South Korea dormant financial accounts exceed 340 million

The number of dormant or long-term inactive financial accounts in South Korea has surpassed 340 million. According to data from the Financial Supervisory Service released by lawmaker Park Seong-hun, the total number of long-term inactive, unclaimed, and dormant accounts reached 341.91 million by the end of last year, a 29.3% increase compared to 2021.

The total value of these unclaimed financial assets stands at approximately 14.18 trillion won. This includes 7.43 trillion won in savings and deposits, 5.18 trillion won in insurance claims, and 1.56 trillion won in deposits. While the overall balance has decreased since 2021, the amount tied up in savings and deposits has actually risen by 849.3 billion won.

A significant driver of the increase is the surge in long-term inactive deposit accounts, which grew by 61.8% since 2021. Additionally, dormant securities accounts have seen a sharp rise, accounting for roughly 75% of all dormant financial asset accounts.

Despite efforts by financial institutions to return dormant assets—totaling 548.8 billion won and 8.3 million accounts last year—the number of dormant accounts continues to grow. Authorities are moving toward disclosing the refund performance of various financial sectors to encourage proactive management of accounts before they become inactive.