IBK Industrial Bank, One-Year Extension of 'Fee Waiver Benefits' for Financially Vulnerable Groups

IBK Industrial Bank announced on the 30th that it will extend the waiver of deposit and card usage fees for one more year until next year to return benefits to financially vulnerable groups and practice inclusive finance.

Since March 31 of last year, IBK Industrial Bank has been the first in the banking sector to unconditionally waive all deposit and card-related fees for financially vulnerable groups such as those aged 65 and over, basic livelihood security recipients, persons with disabilities, child-headed households, low-income families, multicultural families, and national merit recipients. These waived fees include ▲interbank (automatic) transfer fees ▲counter interbank remittance fees, fees for using own and other bank CD machines ▲passbook and card (re)issuance fees.

While some financial institutions have waived certain fees such as interbank transfer fees for financially vulnerable groups, IBK Industrial Bank is the only one to fully waive all deposit and card usage fees.

An IBK Industrial Bank official explained, “We extended the waiver period to reduce the financial burden as much as possible for vulnerable groups facing difficulties amid uncertain economic conditions.”