[Asia Economy Reporter Song Seung-seop] The Korea Inclusive Finance Agency announced on the 28th that it has paid out 190.7 billion KRW in dormant deposits to customers through the third quarter of this year.
The total number of payments reached 1.41 million, an increase of 436% compared to the same period last year. Following the payment of 115.4 billion KRW (460,000 cases) in the first half of this year, an additional 75.3 billion KRW (950,000 cases) was paid in this quarter.
Photo by Seomin Financial Support Center
This is due to improved customer accessibility. After linking dormant deposit inquiry and payment services with Account Info and Government24 last year, the service was connected with KakaoBank in July. It was found that 86% of customers actually used non-face-to-face channels.
From May to October, 350,000 holders of dormant deposits between 100,000 and 500,000 KRW were sequentially notified by mail about how to inquire and receive payments. Last month, in collaboration with the Korea Housing Management Corporation, related information was delivered to residents of 315 rental housing complexes nationwide who have difficulty obtaining financial information.
Dormant deposits of 10 million KRW or less can be claimed without visiting a branch through the Korea Inclusive Finance Agency application (app), Customized Loan app, KakaoBank app, or Government24. If online use is difficult, inquiries and payment applications can be made through the ‘1397 Korea Inclusive Finance Call Center.’ Heirs and agents must visit a nearby branch of the financial institution that contributed the dormant deposit or one of the 36 Korea Inclusive Finance Integrated Support Centers nationwide.
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