Financial Services Commission-Forecast, notice of legislation of partial amendment to the Enforcement Decree of the Depositor Protection Act
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From July 6th, the’Error Remittance Refund Support System’, in which the Deposit Insurance Corporation finds the money that the remitter accidentally remitted by mistake will be implemented in earnest. Incorrect remittances through electronic financial companies such as Toss and Kakao Pay can also be returned.
On the 9th, the Financial Services Commission announced on the 9th that it would announce some amendments to the Enforcement Decree of the Depositor Protection Act on the 10th. The legislative notice is held until the 23rd of next month.
First of all, if funds are transferred because the remitter incorrectly enters or enters the recipient financial company and recipient account number, the remitter can apply for the use of the return support system in the forecast. In addition, you can apply for a refund even if you made a transfer through electronic payment means such as Toss or Kakao Pay. However, in the case of transactions through multi-prepaid electronic payment means, where the forecast cannot obtain the recipient’s real name (name and resident registration number), application for return support is restricted.
Institutions subject to the error remittance return support system have also been determined. Banks, financial investment companies, insurance companies, specialized credit finance companies, savings banks, credit unions, Saemaul Geumgo, Nonghyup, Suhyup, Forestry Association, and post offices, etc. .
The requirements and procedures for canceling the purchase contract were also detailed. If there is a request from the erroneous remitter, the forecast will purchase and collect the unfair benefit return bond for the erroneous remittance recipient. However, if there is a dispute over whether to remit incorrectly after purchasing the unfair profit return bond, the purchase contract was canceled in accordance with the requirements and procedures prescribed by Presidential Decree.
This amendment also includes changes in the interest rate applied when calculating deposit insurance payments. Currently, the forecast selects the’average interest rate of a bank’s 1-year term deposit’ as one of the upper limits of the interest rate applied to the amount of interest when a financial company pays deposit insurance in bankruptcy. However, there was a problem that it was difficult to reflect the characteristics of the products handled by each sector and the market situation, as the average interest rate of the bank was applied to all sectors. Accordingly, the forecast decided to reorganize the underlying regulations so that the applied interest rate can be determined in consideration of the characteristics and market conditions of each business area, not limited to the’average interest rate of a one-year term deposit by bank’ when calculating deposit insurance.
An official from the Financial Services Commission said, “We expect that the interest rate applied to deposit insurance payments to depositors, etc. will become more realistic and the level of protection for depositors will be reasonably improved.”
/ Reporter Lee Ji-yoon [email protected]
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