“I feel like I won the lottery with 600,000 won in one day”… Would you like to find my money? [고은빛의 금융길라잡이] from Hankyung

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© Reuters. “I feel like I won the lottery with 600,000 won in one day”… Would you like to find my money? [고은빛의 금융길라잡이]

Photo = Getty Images Bank.

Financial authorities have further tightened regulations on household debt. From January next year, new borrowers who receive more than 200 million won will be included in the DSR regulation. DSR is the ratio of the principal and interest repayment amount of all individual financial institutions divided by annual income, and the loan limit is regulated so that this ratio does not exceed a certain level.

This means that we will proceed with a ‘loan that matches the level of income’. The authorities have also predicted that stricter regulations will be implemented if household debt does not decrease in the future. The interest burden is also increasing day by day. According to the Bank of Korea, the bank’s overall household loan interest rate in September stood at 3.18%, an increase of 0.08 percentage points from the previous month, based on new transactions. This is the fourth consecutive month of upward trend, the highest in two years and three months since June 2019 (3.25%).

Borrowing money has become more difficult in many ways. This is an opportunity to properly assess the situation of my assets. Maybe a large amount of money sleeping somewhere can help me breathe. First, let’s take a look at past assets. It’s just looking for dormant deposits and insurance money.

Dormant deposits collectively refer to both dormant deposits and dormant insurance funds. Dormant deposits refer to deposits that have completed the effect upon expiration of claims or claims in accordance with the provisions of relevant laws such as deposits and savings accounts of financial companies such as banks and savings banks or agreements between the parties. The statute of limitations for bank deposits is 5 years. If there has been no transaction with the bank for 5 years, the statute of limitations has expired and the deposit becomes a dormant deposit.

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Dormant insurance money refers to cancellation (effective) refunds, maturity insurance money, and policyholders’ dividends that are not returned even after the statute of limitations (3 years before claim) is completed in accordance with relevant laws or agreements in the insurance contract. Photo = Getty Images Bank.

In fact, more and more people are looking for my money. According to the People’s Financial Promotion Agency, dormant deposits from January to September this year exceeded 190.7 billion won. This is an increase of 49% compared to the same period last year. This is believed to be due to the increased accessibility of Kakao Bank, which has been conducting dormant deposit inquiry and payment services since July of this year. The maximum amount paid through Kakao Bank’s dormant deposit search service is 9.92 million won. There were also 2,077 users who went to a large amount of more than 1 million won.

In fact, there are several cases of finding dormant deposits through Kakao Bank. A man in his 20s said, “When I checked dormant deposits and insurance money at Kakao Bank, IBK had 19,400 won.”

The People’s Financial Promotion Agency also sends a separate mail to the relevant consumers asking them to visit dormant deposits. B, a woman in her 30s, said, “I looked it up with the QR code on the mail sent from the Financial Services Agency, and there was a dormant deposit of more than 120,000 won.” It’s money I should have buried, but I’m glad I found it.”

There is also a case of receiving 600,000 won from the National Health Insurance Corporation in the mail to find dormant insurance. C, a woman in her 40s, said, “When I received the mail and did a non-face-to-face inquiry, I had over 600,000 won in dormant insurance.

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So, how do you find a dormant deposit? The method is simple. You can use an app or an Internet website. You can use the ‘Finding Dormant Deposits’ website or app of the Financial Services Agency. Go to the ‘Dormant Deposit Inquiry and Payment Application’ section on the website of the People’s Finance Agency. △ Consent to collection and use of personal information △ Go through joint certificate authentication △ Check dormant deposit △ Apply for payment. Dormant deposits will be deposited into the requested account within 5 minutes.

Through the app, you can proceed with the inquiry and payment of dormant deposits if you go through the accreditation certificate and authenticate with the telecommunication company. However, only if the dormant deposit is less than 10 million won, it is possible to proceed without visiting the window through the mobile app or website of the Financial Services Agency.

If the Kakao Bank (KS:) app is on your mobile phone, you can use the ‘Find Dormant Deposits and Insurance Money’ service. In particular, there is no need for separate personal information or authentication when using Kabang. If you select ‘Agree to all’ only for ‘Required consent for service use’, the dormant deposit details appear immediately.

If it is difficult to use online, you can also apply for inquiry and payment through the 1397 People’s Finance Call Center. Heirs, agents, etc. can visit the branch of a nearby dormant deposit-funding financial company or 36 integrated support centers for low-income earners across the country. The total dormant deposits paid by the People’s Finance Agency last year amounted to 243.2 billion won. Let’s find my sleeping money as soon as possible.

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Eunbit Koh, reporter at Hankyung.com silverlight@hankyung.com

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