▲ Notice posted by Donggyeongju Agricultural Cooperative, which sold high interest savings accounts [동경주농협 캡쳐]
A local agricultural cooperative in Gyeongju, which sold high-interest savings accounts, asked for cancellation, saying it was worried about bankruptcy due to opening too many accounts.
According to the National Federation of Agricultural Cooperatives on the 5th, the Donggyeongju Agricultural Cooperative in Gyeongju, Gyeongsangbuk-do sent a mail to high-interest savings account subscribers appealing for contract termination and posted a notice on its website last month.
According to the notice posted by the Nonghyup, he appealed to cancel the savings account, saying he was at a crossroads as a large amount of money poured into non-face-to-face savings accounts sold the year before last.
The explanation is that the savings interest to be paid alone is 34.8 billion won, an amount that the Nonghyup, which records a surplus of 500 to 600 million won every year, cannot afford.
It was also said that compensation for damages would be paid if the account was closed.
This Nonghyup previously sold savings accounts with an annual interest rate of 8.2% not face to face in November 2022.
The original target was 10 billion won, but after the goal was achieved, 900 billion won was said to have been collected across the country as the opening of accounts could not be stopped.
After that, the bank appealed the cancellation for subscribers starting in December 2022, and at the moment, there are about 233 billion remaining based on down payment.
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