"Retrieve 1.5 Billion Won from Dormant Trust Accounts" ... Daegu Bank Notifies Customers via Mail and Phone

Daegu Bank is conducting a campaign to locate long-term inactive trust accounts.

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] DGB Daegu Bank is conducting a ‘Long-term Inactive Trust Account Recovery’ campaign throughout December to protect customers' financial assets and fulfill their right to know.

On the 6th, Daegu Bank announced, “‘Long-term Inactive Trust Account Recovery’ targets accounts whose trust maturity date has passed or whose last transaction date is over five years ago. For ‘Personal Pension Trusts’ and ‘Pension Savings Trusts,’ accounts are eligible if the accumulation maturity date has passed and the balance is less than 1.2 million KRW or if pension withdrawals have not been made.”

DGB Daegu Bank sends postal notifications to customers holding accounts with balances between 50,000 KRW and less than 100,000 KRW, and informs customers with account balances of 100,000 KRW or more by phone.

Customers holding ‘Long-term Inactive Trust’ accounts can visit the nearest DGB Daegu Bank branch with their ID to inquire about and close their accounts. Additionally, accounts with no deposit or withdrawal transactions for one year and balances of 500,000 KRW or less can be inquired about and closed through the Account Integration Management Service.

A Daegu Bank official stated, “The total amount of trust accounts whose maturity date has passed or whose last transaction date is over five years ago exceeds 1.5 billion KRW. This trust account recovery campaign does not include general deposits.”

Heo Dan, Head of Trust Department at DGB Daegu Bank, said, “We conduct the ‘Long-term Inactive Trust Recovery Campaign’ annually to protect customers’ valuable financial assets. This is not a one-time event; we will prepare various measures to protect financial consumers’ rights and interests in the long term.”