What is a dormant account?
Types of dormant deposits
dormant deposit
Deposits, installment savings and installments from banks and savings banks, etc., where the statute of limitations has not been recovered even after 5 years have elapsed since the last transaction, such as interest payment
2. Dormant insurance money
Insurance company cancellation (effectiveness) refunds, maturity insurance payments, policyholders’ dividends, etc. 휴면계좌 복구
3. Cashier’s check
This applies to cashier’s checks (issuance amount) issued by banks, and issuance of cashier’s checks that have not been requested for payment even after 5 years, just like deposits.
4. Practical fruit
Dividends or stocks generated for stocks (actual stocks) that have not been transferred before the reference date for rights (dividends, free of charge) 좋은뉴스
A dormant account refers to an account that has not been processed by a financial institution for reasons such as no transaction for a certain period of time or no notification from the account holder. Normally, if there is no transaction for more than 1 year, it is classified as a trading suspension account, and if there is no transaction for 5 years after that, it is classified as a dormant account. If the account is classified as dormant, no interest will be paid on the account.
Interest is not paid on dormant accounts, and in order to activate the account, the account owner must go through the verification and authentication process. This is to verify the identity of the account holder at the financial institution and to prove that the account is legally owned.
This is because an account that has not been used for a long time and has been neglected for a long time can cause various financial accidents, such as being abused as a cannon bankbook or causing a wire transfer error, so it is classified separately as a dormant account and no interest is paid from the dormant account.
Therefore, in order to prevent a dormant account, it is important to use the account regularly or to keep the information of the depositor up to date. If the account is classified as dormant, you must contact the financial institution to proceed with the activation process.
According to a news article, the total amount of dormant deposits currently exceeds 300 billion won, and in April 2021, there was a dormant deposit of more than 1.5 billion won in one account.
I also found out while posting, there was a dormant deposit of about 9,000, but it was small because it was originally forgotten, but after making a donation, I felt proud for some reason.
Below, we will tell you in detail how to find a dormant deposit, how to find a dormant account, and how to recover a dormant account.
How to look up dormant accounts
To prevent a dormant account, it is important to use the account regularly or to keep the account holder’s information up to date. If the account is classified as dormant, you must contact the financial institution to proceed with the activation process.
However, don’t worry if your account becomes dormant. The Small Finance Promotion Institute provides a dormant account inquiry service. With this service, you don’t have to go to the bank to check the existence of an account. Such methods are cumbersome, waste time and effort, and are highly unlikely to be found.
The Microfinance Promotion Institute is a microfinance policy institution created with investment from the Korea Asset Corporation and five major banks. Therefore, users do not have to worry about personal information leakage because it is not a private company.
Now, the way to look up dormant accounts is very simple. If you use the service called ‘Find dormant deposit’ below, you can find dormant accounts in all banks. Please use this service to check all dormant accounts in your name. With this simple task, you can find your lost money and put it to good use.
When you find a dormant account and activate it, the unused money is returned to your wallet. Interest is also paid on the dormant account activated in this way. Therefore, please do not miss your property by using the dormant account inquiry service.
Access the homepage and click the Dormant Deposit Inquiry and Payment Request menu in the Dormant Deposit Management menu at the top left of the main screen.
2. Inquire dormant deposit and click payment application menu > Consent to collection and use of personal information > Identity verification
3. If you check the dormant deposit, the amount will come out.
I have been viewed 9300 won.
4. Apply for payment. There are two ways to donate, whether it be paid to another bank account or to donate. I applied for a donation because the amount was small.
How to recover a dormant account
In case of dormant deposit or insurance money
If you find a dormant account and get better, most people usually move to another account that they are currently using, but sometimes they want to restore the dormant account.
As you know, recently, the process of opening a new account has become cumbersome and restrictive, such as requiring a lot of supporting documents and requiring a certain amount of time to pass after opening a new account.
However, recovery of dormant accounts is not possible. It is possible to save the account number if it is a suspended account rather than a dormant account, but recovery of a dormant account is impossible in principle and only balance transfer and cancellation are possible.
So, first of all, if you have money hidden, it is recommended to check whether it is a dormant account or a suspended account.
However, please note that even if the transaction suspension account is restored, the transfer limit is restored to a state that is too small, and it takes time to increase the limit to a general account, making it difficult to use it normally right away.
2. Cashier’s checks, malpractice errors
For cashier’s checks and actual stocks, it is necessary to check the actual checks and stock certificates, so you must visit a bank or Korea Securities Depository to apply for payment.
Q. It says that the name of the holder of the original right and the name of the account holder do not match (name change, rule of thumb, etc.)
A. When applying for payment of dormant deposits on this site, you can apply only when the ‘original rightholder name’ of the dormant deposit contributed to KISA and the ‘account holder name’ of the account you are requesting a deposit match for more secure payment processing.
If the two information are not the same, you can request payment or information change by visiting the branch of the financial company that contributed the dormant deposit or the National Microcredit Integration Support Center.
When requesting information change, request documents may differ for each financial institution, so please inquire at the branch before visiting and check the required documents.
Q.I want to receive payment details or withholding receipt
A. At the top of the homepage, click [My information inquiry > Dormant deposit payment application details > Issuance of withholding receipt > Print].
Q. Can I receive payment through my family account instead of my own account?
A.On the homepage, you can only deposit money into an account under your name.
You can request a payment application by visiting a branch of the financial company where you contributed the dormant deposit or the National Microfinance Integrated Support Center.
Requested documents may be different for each financial institution, so please inquire at the branch before visiting and check the required documents.
Q. When will the payment be received after applying for payment?
A. If you apply for payment of dormant deposit and it is received normally, payment will be processed to the requested account within 10 to 15 minutes.
Q.How are dormant deposits donated to the Small Finance Promotion Institute used?
A. Dormant deposits donated to the Small Finance Promotion Institute are used as financial resources for financial support and non-financial support services for fundamental self-sufficiency and self-sufficiency of those who have difficulty using institutional financial institutions due to low credit and income.