Dormant Deposits at Banks Surpass W15 Trillion

  • By You So-yeon

    July 04, 2022 12:46

    More than W15 trillion is sitting dormant in bank accounts that have not been accessed for more than a year (US$1=W1,297).

    According to the Financial Supervisory Service, W15.77 trillion was sitting inside dormant accounts at the country's top four banks -- Hana, KB Kookmin, Shinhan and Woori as of the end of March.

    Some W11.25 trillion had been left untouched for up to three years, while W2.13 trillion had not been accessed for up to five years and W2.38 trillion had been left untouched for more than five years.

    What happened to the rich owners -- if indeed anything happened to them -- is not known. "Bank accounts that have been left dormant for long periods of time are vulnerable to theft and we must come up with measures to manage them," said Minjoo Party lawmaker Kim Han-jung, who released the data.

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