Proof of documents needed to retrieve my money... 'Transfer limit of 300,000 won' not being reviewed

As Non-Face-to-Face Financial Transactions Spread, Transfer Limit is 300,000 Won
Consumers Complain About Excessive Limits on New Accounts

[Asia Economy Reporter Park Sunmi]Office worker Kim Yujin (40, pseudonym) visited a nearby A Bank branch after hearing that a bank account was required to use services such as banking, cards, and insurance all at once on a financial platform. Although she did not have a bank account, she was using card and insurance products from the same financial group, so she decided to open a new account this time. After hearing that she could freely set withdrawal and transfer limits, she wrote down 10 million won, but the actual amount Kim could withdraw or transfer via internet/mobile banking or ATM was limited to 300,000 won per day. The staff explained that since it was a new account, she had to submit separate proof documents such as an employment certificate at the branch to lift the limit.

Consumer dissatisfaction is rising over the regulation that limits the daily withdrawal and transfer limit of new bank accounts to 300,000 won. As open banking and MyData services expand, financial industry boundaries are disappearing and non-face-to-face financial transactions are increasing, but more consumers are experiencing inconvenience due to excessively restricted limits.

According to the financial sector on the 12th, most commercial banks currently apply a financial transaction limit account that restricts withdrawal and transfer limits to 300,000 won per day for customers opening new accounts. This is based on financial authorities’ recommendations, requiring customers to directly submit proof documents verifying the purpose of financial transactions to prevent fraud such as "dopo" accounts (telecommunication financial fraud) when opening new accounts with free deposits and withdrawals. Without submitting documents at the branch, withdrawal and transfer limits for internet/mobile banking and ATM transactions are restricted to 300,000 won per day.

An employee at A Bank’s Yeouido branch said, "It is true that there are many consumer complaints about financial transaction limit accounts, but since it is a policy by financial authorities to prevent financial fraud such as phishing, banks must comply even if consumers are dissatisfied." He added, "Especially recently, banks are actively conducting financial product-related events to attract app customers, so many customers want to open new bank accounts. From the staff’s perspective, since they cannot be sure whether a customer’s new account issuance is being used for financial fraud, they have no choice but to follow the rules."

Some banks continue the practice of ‘bundling sales’ by encouraging customers to get cards to avoid the inconvenience of submitting documents to lift account limits. An employee at B Bank’s Jung-gu branch said, "For customers who already have affiliated credit cards, if submitting documents at the branch is inconvenient, getting a credit card and linking it to the account is one way. Customers with many transactions with the bank are exempt from the limit account application, so if they get a card, the limit can be lifted," he explained.

The problem is that contrary to the system’s intent, it does not significantly prevent voice phishing but only causes consumer inconvenience. According to the Financial Supervisory Service, the amount lost to voice phishing last year exceeded 700 billion won, a record high.

A financial industry official pointed out, "This policy does not fit the era of active non-face-to-face transactions. We need to prepare new countermeasures that minimize consumer inconvenience and maximize effectiveness, such as unifying the scattered voice phishing reporting channels."

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