76 Years Later, Went to Retrieve 10 Billion Won Deposited... Bank Says "Cannot Pay" - Here's Why?

Mr. A has kept a cash deposit certificate issued after his father deposited 12,220 yen of Japanese currency at Johung Bank in 1946 for 40 years. [Image source=Yonhap News]

[Asia Economy Reporter Hwang Sumi] A family's story seeking help from authorities after failing to find cash estimated to be worth 10 billion won has been reported.

According to Yonhap News on the 3rd, Mr. A, in his 70s living in Yecheon-gun, Gyeongsangbuk-do, has been keeping a cash deposit certificate issued to his father in 1946 for 40 years. The cash deposit certificate is known as a document written to prove when temporarily entrusting money to others.

Mr. A's father reportedly went to Japan in 1910, worked as a laborer to save money, and returned home immediately after liberation in 1945. At that time, finding it difficult to keep a large amount of Japanese money at home, he visited the Choheung Bank Yecheon-gun branch to deposit the money and received a cash deposit certificate. Choheung Bank existed from 1943 to 2006 and currently remains as the surviving corporation form of the integrated Shinhan Bank.

Later, Mr. A's father visited Choheung Bank again with the cash deposit certificate to withdraw the deposited money. However, due to the outbreak of the Korean War, many records were lost, and the bank delayed withdrawals amid social turmoil. During former President Park Chung-hee's era, economic development accelerated, and due to the need for a large amount of foreign currency funds, it was difficult to withdraw Japanese yen.

Ultimately, Mr. A's father passed away without retrieving the money. Since then, in 1982, after Mr. A's daughter discovered the cash deposit certificate stored in a warehouse, the family has continued efforts to recover the money.

According to reports, the certificate states that on March 5, 1946, the bank branch manager received and stored Mr. A's father's 12,220 yen of Japanese money. It also bears his father's signature and the Choheung Bank seal, and states that no one else can infringe on ownership.

The exact value of the money deposited by his father is difficult to determine, but considering the exchange rate and inflation at the time, it is estimated to be worth 4 to 7 billion won in current value. Yonhap News also reported that including 76 years of bank interest, it is estimated to exceed 10 billion won.

Mr. A's side has recently filed complaints with the Financial Supervisory Service and Shinhan Bank, striving to recover the money. However, the bank maintains that it cannot assist with withdrawals, citing the inability to verify the authenticity of the cash deposit certificate due to most past records being lost. In response, Mr. A's side told Yonhap News, "We hope the government steps in to resolve our unfair situation."