Deposit Transactions to Become Possible with Biometric Authentication

Fair Trade Commission Revises 'Basic Deposit Transaction Terms'... "No Passbook or Seal Required"

[Asia Economy Reporter Moon Chaeseok] From now on, it will be possible to verify identity through biometric authentication without a bankbook or seal to withdraw deposits.

The Fair Trade Commission announced on the 2nd that it has revised the "Basic Terms and Conditions for Deposit Transactions" to include such provisions.

Last month, the Financial Services Commission amended the "Banking Supervision Regulations" to allow deposit withdrawals after identity verification without a bankbook or seal, and this was reflected in the standard terms and conditions.

Accounts with a zero deposit balance and no transactions for more than five years from the last transaction date have been incorporated into the dormant deposit regulations. This is expected to reduce bank management costs and consumer erroneous remittances.

When changing the terms and conditions, banks are required to notify consumers via electronic financial services. This change takes into account the activation of electronic financial transactions such as internet and mobile banking.

Lee Taehwi, head of the Terms Review Division at the Fair Trade Commission, expressed hope that "this revision will allow consumers to conduct deposit transactions at banks more conveniently."

The Fair Trade Commission will upload the revised standard terms and conditions on its website and has notified the Korea Federation of Banks, a business organization. It plans to recommend the use of the standard terms and conditions to commercial banks.

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