Seomin Financial Services Agency Paid 257.4 Billion KRW of 'Sleeping Money' Last Year

The Korea Inclusive Finance Agency announced on the 20th that it paid out 257.4 billion KRW (1.71 million cases) of dormant deposits last year.

The amount returned last year through the Agency’s ‘Dormant Deposit Finder’ service and others increased by about 6% compared to the previous year. In terms of the number of payments, it rose by 274%.

This is explained as the effect of expanding connections with related institutions’ non-face-to-face services such as Account Info and Government24. It is also seen as a result of sending postal notifications to dormant deposit holders and strengthening promotional activities targeting those who have difficulty obtaining financial information.

Dormant deposits under 10 million KRW can be found without visiting a branch through the Korea Inclusive Finance Agency’s application (app), as well as the Dormant Deposit Finder, Account Info, and Government24 websites. If online use is difficult, inquiries and payment applications can be made through the 1397 Korea Inclusive Finance Call Center.

Lee Jae-yeon, the Director, emphasized, “Since the launch of the non-face-to-face payment service for Dormant Deposit Finder in 2018, the usage rate of the non-face-to-face service for dormant deposits has reached 84%. We will continue to expand postal notifications for dormant deposits so that citizens can easily and conveniently reclaim their valuable individual assets.”