Banks That Don't Let Me Freely Withdraw My Own Money... Will the 300,000 Won Limit on New Accounts Be Lifted? (Comprehensive)

Submit Supporting Documents Directly to Lift Limit
Bank: "Measures to Prevent Financial Accidents Like Phishing"

[Asia Economy Reporter Park Sun-mi] Office worker Kim Yujin (40, pseudonym) visited a nearby A Bank branch after hearing that a bank account is 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. The staff explained that since it was a new account, she had to submit separate proof documents such as a certificate of employment 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 spread, blurring the boundaries between financial sectors and expanding non-face-to-face financial transactions, 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 in accordance with the financial authorities' recommendation, requiring banks to directly submit proof documents verifying the purpose of financial transactions to prevent fraud such as "dapo-tongjang" (telecommunication financial fraud) when opening new accounts with free deposits and withdrawals. If no documents are submitted through the branch, withdrawal and transfer limits for internet/mobile banking and ATM transactions are restricted to 300,000 won per day.

An employee of 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 the financial authorities to prevent financial fraud such as phishing, banks must follow it even if there are consumer complaints."

He added, "Especially recently, banks are actively conducting events related to financial products to attract app customers, so many customers want to open new bank accounts. From the staff's perspective, since they cannot be sure whether the customer's new account issuance is being used for financial fraud, they have no choice but to follow the principle."

To Lift Limits, Must Visit Branch with Documents

Some banks continue the practice of 'bundling' by encouraging customers to get cards, exploiting the inconvenience of requiring document submission to lift account limits.

An employee at B Bank's Jung-gu branch advised customers who already have affiliated credit cards, "If submitting documents directly at the branch is inconvenient, one way is to get a credit card and link it to the account. Customers with many transactions with the bank are exempt from the limit account application, so issuing a card can lift the limit."

Within the industry, while banks could consider ways to improve transaction convenience such as accepting documents non-face-to-face to lift limits, the financial authorities' firm stance means that financial transaction limit accounts are unlikely to disappear soon. The problem is that contrary to the system's intent, it has not been very effective in preventing voice phishing and only causes consumer inconvenience. According to the Financial Supervisory Service, voice phishing damage last year exceeded 700 billion won, a record high.

A financial sector 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.