Watchdog says dormant financial assets reach W4.38tr

Published : Feb 14, 2017 - 17:12 Updated : Feb 14, 2017 - 17:12

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South Korea's financial watchdog said Tuesday that the total amount of dormant financial assets reached 4.38 trillion won ($3.8 billion) last year as customers forgot to withdraw their deposits or redeem rewards points.

Among them, credit card rewards points accounted for half with 2.19 trillion won as of the end of September, according to the Financial Supervisory Service.

(Yonhap)

Credit card rewards points usually expire after a certain period unless customers redeem them.

Unclaimed assets from life insurance policies came in second with 787.8 billion won, followed by dormant bank accounts and dividends.

The financial watchdog has set up a website (fine.fss.or.kr) to help people find dormant financial assets. (Yonhap)