Korea Inclusive Finance Agency Helped Reclaim 373.2 Billion Won in Dormant Deposits and Insurance Payouts Last Year

Kim Eungyung, CEO of the Korea Inclusive Finance Agency. Provided by the Korea Inclusive Finance Agency

The Korea Inclusive Finance Agency announced on January 21 that it helped original right holders reclaim dormant deposits totaling 373.2 billion won last year.

The agency operates the "Dormant Deposit Finder" service, which manages and operates dormant deposits received from financial institutions after the statute of limitations has expired, allowing original right holders to reclaim their funds. Over the past three years, the agency has paid out an average of 323.2 billion won in dormant deposits annually.

Last year, the amount of dormant deposits paid out increased by 23.7% year-on-year to 373.2 billion won, with a total of 658,000 cases. Of these, 55.5% were processed through non-face-to-face channels such as Government24, Account Info, Find My Insurance, financial institution apps, and MyData apps.

Since last year, the agency has introduced an official notification text message system using the latest mobile phone numbers provided by telecommunications companies. This system allows the agency to notify original right holders about dormant deposit inquiry and payment services, even if postal mail is returned or phone numbers do not match.

The agency uses the operational profits from the contributed dormant deposits to support microfinance projects for small merchants in traditional markets and social enterprises. Since 2008, it has provided a cumulative total of 974 billion won, including 53 billion won last year. In addition, it is also running micro-insurance programs for vulnerable groups such as single-parent families.

Kim Eungyung, CEO of the Korea Inclusive Finance Agency, stated, "We are making various efforts, such as sending official notification text messages, to ensure that original right holders are not prevented from reclaiming dormant deposits simply because they are unaware of their existence. This year, we will strengthen mail notifications and support elderly people and others who have difficulty using online services so they can more conveniently check and reclaim dormant deposits and insurance payouts."

To inquire about or reclaim dormant deposits, individuals can use the "Korea Inclusive Finance Connect" app or the "Dormant Deposit Finder" website, or visit a nearby Inclusive Finance Support Center or a branch of a participating financial institution. Detailed information is also available through the Inclusive Finance Call Center.