Savings Banks Also Shorten Business Hours... Impact of 'Social Distancing Level 4' Spreads Across Financial Sector

On the 9th, citizens are waiting to get tested at a temporary screening clinic set up at Seoul Station. Photo by Moon Honam

[Asia Economy Reporter Song Seung-seop] As social distancing is raised to level 4, the savings bank industry is shortening its business hours.

According to the Korea Federation of Savings Banks on the 9th, starting from the 12th, the business hours of savings banks located in the metropolitan area will be shortened by one hour. The period will last until the 23rd, when level 4 social distancing ends.

Accordingly, bank business hours will change from the previous 9:00 AM to 4:00 PM to 9:30 AM to 3:30 PM. The applicable areas are all branches in Seoul, Incheon, and Gyeonggi regions.

If a new social distancing level 3 or higher is implemented again, the shortened hours will be extended. The same will apply to non-metropolitan areas if level 3 or higher distancing is enforced in the future.

Meanwhile, commercial banks in the metropolitan area also announced that they will reduce their business hours by one hour during the same period. The Financial Industry User Council held a meeting and explained that this measure is to prevent the spread of COVID-19 in the metropolitan area from escalating into a nationwide pandemic.

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