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Disaster relief application begins at banks
A street is seen busy with shoppers and merchants in Namdaemun market, Seoul, April 14. Korea Times file
By Lee Kyung-min
By Lee Kyung-min
Starting today, 6,500 branches of 14 banks will begin accepting applications to receive disaster relief funds via private card firms, the cash-equivalent benefit given as part of an emergency initiative to spur consumption hit by the COVID-19 pandemic, banks said Sunday.
Under the plan, the government is giving 1 million won ($811) to four-person households, 800,000 won to three-person households, 600,000 won to two-person households and 400,000 won to single-person households.
The financial assistance is offered in the form of gift coupons or a government-issued debit card with a balance of a certain amount. Holders of cards issued by private card firms can use the amount with their debit or credit cards after submitting a related request.
Korea's five financial groups with card subsidiaries said they are having their banks process the requests given the high number of branches nationwide, which gives the widest access to their customers even in remote and rural areas.
Other than the groups' bank subsidiaries ― Shinhan, KB Koomkin, Woori, Hana and NongHyup, the state-run Industrial Bank of Korea (IBK), SC First and other regional banks will receive applications.
BC Card users can apply at 15 financial services firms designated by the card subsidiary of KT, the nation's second-largest mobile service provider.
Holders of Lotte Card can do so at Lotte Department Stores and Samsung card users at Shinsegae Department Stores. Huyundai Card users must apply online.
From today through Friday, applications will be limited by birth year to curb explosive demand at the branches. Those whose year of birth ends in either one or six can apply today; two or seven on Tuesday; three or eight on Wednesday; four or nine on Thursday and five or zero Friday.
Applicants will be able to make payments with their credit or debit cards in one or two days after the request is filed. They must spend the offered amount by Aug. 31.
Those who want to receive the benefit with gift coupons must visit a community center in a district that matches one of the resident's registration details as presented in the relevant documents. Coupons will be valid for the next five years.
According to the Ministry of Interior and Safety, nearly 10 million households applied to receive the benefit via private card firms, as of Saturday, accounting for more than half, or 52.9 percent of the 18.85 million households eligible.