Financial Authorities: "Find Your Hidden Assets Sleeping in Bank Accounts"

'Mutual Finance Dormant Savings and Deposits Recovery' Campaign Launched

[Asia Economy Reporter Kwangho Lee] Financial authorities and the mutual finance sector announced on the 4th that they will conduct a 'Campaign to Find Hidden Assets Sleeping in Bank Accounts.'

The campaign will be jointly conducted by the Financial Services Commission, Ministry of the Interior and Safety, Ministry of Agriculture, Food and Rural Affairs, Ministry of Oceans and Fisheries, Korea Forest Service, Financial Supervisory Service, Korea Financial Telecommunications & Clearings Institute, and the National Mutual Finance Association for about seven weeks from the 5th until the 24th of next month.

Although financial authorities and the mutual finance sector have continuously promoted campaigns to help financial consumers find hidden assets, as of the end of June, dormant and long-term inactive savings and deposits worth 1.632 trillion KRW, and unpaid equity contributions and dividends worth 257.4 billion KRW remain unclaimed in the mutual finance sector, totaling 1.8894 trillion KRW.

Accordingly, there is a need to conduct a campaign that makes it easier to find dormant savings and deposits, and at the recent Mutual Finance Policy Council, it was decided to jointly promote a campaign to help find dormant savings and deposits.

Financial consumers with hidden assets will be individually notified via mail, text messages, etc., and the campaign will actively promote asset inquiry and refund methods to the entire population.

Customers holding hidden assets can visit the cooperative’s branch in person, fill out an application form, and then receive their assets.

Also, through the Korea Financial Telecommunications & Clearings Institute’s 'Account Information Integrated Management Service (Account Info)' and the Financial Supervisory Service’s 'Financial Consumer Portal,' assets can be checked at once, and dormant savings and deposits up to 500,000 KRW and unpaid equity contributions and dividends up to 10 million KRW can be immediately transferred to another of the customer’s accounts or donated.

If the amount exceeds these limits, it can be received by visiting the branch in person.

A financial authority official stated, "Through this campaign, financial consumers will be able to more easily find their valuable hidden assets and use them for living expenses, etc., and cooperatives will contribute to enhancing public trust in the mutual finance sector by not forgetting and finding the public’s assets."

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