Last Year, 301.8 Billion Won in 'Dormant Deposits' Returned to Their Owners

Korea Inclusive Finance Agency Returns Over 700,000 Cases
Average Payout Reaches 426,000 KRW per Case

The Korea Inclusive Finance Agency announced on the 24th that it returned 301.8 billion KRW of dormant deposits to the original owners over the past year. This amounted to a total of approximately 708,000 cases, with an average payout of 426,000 KRW per case.

Since its establishment in 2016, the Korea Inclusive Finance Agency has been receiving dormant deposits such as deposits with expired statutes of limitations, insurance payouts, and cashier's checks from financial institutions, managing and operating them, and providing the "Dormant Deposit Return" service that allows original owners to conveniently inquire and claim their funds. Over the past five years, it has returned an average of 283.1 billion KRW of dormant deposits annually.

Last year, the total payout amount for dormant deposits and insurance was 109.5 billion KRW, a 17.2% increase compared to the previous year. The number of payouts was 530,000 cases, of which 60% were made through non-face-to-face linked channels such as Government24, Account Info, Find My Insurance, and financial company apps. The total payout amount for cashier's checks was 192.3 billion KRW.

The Korea Inclusive Finance Agency used the operating income from dormant deposits to carry out microfinance support projects for small merchants in traditional markets and social enterprises, supporting 5,764 cases and 54.4 billion KRW last year. It is also conducting small insurance projects targeting vulnerable groups such as single-parent families.

President Lee Jae-yeon stated, "We are making various efforts, including conducting joint campaigns with contributing financial companies to ensure that no one misses out on claiming dormant deposits due to unawareness of their existence, and notifying original owners via certified alert messages," adding, "This year, we will enhance user convenience by enabling simultaneous inquiry and claim of dormant deposits and insurance payouts through MyData service providers."