Funds mistakenly transferred to a bank accounts seized by banking institutions or authorities may not be returned, the state-run Financial Supervisory Service said Tuesday.
The FSS issued a public advisory based on its analysis of public complaints received in the fourth quarter of 2024. In one case, a person transferred 600,000 won ($411) to the wrong bank account and requested the bank return the money. However, the bank refused, stating that the funds had already been used to repay a loan taken out by the recipient account's owner that had led to a complaint. The account had been seized due to the owner's failure to repay the loan.
"Past cases show that the court had deemed it valid for a bank to link mistakenly transferred funds to (the account owner's) loan, if the account in question has been seized... It is possible that one may not recover money mistakenly transferred to the seized account," the FSS said.
minsikyoon@heraldcorp.com
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