The Financial Consumer Agency has launched a service allowing individuals to receive dormant deposits and insurance payouts as Toss Pay Money. Users can now check their small dormant deposits directly through the Toss app and convert them into prepaid funds for payments.
On June 5, the agency announced its collaboration with Toss to initiate this service, starting with dormant deposits and insurance payouts under 500,000 won. The program will be gradually expanded based on the payment trends observed.
Dormant deposits refer to funds that have not been accessed for a long period and have reached the expiration of their validity according to laws or terms. The agency manages these funds received from financial institutions and operates the 'Find Your Dormant Deposits' service, allowing rightful owners to check and claim their funds.
With this new service, users can verify their dormant deposits in the Toss app and convert them into Toss Pay Money, which can be used for both online and offline transactions immediately.
As of the end of May this year, the agency reported that it had returned a total of 167.7 billion won in dormant deposits to rightful owners, with an average payout of 580,000 won per case, marking a 23.2% increase compared to the same period last year. The agency has been expanding its non-face-to-face channels, including financial MyData services, and has been providing mail notifications to the elderly.
Starting in the second half of the year, the agency plans to collaborate with the National Pension Service to provide guidance on finding dormant deposits for pension recipients. Dormant deposits can be checked and requested 24/7 on weekdays through the 'Connecting Financial Support' app or the 'Find Your Dormant Deposits' website.
* This article has been translated by AI.
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