Owner of 55 Billion Won in Dormant Deposits Found... Korea Inclusive Finance Agency Says "Claim Your Dormant Deposits"

[Asia Economy Reporter Song Seung-seop] This year, 55 billion KRW of dormant deposits found their original owners.

On the 26th, the Korea Inclusive Finance Agency announced that 55 billion KRW of dormant deposits, a 38% increase compared to the same period last year, were paid to the rightful owners in the first quarter.

Dormant deposits refer to demand deposits, savings deposits, and cashier's check issuance funds at banks and savings banks that customers have not claimed for a long time. Dormant deposits under 10 million KRW can be claimed without visiting a branch through the KIFA application or the Government24 website.

The total number of payments was 275,924, an increase of 194% during the same period. The average amount recovered per person reached 199,349 KRW. Due to the spread of COVID-19, 78% of the total payment amount was made through non-face-to-face channels.

KIFA explained that the amount of dormant deposits paid has been increasing every year due to strengthened non-face-to-face services and active online and offline promotions.

Director Lee Gye-moon emphasized, “We actively notify rightful owners of dormant deposits by mail to help them recover their dormant deposits,” and added, “We will strive to make it easy and convenient for the public to reclaim their valuable assets.”

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