“Incapacitated Account Holders Can Withdraw Medical Expenses Without Visiting the Bank”

Korea Federation of Banks, Improvement of Deposit Withdrawal Procedures

From now on, depositors who are unable to move will be able to withdraw medical expenses without visiting the bank.

The Korea Federation of Banks announced on the 18th that it will implement the "Improvement Plan for Deposit Withdrawal Procedures for Medical Expenses According to the Condition of Depositors Unable to Move," which includes these details, starting from the 20th.

First, the Federation expanded the scope of medical expenses that can be directly transferred to hospitals upon family request when the depositor is unconscious, from the existing emergency surgery fees to include surgery fees, hospitalization fees, examination fees, and other 'treatment-related costs.' The range of medical institutions was also expanded from hospitals to include long-term care hospitals and nursing homes.

Next, for depositors who are conscious but unable to move, if the family requests withdrawal for treatment-related costs, payment will be made by directly transferring to hospitals, etc., without requiring a separate power of attorney or seal certificate.

In cases where there is no family for a depositor unable to move, considering the possibility of fraudulent withdrawals through agents, the current method requiring submission of a power of attorney and seal certificate will be maintained. However, some banks have independently established grounds to make payments after confirming the depositor's own intention in limited cases.

When the depositor has passed away, treatment-related costs and funeral expenses of the depositor will be directly transferred to hospitals and funeral homes upon family request without the need for an inheritance deposit payment application.

The Korea Federation of Banks has prepared a checklist for bank counselors to review when responding to customers regarding this plan. Through this, they plan to prevent misunderstandings about the depositor's condition and avoid unnecessary guidance to visit branches in advance.

The Federation stated, "With the implementation of this improvement plan, we expect that the inconvenience experienced by financial consumers in paying urgent medical and funeral expenses when depositors are practically unable to move will be significantly alleviated," and added, "The Financial Supervisory Service and the banking sector will continue to monitor consumer inconveniences and strive to promptly resolve any issues found."

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