Dormant deposits, etc.
What are “dormant deposits, etc.”?- “Dormant deposits, etc.” refers to any of the following (Subparagraph 3 of Article 2 of the Microfinance Support Act):
· Dormant deposits: Among deposits in financial companies, those deposits for which the statute of limitations for claims or rights has run according to relevant laws or agreements between parties.
· Unclaimed profit and other benefits of unregistered shares: According to Article 314 of the Financial Investment Services and Capital Markets Act, dividends and other benefits that have been returned to investors through a custodian and have not been transferred to the investor’s name, which have been collected and managed by the Korea Securities Depository for 10 years or more (limited to cash and including the proceeds from the sale of noncash benefits)
※ “Financial companies” refer to banks, community credit cooperatives, post offices, etc., which are institutions according to Subparagraph 1 of Article 2 of the Microfinance Support Act and Article 2 of the Enforcement Decree of the Microfinance Support Act.
Inquiry and payment of dormant deposits, etc.- The Dormant Deposit Management Committee must allow the original rights holder of the dormant deposits, etc. to inquire about the following information (excluding cases where they contribute their own promissory note issuance amount or unclaimed profit) [Article 43 of the Microfinance Support Act; Article 4 of the Regulations of the Microfinance Support Act].
· For dormant deposits: Name, address, resident registration number or foreigner registration number of the original rights holder of the dormant deposits, etc., amount of dormant deposit, and other information such as the name of the financial company, contact details, dormant account number or certificate number, date of completion of the statute of limitations, and payment details required for compliance with the Income Tax Act or the Inheritance Tax and Gift Tax Act
√ However, when contributing the issuance amount of their own promissory note: Information on the issuer and payee, issuance number of the promissory note, face value, and other information such as the name of the financial company, contact details, dormant account number or certificate number, date of completion of the statute of limitations, and payment details required for compliance with the Income Tax Act or the Inheritance Tax and Gift Tax Act
· For unclaimed profit: Issuer of the unclaimed profit, details of the unclaimed profit, and other information such as the name of the financial company, contact details, dormant account number or certificate number, date of completion of the statute of limitations, and payment details required for compliance with the Income Tax Act or the Inheritance Tax and Gift Tax Act
- The original rights holder of the dormant deposits, etc. can inquire about the above information through computer communication via any of the following corporations or organizations (Article 40 of the Enforcement Decree of the Microfinance Support Act; Article 5 of the Regulations of the Microfinance Support Act):
1. The Korea Federation of Banks;
2. Association composed of life insurance companies;
3. Association composed of property insurance companies;
4. Mutual Savings Banks Central Association;
5. Ministry of the Interior and Safety (limited to cases where the original rights holder of the dormant deposits uses the daily life information viewing service provided according to Article 9-2 of the Electronic Government Act);
6. Financial Supervisory Service; or
7. Korea Financial Telecommunications & Clearings Institute.
Claim for payment of dormant deposits, etc.- If there is a claim for payment from the original rights holder of the dormant deposits, etc. after they have been contributed to the dormant account, the Dormant Deposit Management Committee must pay the amount equivalent to the dormant deposits, etc. to the original rights holder (Article 45 of the Microfinance Support Act).
※ Method to Check Dormant Deposit Accounts
Q. Where can I check information about dormant deposits or dormant accounts?
A. According to the Microfinance Support Act and the agreement on the contribution of dormant deposits between financial companies and the Korea Inclusive Finance Agency, dormant deposits or dormant insurance money that have completed the statute of limitations are contributed to the Korea Inclusive Finance Agency. You can check such contributed dormant deposits or dormant insurance money through the Korea Inclusive Finance Agency’s Dormant Deposit Finder website (https://sleepmoney.kinfa.or.kr).
If a financial company has not contributed dormant deposits to the Korea Inclusive Finance Agency, information on dormant accounts or deposits can be checked on the Bank Association’s Dormant Account Integrated Inquiry System website (http://www.sleepmoney.or.kr) or the Government24 website (https://www.gov.kr).
For reference, you can check all bank accounts, including those in use, on the KFTC Account Information Integrated Management Service website (https://www.payinfo.or.kr).