"Check Deposit Protection Status for Financial Products on Financial Company Websites and Apps OK"

Mandatory Display of Deposit Protection Status for Financial Institutions

[Asia Economy Reporter Minwoo Lee] It will become possible to check whether financial products subscribed to on financial companies' websites or mobile applications (apps) are protected by deposit insurance.

The Korea Deposit Insurance Corporation announced on the 20th that it has made it mandatory to display deposit protection status on online account inquiry, transaction history inquiry, subscribed product inquiry, and passbook and securities copy inquiry screens on the websites or mobile apps of insured financial companies. Previously, this information could only be confirmed through passbooks or financial product promotional materials, but now it has been changed to allow easy verification. Insured financial companies are those subject to the Depositor Protection Act.

Accordingly, 179 financial companies operating websites or mobile apps (including banks, securities firms, insurance companies, savings banks, and specialized credit finance companies) are now required to display deposit protection status on online account inquiry screens. Financial consumers can access the websites or mobile apps of the insured financial companies they transact with and select transaction history inquiry screens to check whether their accounts or subscribed products are protected by deposit insurance.

A representative from the Korea Deposit Insurance Corporation stated, "We will continue to make efforts to ensure that accurate information regarding deposit protection status is provided to strengthen the protection of financial consumers."

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