"Applications for Erroneous Remittance Refund Support Available from the 6th Through Forecast"

Implementation of the Erroneous Remittance Refund Support System

[Asia Economy Reporter Park Sun-mi] Starting from the 6th, the "Erroneous Remittance Return Support System," which makes it easier to recover mistakenly sent money, will be implemented.

If a remittance was made through a financial company's account or a prepaid electronic payment instrument of a simple remittance operator like KakaoPay but an error occurred, there is now a way to get it returned through the Korea Deposit Insurance Corporation (KDIC).

If the recipient does not return the money even after a return request through the remitting bank, the sender can apply for return support from the KDIC. Applications for return support are possible for amounts between 50,000 KRW and 10 million KRW. Return support applications can only be made for cases occurring after the system's implementation date, the 6th.

The KDIC will once again urge the recipient to voluntarily return the funds and, if necessary, recover the money through court payment orders, etc., then pay the sender the amount excluding related costs (post-payment method). Erroneous remittance return support can be applied for via the KDIC Erroneous Remittance Return Support website or by visiting in person.

However, if the remittance was sent to an account of a simple remittance operator used by the recipient, the KDIC cannot verify the recipient's identity (name and resident registration number, etc.), so such cases are excluded from the return support application. Cases where the erroneous remittance sender is involved in litigation related to unjust enrichment claims or where the recipient has passed away are also excluded.

The period required for erroneous remittance returns is up to two months. The system's implementation aims to support senders in more easily recovering mistakenly sent money, thereby strengthening financial consumer protection in response to the spread of non-face-to-face financial transactions.

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