How to Use Financial Services During Chuseok: Loan Repayment Deadlines and Deposit Refunds?

Financial Services Commission's Measures to Enhance Convenience of Financial Services During Chuseok Holiday

If the repayment due date for financial company loans falls during the Chuseok holiday, the due date will be automatically extended to the 19th without any overdue interest. Card payments will also be automatically withdrawn from the payment account on the same day without any late fees.

According to the financial sector on the 14th, the Financial Services Commission has presented measures to enhance consumer convenience in using financial services during the Chuseok holiday period.

First, automatic extension of repayment due dates for loans and utility bills will be implemented during the holiday period. If the repayment due date for loans from banks, insurance companies, savings banks, or card companies falls between the 14th and 18th, the due date will be extended to the 19th, after Chuseok, without any overdue interest. Borrowers who wish to repay their loans early can negotiate with the financial company to repay early on the previous day without any early repayment fees. If the card payment due date falls during the Chuseok holiday, the payment will be automatically withdrawn on the 18th. Similarly, automatic payment dates for insurance premiums, telecommunications fees, or utility bills falling during the Chuseok holiday will be postponed to the 19th.

The card industry will provide advance payments to small and medium-sized card merchants. Specifically, payments will be made up to 6 days earlier. For 462,000 small and medium merchants with annual sales between 500 million and 3 billion KRW, card payment amounts incurred before or during the holiday will be promptly paid without a separate application.

If the maturity date for loan repayment at financial institutions falls during the Chuseok holiday, the maturity will be automatically extended to the 19th without any overdue interest. Credit card payments will also be automatically withdrawn from the payment account on the same day without any late fees. According to the financial sector on the 14th, the Financial Services Commission has proposed measures to enhance consumer convenience in using financial services during the Chuseok holiday period.

Convenience in deposit payments will also be enhanced. All financial companies will refund deposits maturing during the Chuseok holiday on the 19th, including interest accrued during the holiday period. If requested by customers, payments will be made the day before. The Korea Housing Finance Corporation paid housing pensions in advance on the day before for all customers whose housing pension payment dates fall during the Chuseok holiday.

The payment date for securities trading proceeds will also be postponed. Depending on the settlement method, if the payment date for stock sale proceeds, which is normally two days after the sale, falls during the Chuseok holiday, the payment will be postponed until immediately after the holiday. For bonds, gold, and emission permits, whose settlement deadline is the same day as the trading day, proceeds from sales made the day before can be received on the same day.