KakaoBank "Retrieve Dormant Deposits and Insurance Funds Worth 1 Trillion Won at Once"

Seogeumwon and Dormant Deposit and Insurance Money Retrieval Service Join Hands

[Asia Economy Reporter Kiho Sung] KakaoBank announced on the 21st that it has launched a service in partnership with the Korea Inclusive Finance Agency that allows users to check and claim dormant deposits and dormant insurance funds through the KakaoBank mobile application (app). This service is the first of its kind among domestic financial companies.

KakaoBank customers can easily check and apply for both dormant deposits and dormant insurance funds at once through this service. The service is available 24 hours a day, and payment applications can be made from 1 a.m. to 11 p.m. on weekdays. The requested dormant deposits and dormant insurance funds will be deposited into the customer's KakaoBank account. This service through KakaoBank is only available for dormant deposits and dormant insurance funds managed by the Korea Inclusive Finance Agency.

As of the end of last year, the dormant deposits and dormant insurance funds managed by the Korea Inclusive Finance Agency amount to approximately 1 trillion KRW. Deposits become dormant if there has been no transaction for over 5 years, and insurance funds become dormant if there has been no transaction for over 3 years.

A KakaoBank representative said, "The focus of the service is to enable customers to conveniently find their forgotten dormant deposits and dormant insurance funds through the KakaoBank app."

To launch this service, KakaoBank and the Korea Inclusive Finance Agency signed a business agreement in February. The Korea Inclusive Finance Agency expects that the discovery of dormant deposits and dormant insurance funds will expand through KakaoBank, which has the highest number of active mobile app users among banks.

A representative from the Korea Inclusive Finance Agency said, "We will continue to raise awareness of dormant deposits and help many people reclaim their dormant deposits through service linkages with financial companies."

Meanwhile, KakaoBank will hold a ‘Find Dormant Deposits and Insurance Funds’ customer event from the 1st to the 31st of next month. Customers who check their dormant deposits and dormant insurance funds and participate in the event during this period will be entered into a draw to receive coffee coupons.