FSS Reports "275,739 Cases of Heir Financial Transaction Inquiry Service Used Last Year"

Financial Supervisory Service building in Yeouido, Seoul. Photo by Younghan Heo younghan@

On the 27th, the Financial Supervisory Service announced that the number of uses of the heir financial transaction inquiry service reached 275,739 cases last year. This accounts for 78.2% of the 352,700 deceased persons last year.

The heir inquiry service is a service provided with the cooperation of financial associations and financial companies to offer convenience to financial consumers, allowing heirs or agents to inquire about the financial assets and debt details of the deceased or missing persons who are the subjects of inheritance.

However, there are precautions when using the service. The heir financial transaction inquiry only notifies whether an account exists at a financial company, the deposit amount, debt amount, and other brief information, so for accurate balances, transaction details, and other detailed information, one must visit the respective financial company and go through a separate procedure to confirm.

Also, inquiries are only available on the website for three months from the date of application. Each financial association notifies the inquiry results via text message, etc., and posts the inquiry results on their websites for three months. The Financial Supervisory Service’s heir financial transaction inquiry page also allows batch inquiries within three months from the application date.

Transactions on the deceased’s accounts are suspended. When a financial company is notified of an heir inquiry application for a deceased person’s account, it usually takes transaction suspension measures on the account, which may restrict deposits and withdrawals. Additionally, the timing of notification of inquiry results may vary by financial association. Also, only companies that have deposited advance payments in banks to preserve funeral service subscriptions are subject to inquiry.

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