Deposit Insurance Corporation Returns 4.8 Billion Won of Mistaken Transfers

[Image source=Yonhap News]

[Asia Economy Reporter Eunju Lee] The Korea Deposit Insurance Corporation (KDIC) announced on the 15th that it has returned a total of 4.8 billion KRW (3,862 cases) to remitters over the past 1 year and 2 months since introducing the mistaken remittance return support system.

The mistaken remittance return support system is a program where KDIC returns money mistakenly sent by remitters due to errors, which was introduced on July 6 last year. The eligible amount for return support ranges from 50,000 KRW to 10 million KRW. According to KDIC (application and return status), since the system's implementation, a total of 12,669 applications (18.4 billion KRW) have been received from mistaken remitters by the end of August, and 3,862 cases (4.8 billion KRW) have been returned to remitters.

Cases where the recipient's account was ▲ used for fraud crimes such as voice phishing ▲ subject to legal measures such as seizure ▲ the recipient is deceased or undergoing bankruptcy procedures are excluded from KDIC's support. The average period for return is 44.1 days from the application date, and the average payment rate was 96.0%.

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