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The Depositor Protection Act is a law that the government guarantees within the range of 50 million won when a financial company fails to pay deposits for reasons such as bankruptcy. Then, which bank is not subject to the Depositor Protection Act? In this article, we will summarize the contents.
The government has a system in place to protect deposits in order to prevent financial institutions from being unable to pay deposits to customers due to suspension of business or bankruptcy, as it seriously damages the stability of the financial system. This is called the Depositor Protection Act or the Depositor Protection System.
Financial companies subsidized by the Depositor Protection Act include banks, insurance companies, investment trading and investment brokers, merchant financial companies, and mutual savings banks.
If you want to check whether the financial company you are currently using, such as a bank, is a financial company subject to protection, you can easily check it by searching on the search page for financial companies subject to protection of the Korea Deposit Protection Corporation.
In addition, if there is a deposit protection logo when subscribing to a deposit product, you can receive protection through the Korea Deposit Insurance Corporation.
In the case of the Depositor Protection Act, in order to protect a large number of small depositors with priority and to share some responsibility even for customers who choose insolvent financial institutions, it does not protect the entire deposit, but only a certain amount. We protect deposits of up to KRW 50 million per person by combining the
The protection limit has been maintained for 21 years since it was raised from 20 million won per person to 50 million won in 2001.
Basically, the No. 1 commercial banks in the financial sector that we know are NH Nonghyup Bank, Shinhan Bank, Woori Bank, SC First Bank, Hana Bank, IBK Industrial Bank, KB Kookmin Bank, KEB Korea Exchange Bank, Citibank, Daegu Bank, Busan Bank, and Gwangju. Banks, Jeonbuk Bank, Kyongnam Bank, and Internet banks such as K Bank, Kakao Bank, and Toss Bank are all eligible for protection under the Depositor Protection Act.
However, local cooperatives of agricultural and fishery cooperatives, credit cooperatives, and Saemaul Geumgo, which we commonly use, are not subject to protection by the Korea Deposit Insurance Corporation, but are protected by their own funds in accordance with relevant laws.
And in the case of the post office, it belongs to a bank that does not fall under the Depositor Protection Act, but it is subject to deposit protection according to the Post Office Deposit and Insurance Act. In particular, in the case of post offices, this is an advantage over general banks because the government guarantees payment of the entire deposit without any limit on the amount.
to sum it up
Above, we looked at banks that do not fall under the Depositor Protection Act of 50 million won. Please check if there is a depositor protection logo when signing up for a product, and if you sign up, you can be relieved.
E-mail : mon09@moneymo.co.kr
