'Hidden Financial Assets' Reach 18.4 Trillion Won... Financial Sector Refund Rate 28.9%

Bank Branch [Yonhap News Photo]

The Financial Supervisory Service announced on the 2nd that the amount of "hidden financial assets" belonging to financial consumers, such as long-term inactive financial assets, dormant financial assets, and unused card points, amounts to 18.4 trillion won.

This includes 1.4 trillion won in dormant financial assets (e.g., savings and installment savings whose statute of limitations has expired), 14.1 trillion won in long-term inactive financial assets (e.g., savings and installment savings with no transactions for over 3 years), and 2.9 trillion won in unused card points.

The average refund rate (based on the number of accounts) for dormant financial assets over the past three years from 70 financial companies is around 28.9%.

The refund rates were higher in the following order: credit card companies (78.7%), non-life insurance companies (44.1%), life insurance companies (39.4%), securities firms (20.9%), banks (8.1%), and savings banks (4.3%).

The FSS stated, "We plan to conduct a 'Campaign to Find Hidden Financial Assets' this month to promote public awareness and encourage refunds."