"If You Need a Large Sum Transaction on the Temporary Holiday, Prepare Today"

Closure of Financial Institution Branches on the 17th
Prepare for Real Estate Transactions and More

[Asia Economy Reporter Kim Hyo-jin] If you need to exchange a large sum of money on the temporary holiday of the 17th, you should prepare in advance by withdrawing money beforehand.

According to financial authorities on the 14th, the financial market will be closed and most financial companies will not operate on the 17th, which is designated as a temporary holiday linked to Liberation Day (the 15th), so it is necessary to prepare in advance according to the financial transaction schedule.

The financial authorities urged special caution if large financial transactions that usually use financial company branches, such as real estate sales or inter-corporate delivery payments, are scheduled on the 17th.

If this applies, it is recommended to visit the branch and withdraw funds in advance by the last business day before the 17th, which is the 14th.

To use internet banking instead, you should check the current transfer limits set through the mobile application (app) or branch, and increase the limit if necessary. Foreign currency exchange or overseas remittance through branches is also difficult, so it is advantageous to adjust the transaction date in advance.

Loan Maturity Extended to the 18th Without Late Interest
Advance Confirmation Needed for Fund Redemption Withdrawals

Loan maturities at banks, insurance companies, savings banks, and card companies falling on the 17th will be extended to the 18th without late interest charges. If you want to settle early without deferring the maturity to the 18th, you can repay early without a prepayment fee by the 14th.

Deposits at financial companies can be withdrawn on the 18th including one day's interest, and depending on the product, early withdrawal on the 14th is also possible.

Cash conversion of bills, checks, and inter-corporate electronic payment methods maturing on the 17th will be possible on the next business day, the 18th. Face-to-face transactions of promissory (paper) notes and checking checks between parties can be issued and endorsed on the 17th, but transactions such as electronic notes, inter-corporate electronic payment methods, and cashier's check issuance at bank counters are not possible.

Since the temporary holiday is excluded from business days defined in collective investment agreements (terms and conditions), fund redemption payments cannot be received on that day. Settlement payments for previously sold stocks and bonds will be postponed to the 18th. If payments for card, insurance, or telecommunications usage are scheduled on the 17th, they will be processed on the 18th unless otherwise agreed.

If you wish to receive insurance payments around the 17th, it is advisable to inquire in advance or check the terms and conditions, as payment schedules vary depending on the type of insurance.

Services of internet banks such as K Bank and Kakao Bank will operate largely as usual. Loan interest will be processed normally on the day, and automatic transfers between accounts within the bank and to other banks will proceed as scheduled. Most deposit, loan, and overseas remittance services can also be conducted.

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