Dormant Deposits Reached 220 Billion Won... 'Could It Be Me?' Check Now

216.47 Billion KRW... 20.1% Increase Year-on-Year
Inquiry and Application Possible via App Only Without Visiting Branches

The Korea Inclusive Finance Agency (KIFA) has returned dormant deposits totaling 216.47 billion KRW to the rightful owners.

On the 3rd, KIFA announced that it had returned dormant deposits amounting to 216.47 billion KRW accumulated up to the third quarter of this year to the rightful owners. This represents a 20.1% increase compared to the same period last year.

Dormant deposits refer to bank deposits, insurance payments, etc., for which the statute of limitations on claims or rights has been completed according to law or agreements between parties.

Under the Act on Support for Financial Life of the Underprivileged, KIFA receives dormant deposits from financial companies and permanently guarantees the payment claims of the original rights holders. It also provides inquiry and payment services to make it easy and convenient to reclaim dormant deposits.

The amount of dormant deposits paid out up to the third quarter of this year increased by 36.28 billion KRW compared to the same period last year, reaching 216.47 billion KRW. The number of payment cases was 672,264, of which about 430,000 cases, or 64%, were reclaimed through non-face-to-face channels.

Since August, KIFA has been working with the Ministry of the Interior and Safety to send postal notifications about dormant deposits to approximately 256,000 original rights holders who have dormant deposits between 1 million and 10 million KRW that have been inactive for more than 10 years.

Additionally, from November, a joint campaign to promote awareness of dormant deposits will be conducted for about two months in cooperation with the Financial Supervisory Service and 15 banks and insurance companies.

Lee Jae-yeon, President of KIFA, stated, "We will make every effort in various ways to ensure that rightful owners do not miss reclaiming their dormant deposits simply because they are unaware of them, enabling easy inquiry and convenient retrieval of dormant deposits."

Inquiry and Payment Anytime, Anywhere via App 24/7

Dormant deposits under 10 million KRW can be inquired and paid anytime on weekdays without visiting a branch through the ▲Korea Inclusive Finance Agency application (app) ▲Government24 ▲Account Info ▲Find My Insurance ▲financial institution apps such as Shinhan Bank, Kookmin Bank, and KakaoBank. Inquiries and payment requests can also be made through the Korea Inclusive Finance Call Center by dialing 1397 without an area code.

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