dormant account! Don’t forget to look for it!
In our daily lives, we create a bank account and live a financial life.
However, if you use multiple bank accounts, if you have a lot of accounts, some accounts will become obsolete.
Accounts that are not in use are called dormant accounts.
Since the money remaining in the dormant account is not retrieved, there are quite a few deposits and insurance money left unattended.
Today, let’s look at how to retrieve a dormant account and how to restore it so that it can be used again. 휴면계좌 복구
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order of writing
dormant account
statute of limitations for claims
Problems with leaving a dormant account
How to look up dormant accounts
How to recover a dormant account
dormant account
Bank book
A dormant account is an account that is dormant without any transaction for a certain period of time.
If an account is created to pay deposits or insurance money made by a bank or insurance company, but there is no transaction until the statute of limitations for claims is completed, the account becomes dormant.
In general, among demand deposits and savings deposits, accounts with no transactions for more than 5 years are referred to as dormant accounts.
The amount left in these dormant accounts and not retrieved by the owner is about 2 trillion won.
statute of limitations for claims
Insurance: 2 years
Bank deposit: 5 years
Post Office Deposit: 10 years
The statute of limitations for claims is 2 years for insurance money, 5 years for bank deposits, and 10 years for postal deposit deposits.
However, if the deposit balance is less than 10,000 won, it is classified as a dormant account even if there is no transaction for more than 1 year, 10,000 won to 50,000 won for 2 years or more, and 50,000 won to 100,000 won for 3 years or more.
Problems with leaving a dormant account
The account is classified as a dormant account and the account is canceled
If you open an account and do not use it for 5 years, it will be classified as a ‘dormant account’ and the account will be canceled and may not even remain in your bank data.
In this case, the account cannot be revived, and the bank may not return the money left in the bank account. If you do not have my account information, you can get it back if you visit the bank directly and request it.
Restrictions when using lower withdrawal and transfer limits
If you open an account and do not use an ATM for one year, the withdrawal and transfer limit will be lowered to 700,000 won per day. If your limit is lowered, you must visit a bank branch to get it back to the original limit.
Categorized as a trading suspension account Restriction on use
If you do not use the account at all for one year after opening it, it will be classified as a ‘trading suspension account’ and you may not be able to use your basic bankbook at all.
If your transaction is restricted, you can restore your suspended account by visiting a bank branch or by using Internet banking if you are subscribed to Internet banking.
How to look up dormant accounts
Here are two ways to view dormant accounts.
Homepage of the Small Finance Promotion Institute
The dormant deposit or dormant insurance money that has expired is donated to the Small Finance Promotion Institute. Accordingly, it is possible to inquire about dormant accounts on the website of the Small Finance Promotion Institute.
Connect to the homepage of the Small Finance Promotion Institute
Click the dormant deposit integrated inquiry menu
Agree to the Terms of Use for Service Use and Personal Information Collection
Proceed to self-certification
Check the dormant deposit inquiry result and apply for payment if there is a dormant deposit or unrefunded money
Go to the homepage of the Small Finance Promotion Institute
Dormant Account Integrated Inquiry System Information
You can check it using the ‘Integrated Inquiry System for Dormant Accounts’ created by the National Federation of Banks.
You can search for dormant accounts held at banks, post offices, insurance companies, and the Small Finance Promotion Institute.
The dormant account integrated inquiry system can be easily checked anytime, anywhere as the screen size is adjusted on PC and mobile phone.
Access to the dormant account integrated inquiry system page
Enter personal information
Verification via certificate
Inquiry of dormant account immediately
Integrated inquiry system for dormant accounts of the National Federation of Banks
If the dormant account is not searched through the above two methods, you can search more accurately than on the government 24 website.
How to recover a dormant account
A dormant account cannot be recovered.
Accounts that can be restored can only be restored to accounts that have not traded for the aforementioned one year, that is, accounts that have been suspended from trading. Therefore, the dormant account should only take out the money that was dormant and close the account.
However, if you must recover your account, you must meet the recovery conditions below.
recovery conditions
Submission of supporting documents such as certificate of employment, pay stub, receipt of withholding tax, etc., depending on the purpose
If it is difficult to submit supporting documents, receive a steady salary with a limit-limited account or accumulate credit card usage records.
However, a limit-limited account can be opened with only an ID card, and required documents may differ from bank to bank, so it is recommended to inquire with the bank before visiting.