All Financial Sectors Launch Campaign to Recover '16 Trillion Won' in Dormant Funds

[Asia Economy Reporter Song Seung-seop] On the 10th, financial authorities announced that they will conduct a ‘Finding Hidden Financial Assets’ campaign targeting financial consumers, involving nearly 16 trillion won.

A total of 176 financial companies, including 9 institutions such as the Korea Financial Investment Association, banks, insurance companies, securities firms, and savings banks, will participate in this campaign. The campaign targets financial assets that have not been traded for a long time or are dormant, including deposits, insurance money, securities, and trusts. Unused card points are also included in the campaign. The campaign period is six weeks, from the 11th of this month to the 20th of next month.

Hidden financial assets have been steadily increasing despite various campaigns. They recorded 12.3 trillion won in 2019, 14.7 trillion won in 2020, and as of the end of last year, hidden financial assets across the entire financial sector amounted to 15.9 trillion won. Long-term inactive financial assets account for 12 trillion won, dormant financial assets for 1.4 trillion won, and unused card points for 2.5 trillion won. The number of related accounts reaches 200 million.

All hidden financial assets can be checked on the Financial Supervisory Service’s Financial Consumer Information Portal (Fine). Using the Korea Financial Telecommunications & Clearings Institute, long-term inactive financial assets can be checked, and small inactive accounts can be immediately transferred to another account under the owner’s name and then closed. Dormant financial assets can be checked through the Korea Inclusive Finance Agency and the Korea Federation of Banks, and unused card points can be checked through the Credit Finance Association.

The financial authorities will promote the campaign to the public through posters and online channels. They plan to utilize all available channels such as email, financial companies’ websites, and branches. They also intend to individually guide financial consumers who hold hidden financial assets on how to check them.

However, impersonating financial companies to request personal information is one of the methods used in phone financial fraud, so consumers should not respond. Also, since no internet addresses (URLs) will be provided during the promotion, caution is advised not to click on any links.

The financial authorities stated, “You can receive refunds of financial assets and use them for living expenses, etc. It also helps prevent various problems that may arise from leaving unused accounts unattended.”