At Department Stores and Outlets Too... "Receive Your Change in Your Bank Account"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Eunbyeol] The Bank of Korea's 'Change Account Deposit Service' will be available at 15 Hyundai Department Store branches nationwide starting from the 26th. From next month, the service will also be available at seven outlets nationwide.

On the 26th, the Bank of Korea announced, "The number of distribution businesses providing a service that immediately deposits leftover change into customers' bank accounts after cash or gift certificate transactions at convenience stores and department stores has expanded."

The 'Change Account Deposit Service' allows customers to receive leftover change into their bank accounts after purchasing goods with cash or gift certificates at distribution stores or franchises such as convenience stores, marts, and department stores. By recognizing a physical cash card or a mobile cash card (QR code or barcode) on the in-store terminal, customers can receive their change deposited. This service is promoted by the Bank of Korea, and the Korea Financial Telecommunications & Clearings Institute operates the computer system (shared cash card network) for interbank processing.

With the addition of Hyundai Department Store, the number of distribution businesses offering the Change Account Deposit Service has expanded to two, including Korea Ministop (2,570 stores nationwide). Emart24 (5,000 stores nationwide) is also scheduled to introduce the service by the end of this year.

Currently, the service is available through cash cards issued by 13 financial institutions (Nonghyup, SC, Woori, Shinhan, Suhyup, Jeonbuk, Daegu, Gyeongnam, Busan, Jeju, Gwangju Banks, and the Central Associations of Nonghyup and Suhyup). Hana, IBK, KB Kookmin, and Korea Development Bank are expected to participate by the end of this year.

A Bank of Korea official stated, "We will continue to enhance the convenience of the service to ensure no inconvenience for citizens using cash," and added, "We also plan to continuously expand the participating distribution businesses."