If your loan deadline or credit card payment coincides with the Chuseok holiday, there is no need to rush to make payments. Payments due between September 24 and 27 will be automatically extended to September 28, following the holiday.
According to the Financial Services Commission on September 25, if a loan repayment deadline from banks, insurance companies, savings banks, or credit card companies falls during the Chuseok holiday, the deadline will be automatically extended to September 28 without incurring any late fees. This means that delays due to the holiday will not be treated as defaults.
The same applies to credit card payments. If the payment date is between September 24 and 27, the amount will be automatically withdrawn from customer accounts on September 28 without any late fees. Automatic payments for insurance premiums, communication fees, and various utility bills will also be postponed until after the holiday. However, if there is a separate agreement between the billing agency and the customer, the withdrawal date may differ, so it is advisable to check.
For savings accounts, if the maturity date coincides with the holiday, customers can still receive interest for the holiday period. Financial institutions will pay interest for the period from September 24 to 27 on deposits maturing during the holiday on September 28. Depending on the product, customers may request to receive the payment early on September 23, although some products may not allow early payment.
In contrast, the payment date for housing pensions has been moved up. The Korea Housing Finance Corporation has made early payments to customers whose housing pension payment date falls during the holiday on September 23.
Investors in stocks should verify the timing of their sale proceeds. Domestic stocks and exchange-traded funds (ETFs) settle two business days after the sale, so if the payment date overlaps with the holiday, it will be postponed to between September 28 and 30. For example, if stocks were sold on September 23, the original payment date of September 25 would be delayed to September 29. For overseas stocks, the payment schedule may vary by country and brokerage, so it is important to check with the respective brokerage.
If you need to transfer a large sum of money during the holiday, extra caution is advised. For significant transactions such as real estate sales, rental deposits, or inter-company payments, it is essential to check the transfer limits for mobile and internet banking. Foreign remittances or cross-border payments may also face processing difficulties during the holiday.
The schedule for fund redemptions or insurance payouts may vary by product. Domestic investment funds typically require redemption requests to be made three to four business days in advance, while the payout timing for overseas investment funds depends on the investment region and target. Financial authorities advise confirming payment schedules with your financial institution if you have plans to use funds before or after the holiday.
* This article has been translated by AI.
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