Have you ever entered the account number incorrectly while transferring money and sent money to the wrong account holder? In that case, it would not be easy to find out the contact information of a complete stranger and get the money back. To prepare for such cases, there is a refund system for erroneous remittances.
First, you must apply for a refund through the financial institution that made the remittance. In this time, we will learn how to receive a refund for erroneous remittances through the Deposit Insurance Corporation if you have not received your deposit back despite requesting a refund.
Request for refund of erroneous remittance
What is the error remittance refund system?
This system is a system in which the Deposit Insurance Corporation recovers the amount on behalf of a person who has mistakenly transferred money through a financial institution such as a bank to which the money was transferred. Here, erroneous remittance refers to a transaction in which money (funds, money) is transferred to the financial company receiving the remittance or to the recipient due to a mistake or mistake on the part of the person sending the money, or by incorrectly entering the receiving account number.
Returns supported
Cases of erroneous remittances for which you can apply for return support are as follows:
In case of erroneous remittances that occurred from July 6, 2021
If you have already applied for a refund through a fund transfer financial company, etc., but the refund has not been received.
If the amount remitted by mistake is between 50,000 won and 10 million won
If the money is transferred by mistake after January 1, 2023, if the amount exceeds 10 million won but does not exceed 50 million won.
The return support application date is within 1 year from the date of the erroneous remittance (the date of the erroneous remittance is not included in the number of days).
If legal proceedings are not in progress regarding erroneous remittance
How to apply
Those who have transferred money by mistake can apply for refund support from the Korea Deposit Insurance Corporation. The application method is as follows.
(1) Internet application: Error remittance return support information system (https://kmrs.kdic.or.kr)
(2) Apply in person: Korea Deposit Insurance Corporation (Counseling Center Phone: 1588-0037)
Go directly to online application
KDIC Deposit Insurance Corporation | Erroneous remittance return support service
kmrs.kdic.or.kr
Application period
For erroneous remittances that occurred after July 6, 2021, the effective date of the Depositor Protection Act, you can apply for return support only if it is within one year from the date of the erroneous remittance. In this case, the date of the erroneous transfer is not included in the calculation.
Target amount
The target amount and refund application amount may be a bit complicated. First of all, the amount eligible for return support is between 50,000 won and 50 million won. Here, the target amount is divided by date. Let’s look at it one by one.
(1) In the case of 50,000 won or more but 10 million won or less: Incorrect remittance that occurred after July 6, 2021, the effective date of the Depositor Protection Act
(2) In case of more than 10 million won but less than 50 million won: Error remittance that occurred after January 1, 2023, the effective date of the expansion of the target amount
Simply put, return support was originally provided for amounts between 50,000 won and 10 million won, but the target amount was expanded from January 1, 2023. They say it cannot be applied retroactively, so if you mistakenly remitted 20 million won in December 2022, it will be difficult to apply for refund support, right?
Even if you mistakenly remitted more than 50 million won, you can apply for refund support if the unjust enrichment claim amount is less than 50 million won. For example, if you need to remit 30 million won, but you accidentally remitted 70 million won, the remittance amount itself is 70 million won, which exceeds 50 million won, but since the amount of the unjust enrichment refund claim is less than 50 million won, you can apply for refund support.
caution
Please note that the Korea Deposit Insurance Corporation can apply for support if you have gone through the refund process through a financial company but have not received the refund. Therefore, in the event of a remittance error, you must first contact the relevant financial company (bank, etc.) to request a refund. In this case, the best way would be to contact the recipient and receive the money, right? We hope that the unfortunate incident of making a remittance in error and not receiving the money back from the recipient will not happen. Even if something like that happens, you can receive support for returning the remittance in error through the Korea Deposit Insurance Corporation, so don’t worry too much.