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Banks to adjust loan payments, ATM fees for temporary holiday

A customer uses a joint ATM in Seoul operated by four major banks in South Korea. (Yonhap)
A customer uses a joint ATM in Seoul operated by four major banks in South Korea. (Yonhap)
For the temporary national holiday slated for Monday, South Korean lenders and financial authorities said Friday that loan payments, ATM fees and other services would be adjusted for the time being.

According to the Financial Services Commission, loan payments due Monday will be automatically delayed to Tuesday. Late fees will be waived, but some loans -- including those that could require early payoff fees, charged when customers pay off their principal balance early -- may require consulting with the bank.

Investors can receive returns and repayments on fixed-term savings accounts scheduled to mature Monday on Tuesday as well. This can also be personally adjusted through each banks’ customer service.

All major local and foreign banks operating here, including Shinhan, Hana, KB Kookmin, Woori, Citibank Korea and Standard Chartered Bank Korea will be closed for the holiday.

For ATM fees, Shinhan and Hana decided to charge the amount used during regular business weekdays, while KB Kookmin, NH NongHyup, Standard Chartered and Citibank will charge weekend fees.

Banks will adopt varied policies for foreign currency transfers and payments, so customers must check with the respective bank or personally adjust their schedules.

Last month, the government designated Aug. 17 as a temporary holiday, allowing workers to have three consecutive days off during the summer season, as the economy continues to be weighed down by the coronavirus pandemic. 

By Jung Min-kyung (