Woori Bank Launches Salary Account Exclusively for Homeless Youth

[Asia Economy Reporter Song Seung-seop] Woori Bank announced on the 6th that it has launched a non-face-to-face exclusive salary account called ‘Woori Youth Promise Account’ for homeless youth as part of its social contribution projects.

The eligibility criteria are individuals aged 19 to 39 without a home and with an annual income of 36 million KRW or less. To verify income information, applications are accepted only from 8 AM to 10 PM, and sales are on a first-come, first-served basis with a total limit of 100,000 accounts.

This account offers up to 120,000 KRW in cashback support and fee exemption benefits from Woori Bank. The cashback support is provided by newly subscribing to Woori Bank’s Housing Subscription Savings in the month of account opening and making monthly salary transfers to the Youth Promise Account, paying 10,000 KRW per month for one year. Electronic financial transfer fees and ATM withdrawal fees incurred from the Youth Promise Account are waived unconditionally.

A Woori Bank official said, “This product was launched to support the first step of homeless youth toward home ownership by subsidizing subscription savings payments,” adding, “Woori Bank will continue to fulfill its social responsibility in finance and release customer-centered products and services.”