By Yoon Ja-young
Staff Reporter
Over one trillion won has been left untouched in inactive savings accounts and as insurance premiums.
According to Financial Supervisory Service data submitted to Rep. Lee Kei-kyung of the Grand National Party, money left untouched in inactive bank accounts or securities accounts and insurance money not withdrawn by beneficiaries for years totaled 1.06 trillion won as of April.
If a savings account is left unused for a long period of time _ for example five years _ banks are not legally obliged to return the money to customers, however most do.
Money left dormant in such bank accounts totaled 380.9 billion won, according to the data. Kookmin Bank had 75 billion won in inactive accounts, followed by the National Agricultural Cooperative Federation with 57.2 billion won and Hana Bank, 46.8 billion won.
Insurance companies are also keeping 510.9 billion won insurance money unclaimed by beneficiaries, up 20 percent from the end of the last year. Securities firms have 36.4 billion won in inactive accounts.
Banks and insurance companies are planning to transfer some of the money to active customer accounts around the end of this year. Around a million people with less than 300,000 won in dormant accounts are expected to be surprised at the yearend. From March next year, however, customers are unlikely to be able to have access to the money in inactive accounts as a foundation will be set up to use the money in supporting less privileged people.
``The money in inactive accounts basically belongs to customers. The idea of setting up a foundation to help less privileged people is great, but it is more crucial to make it known to the customers so that they can get their money back,'' Lee said.
A person can check if they have an inactive bank account or are owed insurance money at www.sleepmoney.or.kr or by visiting banks and insurance companies.