Operating Hours of Banks and Savings Banks in Seoul, Gyeonggi, and Incheon Reduced by 1 Hour
Impact of Raising Social Distancing to Level 4 in the Metropolitan Area
[Asia Economy Reporter Song Seung-seop] Starting today (the 12th), the business hours of banks and savings banks in the Seoul metropolitan area will be shortened by one hour for two weeks. This measure follows the elevation of social distancing to Level 4 in the metropolitan area.
According to the financial sector, from today until the 23rd, commercial banks will shorten their business hours by one hour, changing from the previous 9:00 AM to 4:00 PM schedule to 9:30 AM to 3:30 PM. The implementation area covers all metropolitan regions including Seoul, Gyeonggi, and Incheon. In non-metropolitan areas, the same measure will be applied regionally when social distancing Level 3 or higher is enforced.
The Financial Industry User Council, which held a meeting on the 9th, decided to temporarily shorten the business hours of banks in the metropolitan area to prevent the spread of COVID-19 from the metropolitan area to a nationwide pandemic and to protect financial consumers and financial workers from infection. If the social distancing level remains at Level 3 or higher thereafter, this measure will be extended.
In non-metropolitan areas, business hours will also be shortened by one hour if social distancing Level 3 or higher is implemented.
Savings banks located in the metropolitan area, including Seoul, Incheon, and Gyeonggi, will also shorten their business hours by one hour from today until the 23rd. Their business hours will change to 9:30 AM to 3:30 PM, the same as commercial banks.
The Korea Federation of Savings Banks announced that if a new social distancing Level 3 or higher is re-implemented, the shortened business hours will be extended. The same will apply to non-metropolitan areas if Level 3 or higher social distancing is enforced in the future.
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