Kasikorn to suspend all banking operations during July weekend

[alanrchase]

I am shocked that as a Kasikorn customer I find out about the outage in this group ...

But I guess TiT - no surprises ....

It is in the papers.

[markie53]

Clearly RBS had everything under control. Let's hope other banks follow their great example and fingers crossed that the governments are ready to bail them out

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.

Edited June 15, 2015 by markie53

[eggers]

Contacted K Bank call centre & confirmed above item, no intent to contact customers other than posting to website.

Pretty poor service from one of the major Thai banks!!

Will there be a formal advice to all customers, yeh, sure when you try to use your card or front a branch on those days.... you'll find out!!

[/quote

The warning will be in all the Thai press (including the TV) which will inform 99,99% of their clients about the shutdown (The closure will also be displayed on the ATM's beforehand). The 0,001% of their clients (the non-Thai speaking clients) have just now been informed via TV. How do you think they must contact their millions of clients ? Do you expect a call from the CEO ?

Can only go by what advised by call center, i.e. website only, though perhaps you have greater insight than mere punters!

Call by CEO?.....yes, played golf w/ Khun Banthoon on Saturday,when did you last meet him???

[mgjackson69]

Don't their ATMs use XP. might be upgrading to W10.

Correct. All ATMs in Thailand are still running on XP. I think KBank is implementing a major software upgrade. Expect other banks to follow in due course.

You know this how? You have insight into the software versions for every bank in Thailand?

This is really not such a big deal. I am dating myself a bit, but it has not been all that long ago that we had to make sure on Friday that we had enough cash for the weekend, especially if it was a long weekend, or during other holidays. It is common sense to be prepared...if you are depending upon ATMs for cash, have at least two "sources"; e.g., a bank debit/ATM card + a credit card that you can use for cash advance.

Granted, Kasikorn could make a better effort to inform their customers of the upcoming outage.

[alanrchase]

I do various financial things over the Internet in the west. Quite common for them to be down for "maintenance ". Only find out when I visit the website. 5 days notice, do not see the problem.

[jacko45k]

Looks like they're packing up.

Now now, better not say that nor what they are packing up!

It is amazing that all ATM withdrawals, even from other bank's machines will be unavailable.

I sure hope nobody has a medical issue requiring some advance payment or deposit.

Edited June 15, 2015 by jacko45k

[maxjay]

Here is what Moody's has to say about four Thai banks:

https://www.moodys.com/research/Moodys-concludes-review-on-four-Thai-banks-assigns-Counterparty-Risk--PR_326711

If I was an economist, I could probably explain the Moody's article for everyone. But, since I'm not...I'll let the the experts here on TV interpret it for all.

[catterwell]

Don't their ATMs use XP. might be upgrading to W10.

Correct. All ATMs in Thailand are still running on XP. I think KBank is implementing a major software upgrade. Expect other banks to follow in due course.

You know this how? You have insight into the software versions for every bank in Thailand?

This is really not such a big deal. I am dating myself a bit, but it has not been all that long ago that we had to make sure on Friday that we had enough cash for the weekend, especially if it was a long weekend, or during other holidays. It is common sense to be prepared...if you are depending upon ATMs for cash, have at least two "sources"; e.g., a bank debit/ATM card + a credit card that you can use for cash advance.

Granted, Kasikorn could make a better effort to inform their customers of the upcoming outage.

I know this how?

(1) I'm an ex country manager of banks in Thailand, and am in touch with my former peers.

(2) I've have recently spoken to the IT heads of three major Thai banks.

(3) The whole story was in the press a while ago.

Edited June 15, 2015 by catterwell

[alanrchase]

Here is what Moody's has to say about four Thai banks:

https://www.moodys.com/research/Moodys-concludes-review-on-four-Thai-banks-assigns-Counterparty-Risk--PR_326711

If I was an economist, I could probably explain the Moody's article for everyone. But, since I'm not...I'll let the the experts here on TV interpret it for all.

Seem to remember Moodys stating that the Icelandic banking system was great a few years back.

[jdinasia]

I was notified via sms (in Thai)

[HHTel]

Land of stupidity!

Could you imagine for a second if any bank in any western country suspended their ATM's for a weekend? Even for a day? OMFG!

Previous reply tells you a worse example has already occurred in the west.

If you look at the problems RBS/NATWEST have had in the UK (2012/2013), you wouldn't be so critical comparing the 'efficiency' of the west! Customers bank accounts emptied, being left high and dry for a week or more, full shopping trolleys abandoned in supermarkets, people unable to fuel their cars etc etc., . Those problems make any inconvenience here pale into insignificance.

[technologybytes]

Another good reason why you need at least 2 banks in Thailand and should always carry a backup ATM card.

[jdinasia]

Baa1 explained here. http://www.nasdaq.com/investing/glossary/b/baa1

I, personally, wouldn't keep more than the government insured savings in a banks listed at less than the step above baa1

Then again, I wouldn't in any single account anywhere.

Edited June 15, 2015 by jdinasia

[catterwell]

Here is what Moody's has to say about four Thai banks:

https://www.moodys.com/research/Moodys-concludes-review-on-four-Thai-banks-assigns-Counterparty-Risk--PR_326711

If I was an economist, I could probably explain the Moody's article for everyone. But, since I'm not...I'll let the the experts here on TV interpret it for all.

Seem to remember Moodys stating that the Icelandic banking system was great a few years back.

They were in a good Mood on that ominous day.

[maxjay]

Another good reason why you need at least 2 banks in Thailand and should always carry a backup ATM card.

Good advice.

[Expattaff1308]

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....

[alanrchase]

Here is what Moody's has to say about four Thai banks:

https://www.moodys.com/research/Moodys-concludes-review-on-four-Thai-banks-assigns-Counterparty-Risk--PR_326711

If I was an economist, I could probably explain the Moody's article for everyone. But, since I'm not...I'll let the the experts here on TV interpret it for all.

Seem to remember Moodys stating that the Icelandic banking system was great a few years back.

They were in a good Mood on that ominous day.

Believe they used to accept money for a favorable report. Corruption in the west?

[PETERTHEEATER]

Don't their ATMs use XP. might be upgrading to W10.

Correct. All ATMs in Thailand are still running on XP. I think KBank is implementing a major software upgrade. Expect other banks to follow in due course.

You know this how? You have insight into the software versions for every bank in Thailand?

This is really not such a big deal. I am dating myself a bit, but it has not been all that long ago that we had to make sure on Friday that we had enough cash for the weekend, especially if it was a long weekend, or during other holidays. It is common sense to be prepared...if you are depending upon ATMs for cash, have at least two "sources"; e.g., a bank debit/ATM card + a credit card that you can use for cash advance.

Granted, Kasikorn could make a better effort to inform their customers of the upcoming outage.

.....

.........'You know this how?'

Up until a couple of years ago it was common for KTB machines to have a Windows error message window in the centre of the screen and it was XP.....

I was in my local BBL branch this morning. All their ATMs except cash withdrawal and were redlined out of action. The branch counters could not update books either. They seem to have known that there would be a problem and had a double shift of staff in. My simple transaction took 30 minutes requiring phonecalls to HQ BBL BKK. My teller told me that the ATM cash and ATM tranfers were working as it on a separate net.

Looks like I will have to enrol with their Internet access service of which I am suspicious of security......

[Pattaya46]

I am shocked that as a Kasikorn customer I find out about the outage in this group ...

But I guess TiT - no surprises ....

They informed the media (FB, press, ...)

They send SMS to customers

They announce it on their website ( http://www.kasikornbank.com/en/PromotionPrivileges/Pages/KbankMaintenance.aspx )

They will display this information this week in all their agencies

Not enough for you ?

Another good reason why you need at least 2 banks in Thailand and should always carry a backup ATM card.

Seriously? You can't live 48h without access to your bank? Sad for you IMHO.

Edited June 15, 2015 by Pattaya46

[sabaii69]

I have been a Thai Farmers Bank/ K bank customer for 28 years. I find this info makes me uncomfortable as I sense real underlying problems here. A takeover in the future? Could banking here become even worse? Mind you, my American bank sucks also nowadays.

[NanLaew]

...

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 assume you were not involved with RBS's system melt down then?

Amazing Thailand

Sure is.....they were able to inform their customers well in advance about this. Back home, about 3 years ago, we had a bank that was out of operation for almost 2 weeks with no advance warning. They said it was due to a computer malfunction, seeming an employee made an incorrect entry and the whole system went down. It took them all that time to correct it.

Yes, that was the RBS crash. System update that went haywire and not only stopped people getting their money out and doing online transactions, it also froze the direct debit systems so paychecks were also not getting deposited and standing orders were also locked. Cost RBS millions in compo.

Back on topic, a Thai bank is having weekend off to sort out their IT systems and all the farang crybaby's toys are out of the pram.

[sazham]

I guess then KBank is also in synch with the launch of "Sustainable Development Agenda" & TPP

[jdinasia]

Kbank has the announcement on the website in Thai

[newcomer71]

Amazing Thailand

Amazing alright. During songkran the banks were closed for five consecutive days.

Where? Bramches in Bangkok weren't closed for more than 2 consecutive days. ATM and Online banking were active.

[dunque]

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

[jlwilliamsjr18]

Every bump on the banking road is a cause for alarm. We all fear one day, that they'll all be shut down. The fear is legitimate, since after all all banks are literally one bank.

[alanrchase]

Every bump on the banking road is a cause for alarm. We all fear one day, that they'll all be shut down. The fear is legitimate, since after all all banks are literally one bank.

Hope not, one or two shares in a western bank. My time here Thai bank is great. Tried to get 75,000b out of my western bank several years ago in cash. They were quite upset that I did not give several days notice.

[movsrus]

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.

[alanrchase]

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.

[chiang mai]

Looks like they're packing up.

Looks like you've lost the plot.