Kasikorn to suspend all banking operations during July weekend

[waxon]

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.

What's going on, maybe I can help. The powers that be, in Thailand, are doing the best they can. What are you doing to help? Bank is closed for two days. Not life threatening or apocalyptic. just brings out the malcontents and their comments. ...lets the bigots speak. Thank you, TV.

You think you can help? Amazing.

Bring your latest version of banking software to K-Bank HQ on Friday afternoon and be prepared to spend the weekend installing and validating. K-Bank will give you a medal.

[Alwyn]

First I have heard of it.

and what with you being the go-to guru for banking issues, that;s saying something

[easybullet3]

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.

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.

And for Americans don't forget that the 4th of July, Independence Day Is a major U.S holiday....so expect all U.S. Banks to be closed for a long weekend holiday then. Possibly from the 3rd of July to the 6th

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!!

is it not enough that K-Bank ATMs and internet banking CLOSES EVERY NIGHT (for money transfers and deposits) after 10:30pm to do whatever it needs to do ? !!

i mean... this is the ELECTRONIC AGE!!! why on earth do they need to close deposits and transfers EVERY NIGHT ?? !!!!

its absolutely pathetic.

so it hardly surprises me that they go and shut down the entire system for whatever reason for a few hole days.

in thailand, they have never heard of STAGGERING..

just see when your condo schedules water or electrical maintenance!! (usually at the most inconvenient time to residents as possible!!) they NEVER think about what would be a more smart way to handle things.

Edited June 15, 2015 by easybullet3

[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.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.

***************************************8

I have truncated your post to remove some of the stuff that was at the top but included the rest.

I might ask what backs up fiat currency? Since Nixon went off the gold standard in the 1960's fiat currency world wide is no longer backed up by gold bullion. In that sense, your question is applicable for the currency we find in our wallets now- what backs up that currency? In the case of the USD it is the "full faith and credit of the US" which doesn't really leave me with a warm fuzzy feeling about how secure my assets really are. Bitcoin is a currency traded on the open market. Are there stores of gold backing it up in a vault somewhere? No. Is the price of a Bitcoin subject to fluctuation? Yes. In that sense it is very similar to fiat currency.

Look at the recent strength of the dollar compared to the Euro. The reason the dollar is strong is because the US Fed keeps pumping money into the system and the liquidity fuels the market. The US economy is not that strong to account for the increase in relative strength of its currency. The US government keeps pumping money into the system and keeping the discount and Fed Funds rates low so the economy will try and recover. It is all a shell game and when the Fed begins to increase the interest rates in September you will see a decrease in the reported strength of the US economy and a decrease the the value of the dollar.

Bitcoin- or something similar to it- will begin to catch on in the next few years. For expats who are living in Thailand the continued hassles with the US FATCA law requirements for reporting to the US government will make it more difficult to find banks willing to take our accounts due to the draconian penalties imposed by the US if there is a reporting violation. In that sense, Bitcoin is of interest to me since no government controls the currency and can manipulate its rate.

If you are interested in the topic, the book I referenced is a good read.

[Orac]

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.

***************************************8

I have truncated your post to remove some of the stuff that was at the top but included the rest.

I might ask what backs up fiat currency? Since Nixon went off the gold standard in the 1960's fiat currency world wide is no longer backed up by gold bullion. In that sense, your question is applicable for the currency we find in our wallets now- what backs up that currency? In the case of the USD it is the "full faith and credit of the US" which doesn't really leave me with a warm fuzzy feeling about how secure my assets really are. Bitcoin is a currency traded on the open market. Are there stores of gold backing it up in a vault somewhere? No. Is the price of a Bitcoin subject to fluctuation? Yes. In that sense it is very similar to fiat currency.

Look at the recent strength of the dollar compared to the Euro. The reason the dollar is strong is because the US Fed keeps pumping money into the system and the liquidity fuels the market. The US economy is not that strong to account for the increase in relative strength of its currency. The US government keeps pumping money into the system and keeping the discount and Fed Funds rates low so the economy will try and recover. It is all a shell game and when the Fed begins to increase the interest rates in September you will see a decrease in the reported strength of the US economy and a decrease the the value of the dollar.

Bitcoin- or something similar to it- will begin to catch on in the next few years. For expats who are living in Thailand the continued hassles with the US FATCA law requirements for reporting to the US government will make it more difficult to find banks willing to take our accounts due to the draconian penalties imposed by the US if there is a reporting violation. In that sense, Bitcoin is of interest to me since no government controls the currency and can manipulate its rate.

If you are interested in the topic, the book I referenced is a good read.

As you say, the USD is backed by the 'full faith any credit of the US' the largest economy and military in the world which still leaves the question what is bitcoin backed by?

[Guest]

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!!

Amazing Farang ... makes fun of thailand because "no one knows anything" ... then posts the reply from a call center staff line agent.

Do you honestly believe a call center agent is qualified to address overall corporate planing?

[Guest]

THE SKY IS FALLING, THE SKY IS FALLING !

K BANK is giving a month's notice that they will be upgrading their computer system!

IDIOTS ! INCOMPETENTS ! FOOLS !

Stuff your cash in a bag and run for the hills!

The Sky ... is FALLING !

4 pages of rants because a bank wants time to do an upgrade without risk of a screw up.

Congratulations Thai Visa Thai Bash Department, you really have hit a new mark in the quest to be Kings of Thai Trivial Pursuit !

Amazing Farang .. I mean really .. amazing. Is there no mole hill you can not make a mountain out of?

(PS: Willing to bet the whiners .. wait for it .. Do NOT have accounts there !)

(PPS: Do you honestly keep ALL your money in ONE bank? Are you serious?)

Edited June 16, 2015 by Guest

[Jonathon]

Amazing Thailand

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

I don't mind the branches being closed but their automated payment services are down too and often for a long weekend at the month end when one might be expecting an overseas transfer.

I appreciate that they will normaly do routine maintenance over the weekend but stopping auto payments for extended periods is not acceptable. All the banks seem to do it, time that they developed a customer service ethic.

Of course banks everwhere seem to be run by scoundrels....

[kingalfred]

What a joke. 3 days no Atm service . Glad I dumped K bank sometime ago!

[Guest]

Although I split my banking between Krungsri and Bangkok Bank .. not this one .. please allow me to offer up a little prayer.

Please ... what ever God is in charge of "Murphy's Law" ... please ... if Kriungsri or Bangkok Bank decide to do a major upgrade ... please have them shutdown everything for as long as it takes to get it right.

Please do it the same way, where everything is backed-up and isolated ... the upgrades are completed, the new version is run against the old version, and put "active" only when it is proven they are identical.

Please DO NOT let them try to do an upgrade while balances and transactions are active.

Please, because if they do .. there is an excellant chance we will enter the realm of FUBAR .. not the place to be in the banking business.

Please have them tell all the Chiken Little's out in Frarang Land they can not have it both ways .. they can not have perfect professional results with advanced notice, and run transactions for 48 hours.

The Kings of all they survey, the Thai Visa Uber Experts on Everything ... can not plan to be without electronic banking for 48 hours .. with ONE MONTH NOTICE,

Amazing Farang !

[samuibeachcomber]

Amazing Thailand

maybe they know something we dont and they are n't telling

[mmh8]

apparently a lot of laundry to deal with before this occurs (http://www.thaivisa.com/forum/topic/832913-government-hopes-new-courts-to-help-rid-thailand-of-criminals/?utm_source=newsletter-20150615-1452&utm_medium=email&utm_campaign=news)

[Lancashireman]

Amazing Thailand

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

Err? No they were not...!

[Guest]

Amazing Thailand

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

Err? No they were not...!

Ummm ... "closed?" ... could not get funds from ATM? Branches not open?

Do you really LIVE in Thailand???

[jdinasia]

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.

What's going on, maybe I can help. The powers that be, in Thailand, are doing the best they can. What are you doing to help? Bank is closed for two days. Not life threatening or apocalyptic. just brings out the malcontents and their comments. ...lets the bigots speak. Thank you, TV.

You think you can help? Amazing.

Bring your latest version of banking software to K-Bank HQ on Friday afternoon and be prepared to spend the weekend installing and validating. K-Bank will give you a medal.

Much of the work will be done by contractors.

[natway09]

Here we go,,, Thai bashing again. At least they have planned ahead.

I bank with them & 48 hours over a weekend,,, I might live, 555

How about the South Africans trying to get a new passport 6 months waiting list. Far more frustrating.

The US passport & visa office is also 3 weeks behind (computer cliche)

Banks in Oz out for 5 days 3 years ago, (3 days planned)

Get on with living people, your time on this planet is short

[Digitalbanana]

[Argus Tuft]

^ that is pure gold

I loves it

[NanLaew]

Oh my goodness... you lot still banging on about the PLANNED, SCHEDULED AND PREVIOUSLY ANNOUNCED Kasikorn banking hiatus?

Read this and weep.

It's from the UK Daily Mail so if you can't open and read it, you really shouldn't be whining about anything in Thailand apart from your low-level IT skill sets, you Old Thailand Hands you.

Edited June 18, 2015 by NanLaew

[DrTuner]

Oh my goodness... you lot still banging on about the PLANNED, SCHEDULED AND PREVIOUSLY ANNOUNCED Kasikorn banking hiatus?

Read this and weep.

It's from the UK Daily Mail so if you can't open and read it, you really shouldn't be whining about anything in Thailand apart from your low-level IT skill sets, you Old Thailand Hands you.

I thought the islands still used tally sticks? Wouldn't use places where people still know what cheques are as examples.

The best places I've kept accounts in have been Finland and Singapore. A complete service blackout has only happened once, in Finland, for a few hours and it caused a large uproar and escape to other banks. Never due to scheduled maintenance or updates. Kasikorn's plan of attack relies on the local maibpenrai attitude, which lets them do basically whatever they want.

I'm Kasikorn's customer, but I won't be holding any money in my account during that blackout. If I get lucky and my account shows ten figures when they reopen, I'll be hogging all the ATMs near you.

[cnx355]

First I have heard of it.

I have seen sign ( in Thai language ) in a few branches since 2 weeks ago.

I asked for confirmation. It seem it is for a major upgrade of their system.

[Mudcrab]

Just imagine the uproar on TV if it was done on a holiday when booze wasn't being sold!!!

Condo diving everywhere I expect.

[bino]

I'm not a KBank customer so this does not phase me in the least, and if I was, I could surely make it through a weekend without them.

It does make me wonder though... if there are any redundant backup systems at KBank? Couldn't they do this upgrade to a redundant server first, then migrate, and then upgrade other systems?? Wouldn't that be faster and less disruptive to their clients??

The problem is - that I have been in Thailand long enough to know better- I probably already know the answers to those questions.

Edited July 7, 2015 by bino

[northernphil]

Appreciate the heads up. I wonder if they intended to inform their clients by some means other than Facebook.

Don't have sit on yer Facebook but I know. I thought all this was sorted out during last months closure.

[MyFriend You]

Rumor has it K-Bank is in bed with the Geeks and lent them the money to pay back the IMF.

[lounger]

Greek banks in chaos and no one thinks to connect the two........................bad timing kasicorn lucky no one in Thailand reads international news...

[lvr181]

It is going to happen so let's wait until the following week to find out the "result"?

BTW doesn't everyone use Facebook? Or are you someone who does not need all the "friends"?

[Broeno]

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.

Do you live in Zimbabwe?

[mikiea]

....unheard of....

ehhh....the greeks are having the samo , samo , problem .

[Keesters]

If most move their funds before the shutdown they'll probably not come back.

P.S. I expect their ATMs to be empty well before shutdown time.