Sent 3.2 Million Won to Deceased's Account by Mistake... The Answer Was "Cannot Be Returned"

3.2 Million Won Transferred to Deceased Person 5 Years Ago
"Withdrawal Possible Only with Consent of All Legal Heirs"

ATMs of major commercial banks are installed on a street in downtown Seoul (photo to aid article understanding). Photo by Jo Yongjun

An employee of a small business accidentally transferred money to the bank account of a deceased person after entering the wrong account number, but was unable to recover the funds. Under current law, if the account holder is deceased, all legal heirs must agree in order for the money to be withdrawn.

According to the Saha Police Station in Busan on May 7, an employee (referred to as A) of a small business located in Buan, North Jeolla Province, attempted to transfer 3.2 million won to a business partner last March but entered the wrong account number. After discovering the mistake, A filed a petition with the police. The Buan Police Station, which received the petition, confirmed that the account holder, referred to as B, had died five years ago, and transferred the case to the Saha Police Station.

The police confirmed that B had three legal heirs. After making inquiries, they managed to contact one of the heirs, who expressed willingness to return the funds. However, the police were unable to reach the remaining two heirs.

On April 23, the police closed the case, citing "no right of prosecution." A police official stated, "We did our best to locate the legal heirs through various channels, but it was not successful," and added, "We informed A about the Mistaken Remittance Return Support Program."

The Mistaken Remittance Return Support Program allows the Korea Deposit Insurance Corporation to quickly recover funds sent in error without litigation by notifying the recipient to voluntarily return the funds or by issuing a payment order, upon the sender's application for support. The support process involves a preliminary return request through the financial institution, the Korea Deposit Insurance Corporation obtaining the recipient's contact information and address, encouraging voluntary return, a court-issued payment order, and, after recovery is complete, returning any remaining balance.