As the use of mobile banking increases, remittance mistakes are increasing every year. If you transfer money by mistake, you will have to apply for a refund, so check carefully. Let’s find out more details about claiming a refund for erroneous transfers.
Return of erroneous remittance, Get back the money you sent incorrectly
Error remittance return support system
What is the mistaken remittance return support system?
The Deposit Protection Corporation has been operating a return support system for erroneous remittances since July 6, 2021. Misdirection refers to accidentally transferring money to someone else.
According to the analysis results announced by the Deposit Protection Corporation on July 12, the largest amount of erroneous remittances occurred on Friday, at 18.3%, and the most frequent time period was between 2 PM and 3 PM. The majority of people voluntarily returned the money and received their money back, but about 5% were recovered through legal procedures such as compulsory execution. Of the 5,043 people, 4,792 (95%) voluntarily returned the money, which amounts to approximately 6 billion won.
Who to apply for
If you transfer money incorrectly, you must contact the relevant bank or financial institution. First, financial institutions check customer information and provide mediation, but if there is no information about the recipient or there is no contact, you must apply for assistance through the Korea Deposit Insurance Corporation’s erroneous remittance return support system.
After July 6, 2021: 50,000 won or more but 10 million won or less possible
After January 1, 2023: 50,000 won or more but 50 million won or less possible
If the money is sent to a financial company account, you are eligible for return support (if the money is sent to a simple remittance account, you are not eligible)
Excluding cases where legal proceedings related to erroneous remittance are in progress
However, if the amount is more than 50 million won or the recipient is unknown, it may be difficult to receive a refund.
How to apply
Online applications can be made on the Korea Deposit Insurance Corporation website, and in-person applications can be made at the 1st floor of the Korea Deposit Insurance Corporation (30 Cheonggyecheon-ro, Jung-gu, Seoul).
The Deposit Insurance Corporation verifies the information of the person who received the remittance in error through the Ministry of Public Administration and Security, financial company, or telecommunication company. Voluntary return is recommended through a transfer notice or phone call, and in the event of voluntary return, the remaining amount after deducting the costs is returned to the applicant. However, if the person who received the money in error voluntarily refuses to return it, the Korea Deposit Protection Corporation will file an application for a payment order with the court, receive the money back, and then return the amount minus the costs to the applicant.
It usually takes about 1 to 2 months from the date of application submission, but if recovery procedures such as compulsory execution are necessary, it may take more than 2 months.
Detailed information regarding the erroneous remittance support system can be found through the link below.
KDIC Deposit Insurance Corporation | Erroneous remittance return support service
CEO Open Plaza Starting July 6, 2021, the Korea Deposit Insurance Corporation will implement a return support system for erroneous remittances to help with the difficulties experienced by those who made erroneous remittances. The money sent by the sender by mistake is promptly resolved in cooperation with the relevant authorities.
kmrs.kdic.or.kr