From September, Financial Products to Display 'Deposit Protected' or 'Not Protected' Logos
Applied to Product Brochures and Passbooks
Easy Distinction of Protection Status
Displayed on Internet and Mobile Banking Account Inquiry Screens
Starting next month, when consumers sign up for financial products such as savings and installment deposit accounts, they will be able to easily check whether the product is covered by deposit insurance through a logo.
On August 31, the Korea Deposit Insurance Corporation announced that it had improved its system to require financial institutions to display a “Deposit Protection” or “Unprotected” logo on financial product brochures and passbooks. This new measure is designed to allow financial consumers to clearly understand whether a financial product is covered by deposit insurance. The revised system will take effect on September 1.
Previously, financial companies provided explanations and indicated the relationship with deposit insurance at the time of product subscription. However, as the structure of financial products has become more complex, it has become difficult for consumers to clearly determine whether a product is protected by deposit insurance.
Going forward, when financial institutions provide deposit protection notices, a “Deposit Protection” logo will be displayed on the left side of the notice for products that are covered. For products that are not covered, an “Unprotected” logo will be attached, making it easier for consumers to distinguish between the two types of products.
It will also become more convenient to check deposit protection status through internet and mobile banking. Previously, each financial company displayed protection status in different places, such as transaction history, enrolled product information, or the passbook copy inquiry screen. Now, the display location will be unified to the account information inquiry screen.
Kimsungsik, President of the Korea Deposit Insurance Corporation, said, “With this system improvement, we expect that financial consumers—including the elderly and other vulnerable groups—will be able to easily verify deposit protection status at a glance before having to interpret complex contract terms. We will continue our efforts to protect financial consumers so that everyone can safely and conveniently manage their financial affairs.”
Hot Picks Today
From 240,000 Won to 500 Million: The Incredible Twist of an Investment Rarer Than Winning the Lottery
- "Even Urine Melted the Glacier": Everest Climbers Melted 2,500 Tons of Ice in One Season
- Vice Chairman Ha Jungwoo of the National AI Strategy Committee Inaugurated: "Will Serve as the Central Point of Korea's AI Transformation"
- A 13-Year-Old Girl Earns 3.7 Million Won in 3 Days with an Amazing Idea: "My Parents Don't Have Time to Be with Me..."
- "Does Being a Natural Beauty Increase Your Worth?"... Why Last Year's Miss Korea Jin Reacted Strongly to Plastic Surgery Controversy
© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.