In an eye-opening revelation, the number of unclaimed “hidden financial assets” in South Korea has reached an astonishing 18.4 trillion won. These assets, ranging from forgotten deposits and insurance money to unused card points, have quietly accumulated over the years. As of June, they included deposits and savings of 7.52 trillion won, insurance of 5.85 trillion won, and investor securities-related deposits totaling 2.68 trillion won.

A Nationwide Awakening

The Financial Supervisory Service, recognizing the growing mountain of unclaimed wealth, is spearheading a campaign starting on the 15th to help consumers easily track and reclaim their forgotten finances. According to 매일경제, the initiative will run for seven weeks and tap into the vast reach of banks, insurance companies, credit card firms, and more, utilizing every avenue from websites to mobile apps.

How to Reclaim What’s Yours

Consumers are encouraged to utilize the ‘Integrated My Account Inquiry and Management’ feature of the financial consumer information portal ‘Fine’, or through the mobile app ‘Account Info’, to check for unclaimed assets. Deposits and savings under 1 million won with no transactions for over a year, along with trust assets and unused card points, are often refundable on the spot.

Security First: Protecting Personal Information

Amidst the rush to reclaim assets, the Financial Supervisory Service warns consumers to be cautious. They emphasize that personal information, passwords, and any monetary transfers in lieu of fees should never be requested. Those who discover potential claims should verify everything through official communication channels to avoid scams.

A Growing Trend

This initiative addresses a curious trend: the steady rise in forgotten financial assets, which has ballooned from 15.9 trillion won in 2021. The campaign not only seeks to return funds to rightful owners but also highlights the need for better financial management and awareness among consumers.

Embarking on this journey of financial rediscovery could potentially change how individuals interact with their wealth, urging citizens to keep their financial matters in check for a more secure future. This massive effort echoes a universal truth: sometimes, the greatest treasures are hidden in plain sight.