Dormant Deposits Returned to Owners Totaled 155.3 Billion Won Last Year

[Asia Economy Reporter Kim Min-young] It was revealed that 155.3 billion KRW was returned to the rightful owners last year through services such as the ‘Dormant Deposit Recovery’ service.

The Korea Inclusive Finance Agency announced on the 29th that it paid out a total of 330,888 cases and 155.3 billion KRW in dormant deposits last year. This represents a 20.1% increase compared to 2018.

It was found that the average amount of dormant deposits recovered per case was 469,368 KRW, and cumulatively, the agency explained that it paid out 546.3 billion KRW, which is 25.5% of the total contributed amount.

In particular, the amount recovered from dormant cashier’s checks increased by 75% compared to 2018, and within two years of contribution, a cumulative total of 174.1 billion KRW, or 22.1% of the total contributed amount, was paid out.

The Korea Inclusive Finance Agency analyzed that the main reasons for the increase in dormant deposit payments were the rise in payments of dormant cashier’s checks, 24-hour online inquiry services, service improvements such as expanded payment amounts and times, the Dormant Deposit Recovery campaign, media coverage, and strengthened promotion through social network services (SNS).

Deposits and cashier’s checks are classified as dormant deposits and contributed to the agency if there has been no transaction or payment claim for 5 years, insurance for 3 years, and unpaid principal and interest for more than 10 years. The agency uses the interest income from these dormant deposits as resources to support financially marginalized and vulnerable groups such as small merchants in traditional markets, low-income children, and social enterprises.

Last year, the agency signed new contribution agreements with eight financial companies including Korea Securities Finance Corporation and Korea Securities Depository, expanding the number of financial institutions contributing dormant deposits to 108.

If you wish to receive or donate dormant deposits, you can use the Korea Inclusive Finance Agency application (app), the Customized Loan app, the Dormant Deposit Recovery website, or visit the Korea Inclusive Finance Integrated Support Center or branches of contributing financial institutions. Detailed information is also available through the Korea Inclusive Finance Call Center.

This content was produced with the assistance of AI translation services.