Starting Next Year, 'Mistaken Remittance' Refunds Will Be Possible Up to 50 Million Won

Deposit Insurance Committee Approves Amendment to 'Regulations on Support for Return of Erroneous Remittances'

[Asia Economy Reporter Yu Je-hoon] Starting January 1 next year, mistakenly transferred money can be refunded up to 50 million won.

The Korea Deposit Insurance Corporation (KDIC) announced on the 21st that it had approved the amendment to the "Regulations on Support for the Return of Mistaken Transfers" on the 19th. Accordingly, from January 1 next year, the eligibility for using the mistaken transfer return support system will be expanded to cover amounts "from 50,000 won to 50 million won."

Previously, since last year, the KDIC has been supporting mistaken transferors to quickly recover mistakenly transferred funds at minimal cost through the mistaken transfer return support system. However, reflecting the recent increase in non-face-to-face financial transactions and the proportional rise in mistaken transfers and amounts, the KDIC had been promoting the amendment to raise the upper limit of the support amount from 10 million won to 50 million won.

The KDIC expects that more mistaken transferors will benefit from this regulation amendment, but still emphasizes the need to be cautious to prevent mistaken transfers from occurring. The KDIC also suggested preventive tips such as verifying the account holder and account number before transferring, confirming the transfer amount, regularly organizing recent transfer lists and automatic transfers, and refraining from transferring money after drinking.

In case of a mistaken transfer, the sender must request the recipient to return the money through the financial institution used for the transfer. If the request is refused, an application for mistaken transfer return support can be made to the KDIC. Applications can be submitted via the website or by visiting the KDIC’s first-floor consultation center.

A KDIC official stated, "We will continue efforts to enhance the convenience of using the system, including preparing a mobile service to allow applications via smartphones in the second half of next year."

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