Check, Cancel, and Reuse Dormant Cards All at Once on 'AccountInfo'

Starting from the 26th, users will be able to easily check dormant cards and apply for cancellation or reuse through the ‘Account Info’ application and website. Additionally, changes or cancellations of automatic payments for apartment management fees and public rental fees will be processed in real time.

The Financial Services Commission and the Korea Financial Telecommunications & Clearings Institute announced on the 25th that they will implement these system improvements to enhance financial consumers’ convenience, in accordance with the ‘Institutional Improvement Plan for Win-Win Development of the Credit Card Industry’ prepared last August.

First, the authorities revamped the ‘My Cards at a Glance’ service so that financial consumers can easily view all their dormant cards that have not been used for over a year through the Account Info app or website, and apply to cancel or continue using them.

However, in some cases, such as when there are restrictions on card cancellation (e.g., unpaid balances) or when card supplementary functions (such as Hi-Pass cards) are in use, cancellation or continuation requests may not be processed.

Automatic payment card changes and cancellations for apartment management fees and public rental fees will be processed in real time, and consumers will be able to immediately confirm the processing results along with the start date of automatic payments, as the card automatic payment change and cancellation service is improved.

Previously, when financial consumers applied for changes or cancellations of automatic payment cards for apartment management fees and public rental fees via the Account Info app and website, it took three business days to complete the process. If the existing card was canceled before the new card was registered during a change request, a payment gap could occur, or only the processing result (success or failure) was notified, making it difficult to recognize the start date of automatic payments and potentially causing missed payments.

The Financial Services Commission plans to continue expanding services to enhance the convenience of card use for financial consumers. The Commission stated, “We will improve the service so that automatic payment changes and cancellations for telecommunication fees can also be processed in real time,” and added, “We plan to introduce a comprehensive card automatic payment inquiry, change, and cancellation service for everyday fees such as city gas charges and OTT subscription fees.”