Dormant Deposits Now Accessible in One Step via Toss App... Kim Eunkyoung: "Striving to Help Vulnerable Groups Recover Accounts"

Toss, Center for Financial Inclusion, Korea Credit Information Services, and Korea Financial Telecommunications and Clearings Institute Join Forces
Application Amounts Paid Instantly via Toss Pay Money

The Center for Financial Inclusion and Toss announced on June 5 that they have launched a “Dormant Deposit Recovery” service.

Kim Eun-kyung, President of the Korea Inclusive Finance Agency and Chairman of the Credit Recovery Committee, consulting a customer at the Daejeon Inclusive Finance Integrated Support Center on the 12th of last month. Photo by Seogeumwon

The key feature of this service is that users can simultaneously check dormant deposits scattered across multiple financial institutions through the Toss application. They can apply non-face-to-face, without submitting documents or visiting institutions, and receive the requested amount instantly as Toss Pay Money.

Dormant deposits refer to funds that have been transferred to the Center for Financial Inclusion from financial institutions due to prolonged inactivity. Although depositors always retain the right to reclaim their money, interest in smaller amounts tends to be low, resulting in a lower rate of verification and recovery.

Toss explained that this service is meaningful because it addresses such inconveniences through MyData. Users can complete the entire process, from inquiry to application, non-face-to-face on the Toss app.

The service enabling conversion of dormant deposits and insurance proceeds managed by the Center for Financial Inclusion into Toss Pay Money will first be implemented for dormant deposits and insurance proceeds under 500,000 won that have been contributed to the Center, in accordance with the Electronic Financial Transactions Act. The scope of the service will be gradually expanded based on the trend of payments.

To use the service, users simply search for “dormant deposit” in the “All” tab of the Toss app or access the service via guided notifications. They can check the list and amounts of dormant deposits under their name. By selecting Toss Pay Money as the payment method and applying, the Center for Financial Inclusion deposits the relevant amount into a virtual account in the user’s name, and Toss immediately converts and pays it out in Toss Pay Money.

Payout is made exclusively via Toss Pay Money recharge. If a person holds multiple dormant deposits, they can apply for each one individually. Dormant deposits that have already been claimed cannot be applied for again.

The service was developed jointly by Toss, the Center for Financial Inclusion, Korea Credit Information Services, and Korea Financial Telecommunications and Clearings Institute. Toss is responsible for the user interface, application receipt, Toss Pay Money disbursement, and service operation. The Center for Financial Inclusion is in charge of MyData integration for dormant deposit inquiry, application, and confirmation of results, as well as actual deposit transfers.

According to the Center for Financial Inclusion, as of last month, the total amount of dormant deposits and similar funds reclaimed for original rights holders was 167.7 billion won, with the average payout per case at 580,000 won. This represents a 23.2% increase compared to the same period last year.

The Center for Financial Inclusion plans to collaborate with the National Pension Service to provide guidance on dormant deposit recovery to pension recipients starting in the second half of the year.

Dormant deposits contributed to the Center can be reclaimed 24 hours a day on weekdays via the “Link Finance” app or the “Dormant Deposit Finder” website. If online access is difficult, users can inquire and apply for payment via the 1397 Financial Inclusion Call Center. In cases where non-face-to-face service is not possible, such as for heirs or agents, one can visit the nearest contributing financial institution’s branch or a local Center for Financial Inclusion support center.

Kim Eunkyoung, President of the Center for Financial Inclusion, emphasized, “We are expanding online channels to make it easier for rights holders to check and claim dormant deposits,” adding, “We are also striving to assist those who have difficulty using digital services in recovering their dormant funds.”

A Toss representative said, “By integrating dispersed information based on MyData, we were able to provide genuine assistance to the public,” adding, “We will continue to introduce related services.”

This content was produced with the assistance of AI translation services.