7% Special Savings Account "No Transfers to Other Banks on Maturity Date"? [1mm Financial Talk]

"Dear customers, please be aware that transfers to other banks or other credit unions on the maturity date of your savings may be delayed by up to one day or may not be possible."

A Saemaeul Geumgo in Chungbuk sent this notice via text message to customers who subscribed to fixed savings on the 9th. The message stated that on the maturity date, the 18th of next month, increased transaction volume might cause transfers through the Saemaeul Geumgo mobile application (app) 'MG The Banking' to be disrupted. The credit union also apologized, saying, "We deeply apologize for the inconvenience."

Last September, when interest rates were rising sharply, this credit union offered a special high-interest fixed savings product with an annual interest rate of 7% and a 12-month maturity. There was no subscription limit, and it was easy to subscribe via the mobile banking application, attracting many investors from all over the country, including Seoul. Although the situation has calmed down recently, anticipating a surge in customers withdrawing at maturity due to concerns about Saemaeul Geumgo's insolvency and the large scale of withdrawal amounts, the A credit union issued an advance notice about a month before maturity to seek understanding.

However, this only increased customers' anxiety. Kim Young-ho (27, Yeongdeungpo-gu, Seoul), an office worker who subscribed to this special fixed savings last year, said, "Despite concerns about Saemaeul Geumgo's insolvency from early this year until last July 7, I decided not to withdraw and waited until maturity, but receiving such a message made me anxious again," adding, "It could be misunderstood as a liquidity problem."

Moreover, concerns grew after it was revealed on an internet cafe that the credit union's management evaluation grade had dropped by one level. In fact, the credit union was rated grade 2 at the end of last year but received grade 3 at the end of June this year due to an increase in delinquency rates.

The Saemaeul Geumgo Central Association explained, "This is merely an unfounded worry of the individual credit union." A central association official said, "Even if many customers withdraw on the maturity date, the total data volume is large enough to handle it, so the possibility of overload is very low," and added, "Issues with transfer limits to other banks can be sufficiently resolved by increasing the limits." The central association has recommended that the A credit union promptly correct and resend the notice to clear up customers' misunderstandings.