IBK, Full Waiver of Transfer, Withdrawal, and Issuance Fees for Vulnerable Groups

Effective from the End of This Month... First in the Banking Sector

IBK Industrial Bank announced on the 1st that starting at the end of this month, it will be the first bank in the banking sector to fully waive transfer, withdrawal, and issuance fees related to banking services for vulnerable groups.

Recently, some financial institutions have waived certain fees such as counter remittance fees for vulnerable groups, but IBK Industrial Bank is the first among commercial banks to extend fee waivers to deposit and card usage fees for vulnerable groups.

The beneficiaries include vulnerable groups such as seniors aged 65 and over, basic livelihood security recipients, persons with disabilities, child-headed households, low-income earners, national merit recipients, single-parent families, marriage immigrant women, and North Korean defectors. The fee waivers cover all deposit and card fees including ▲ transfers to other banks (automatic) ▲ counter remittances to other banks ▲ use of bank CD machines ▲ passbook and card (re)issuance.

An IBK Industrial Bank official stated, “Following the waiver of personal mobile and internet banking transfer fees in 2019, we are now the first in the banking sector to fully waive fees for vulnerable groups,” adding, “We also plan to extend fee waivers to corporate customers’ corporate internet banking and mobile banking transfer fees in the future.”

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