2.6 Trillion Won in Dormant Deposits Unknown Even to Owners... How to Find Them

'Find Dormant Deposits', 'Connecting Microfinance' Enables Easy Inquiry and Application

The amount of dormant deposits lying unnoticed in financial institutions has been found to reach approximately 2.6 trillion won.

According to the Korea Inclusive Finance Agency on the 14th, as of the end of August, the scale of dormant deposits in South Korea was estimated to be about 2.6 trillion won. Dormant deposits refer to bank deposits, insurance money, etc., for which the statute of limitations on claims or rights has been completed according to laws or agreements between parties.

These dormant deposits are contributed to the Korea Inclusive Finance Agency under the "Act on Support for Financial Life of Low-income People." The agency guarantees the payment claims of the original rights holders related to these dormant deposits and provides inquiry and payment services to make it convenient to reclaim them. Until last month, the agency had paid out 45,000 cases totaling 190.8 billion won to the original rights holders.

Finding dormant deposits is not difficult. If using a PC, you can access the "Find Dormant Deposits" website operated by the agency, complete the identity verification process, and apply for payment. On mobile, installing the "Seomin Geumyung Itda" application allows you to easily find dormant deposits. If it is difficult to use either PC or mobile, you can make a reservation through the agency’s call center and then visit the center.

Additionally, it is also possible through Account Info, Government 24, and Find My Insurance services, as well as through mobile apps of KakaoBank, Shinhan Bank, KB Kookmin Bank, Woori Bank, and Korea Savings Bank for inquiry and payment application.

Meanwhile, the agency is conducting a "Find Dormant Deposits Event" until the 30th. By applying through the link provided on the agency’s official KakaoTalk channel, Instagram, and other social networking services (SNS), 1,000 original rights holders who reclaim their dormant deposits during the period will be selected by lottery to receive coffee coupons.

Lee Jae-yeon, head of the Korea Inclusive Finance Agency, stated, “Dormant deposits are valuable assets of each citizen, but many people do not know of their existence and fail to reclaim them,” and added, “We plan to actively expand service channels and strengthen publicity so that original rights holders can conveniently reclaim their dormant deposits.”