S. Korea to help people recoup funds lost in bank transfer mistakes from July 2021
  • 3 years ago
'아차' 잘못 보낸 돈, 내년 7월부터 쉽게 돌려받는다

When transferring money to another bank account, it is easy to accidentally type the wrong account number and send the money to the wrong person by mistake.
Getting that money back is a costly, time-consuming process, but BEGINNING next July, the Korea Deposit Insurance Corporation will make this job easier.
Park Se-young has more.
This company transferred 18-thousand U.S. dollars to the wrong account by mistyping the account number.
It couldn't get that money back.
With the expansion of mobile banking services and online businesses, ...more money is getting lost through such mistakes.
According to data by the Financial Services Commission, ...there were 158-thousand wrong remittance cases in 2019, worth around 290 million U.S. dollars in total.
Of that, 140 million dollars from some 82-thousand cases has not been returned.
Starting next July, a support system will help people get their money back.
At the request of the sender, ...the Korea Deposit Insurance Corporation asks the receiver to return the wrongly transferred money.
And if necessary, it will collect the money through a court payment order.
Once the money is collected, ...the corporation deducts related charges and returns the remaining amount to the sender.
It takes about six months for people filing their own lawsuits to get their incorrectly sent money back.
But with the help of the KDIC, ...the process is expected to take less than two months.
"The law was passed on December 9th this year, and detailed procedures and regulations will be prepared through consulation. Above all, it's important to prevent mistakes during transactions."
The KDIC will receive applications for help starting next July.
Until then, people are advised to take extra care during transactions.
Park Se-young, Arirang News.
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