whole weekend. Even ATM withdrawals and in store card payments. Amazing! It must be a pretty critical update to take all their banking services offline for such a period of time. I used to work for RBS in the UK and any major updates to the system that affected multiple departments were usually staggered and never offline for that length time. Updates by RBS were normally made from 11pm on Sunday evening to 5am on a Monday morning, traditionally the quietest times for customers using banking services. Still, this is Thailand so I know better than to try and even contemplate understanding what might be going on here. You forgot to mention the brilliant record RBS has for honesty and how much it cost and is costing to bail these swine out. Link to comment Share on other sites More sharing options...
walkoff Posted June 15, 2015 Share Posted June 15, 2015 This notice from KBank is roughly one month before the actual "shutdown" occurs. Perhaps that is enough time for folks who only rely on KBank for their financial services to make alternative plans. Link to comment Share on other sites More sharing options...
Expattaff1308 Posted June 15, 2015 Share Posted June 15, 2015 (edited) To read some of these posts you would think it was the end of the world Most of us lived & managed before Internet banking and ATMs.... All very well. but my pension arrives in K Bank every 4 weeks from the UK and then a few thousand Baht are removed for shopping in T/Lotus . Oh but not on the 27th , hope I am not strapped for cash on the 27th...........pension day and I hope the UK pension office can send it ! Oh and I take it you don't use internet banking and ATMs. You have had a warning of almost a month prepare for it...and yes I do use internet banking and ATMs but after receiving the warning I will ensure I have enough cash to tie me over the days in question...jeez what's wrong with people its as if the bottom has following out of their world!! If you read the post it says 17th - 19th so where does your 27th come into play?? Edited June 15, 2015 by Expattaff1308 Link to comment Share on other sites More sharing options...
JOC Posted June 15, 2015 Share Posted June 15, 2015 Reading the comments on this thread, makes me doubt the common sense of some posters here!! According to Nostradamus: Link to comment Share on other sites More sharing options...
carter1882 Posted June 15, 2015 Share Posted June 15, 2015 For the inconvenience caused the bank should refund part of their charges to customers. Link to comment Share on other sites More sharing options...
nkped Posted June 15, 2015 Share Posted June 15, 2015 Probably updating IE and Windows XP!!!!!I'd suspect they finally got Commodore upgrade.The Web site for my bank in the US should be as user friendly as the Kasikorn site. Link to comment Share on other sites More sharing options...
jdinasia Posted June 15, 2015 Share Posted June 15, 2015 Probability of their updates going tits up ... 70%. Fill up your mattresses. I expect the change over to take about 6 hours. Then diagnostics and reconnecting to new data center servers to take 4 more. Leaving more than 36 hours to deal with the unexpected. Link to comment Share on other sites More sharing options...
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