"Withdraw Large Amounts in Advance"…Precautions for Financial Transactions During the Holiday

Financial Services Commission Provides Guidelines for Financial Transactions During Holiday Period

If a large amount of funds is needed during the Chuseok holiday for real estate transactions such as final payment or jeonse deposit, or for inter-company payment settlements, it is necessary to withdraw funds in advance or raise the transfer limit in advance to enable transfers via internet banking.

According to the financial sector on the 15th, the Financial Services Commission announced this while providing prior guidance on precautions related to financial transactions during the holiday period. Since foreign currency remittances and cross-border payment settlements are also difficult to process normally, it is necessary to check with the transaction bank in advance or adjust the transaction date.

Customers planning to receive fund redemption proceeds or insurance payments before and after the Chuseok holiday should inquire with financial companies in advance or check the payment schedule through terms and conditions, as the payment schedule varies by product. Specifically, for indemnity insurance, payment applications are usually required 3 business days in advance, and for domestic investment funds, redemption applications are required 3 to 4 business days in advance. The schedule for overseas investment funds varies depending on the region and target.

The Financial Services Commission also provided guidance on how to prevent damage from voice phishing incidents during the holiday period. Caution is needed regarding text scams impersonating public institutions, such as pretending to deliver holiday gifts or imposing traffic violation fines, around the Chuseok holiday. If financial information leakage is suspected due to the installation of malicious applications (apps), visiting the branch of the financial company you deal with or calling the call center to request a blanket payment suspension on your account can minimize damage.

If a large amount of funds is needed during the Chuseok holiday for real estate transactions such as final payments or jeonse deposits, or for inter-company payment settlements, it is necessary to withdraw funds in advance or increase the transfer limit in advance to enable transfers via internet banking. According to the financial sector on the 15th, the Financial Services Commission announced this while providing prior guidance on precautions related to financial transactions during the holiday period. Since foreign currency remittances and cross-border payment settlements are also difficult to process normally, it is necessary to check with the transaction bank in advance or adjust the transaction date.
[Photo by Jo Yongjun jun21@]

If information has been leaked, loans you are unaware of may be executed. To prevent this in advance, you can subscribe to the ‘Safe Blocking of Credit Transactions’ service, which has been in effect since the 23rd of last month. Customers wishing to subscribe to the service can visit branches of their banks, savings banks, NongHyup, Suhyup, ShinHyup, Saemaeul Geumgo, Forestry Cooperatives, post offices, etc.

As the demand for money increases during the holiday period, it is necessary to thoroughly understand damage prevention measures before loan transactions to avoid damage caused by illegal private loans. You should check whether the lending company you use is a registered lending company and whether they do not demand fees other than interest, such as commissions, upfront fees, or service charges for loan brokerage.

If you are already suffering damage due to illegal debt collection or loans, it is necessary to respond in the order of ‘confirming the damage → notifying the violation → securing evidence → reporting the damage’ and actively use the free debtor representative support service. When using the debtor representative service, a lawyer will represent you throughout the collection process, and if necessary, you can proceed with a lawsuit for damages through legal consultation. In particular, since July, the scope of support has been expanded to protect family members and acquaintances of illegal debt collection victims.