휴면계좌 복구A dormant account refers to an account that has an account in a financial sector such as a bank, securities company, or insurance company, but cannot be traded due to a lack of transaction history for a long period of time.
In the case of banks, if the balance remains in the account below the standard amount, the account becomes dormant after a certain period of time (5 years for bank deposits, 10 years for post office deposits). At this time, the balance is called a dormant deposit.
Insurance premiums from insurance companies and post offices become dormant if they are not claimed for three years after cancellation or expiration.
To check a dormant account, you can check it after verifying your identity on the Dormant Account Integrated Inquiry System site. You can also check it by visiting the relevant financial company, such as a bank or securities company, in person.
You can easily access the dormant account integrated inquiry system by entering ‘dormant account integrated inquiry’ on the search portal site and searching.
You can check your dormant account after verifying your identity through the ‘Incomplete Account Inquiry System’ operated by the Korea Federation of Banks.
For identity verification, you can use ‘bank/insurance certificate’ and ‘universal certificate’, and you can also use a joint certificate that you already have.
Dormant account information
For banks, insurance companies, and post offices, you can check from January 1, 2003 onwards. If you cannot confirm your dormant account in the integrated inquiry system, you must visit the financial company in person to check.
To restore a dormant account, the account holder must personally visit the relevant bank, securities company, or insurance company and apply for account restoration. Account recovery is carried out in a similar way to account opening.
When visiting a financial institution, you must bring your ID and submit an application for dormant account recovery and the necessary documents.
If it is a salary account, you will need proof of employment and pay stubs, and depending on the purpose, withholding tax receipts or utility bill receipts may be required.
If there are no supporting documents or it is difficult to prove it with the submitted documents, recovery of the dormant account may be limited. In this case, the only way to recover the balance is to apply for cancellation and open a limit account, rather than recovering the dormant account.
A financial transaction limit account does not require separate submission of documents and can be opened with just an ID card. However, for limited accounts, transfers (withdrawals) are limited to a maximum of 300,000 won per day when using an ATM or internet banking, and up to 1 million won per day when visiting a bank in person. (There is no amount limit for deposits and check card payments.)
If you cannot confirm the purpose of the financial transaction and cannot submit the relevant documents, you must open a limited account, and if you want to convert to a regular account, you must submit verifiable supporting documents.
Limit Account -> General Account
If you have a history of salary or card use for several months while using a limited account, it may be changed to a general account.
The standards for converting from a limited account to a regular account vary by financial institution.
Even if you do not visit a financial company to cancel, rather than restore, a dormant account, you can apply after verifying your identity through internet banking and transfer the balance to your account.
However, there may be a difference between the inquired dormant account amount and the actual amount received due to taxes such as interest income tax.
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