When using internet banking or online banking, you may enter your account incorrectly or transfer money by mistake due to a momentary mistake. In this case, there was no way to get it back, but starting in 2021, a support system for returning erroneous remittances was established.
How to get a refund if you made a bank transfer by mistake
1. Error remittance return system
2. Standards for returning erroneous remittances
3. How to apply for refund of erroneous remittance
4. Support procedure for return of erroneous remittance
Purpose of error remittance refund system
– Recently, the number of erroneous remittances has been increasing every year due to the spread of non-face-to-face financial transactions such as internet mobile banking. However, if the sender of the erroneous remittance does not receive the erroneous remittance back from the recipient, recovery is possible only through a lawsuit, so it is difficult to obtain the refund due to the burden of time and cost. There were frequent cases of giving up.
– Accordingly, with the revision of the Depositor Protection Act, the Korea Deposit Insurance Corporation secures the latest contact information of the recipient from financial companies, telecommunication companies, etc. and proceeds with procedures such as voluntary return guidance and court payment orders. In most cases, erroneous remittances occur within about two months from the date of application. It is expected to be returned.
Error remittance refund system
If an individual makes a remittance by mistake, the Korea Deposit Insurance Corporation provides support to ensure that the money is returned. Previously, if the person who received the wrong money did not send the money directly, it had to be handled through a lawsuit, but it was a very cumbersome process due to the time and cost involved.
However, now it is possible to receive a refund simply by requesting a refund of erroneous remittance from the Korea Deposit Insurance Corporation without a court lawsuit. If you have made a payment by mistake during a bank transfer, please try this service.
Request for inquiry on remittance by mistake from Korea Deposit Insurance Corporation ☞
Standard for return of erroneous remittance
In cases where an individual mistakenly sends money to another person, a system has been established in 2021 where the refund is processed by a public institution. If the amount is a small amount ranging from 50,000 won to 10 million won, you can apply to the Deposit Insurance Corporation within one year from the date of erroneous remittance.
Here, if an erroneous remittance occurs with simple prerequisites, you must first request a return from the bank that sent the remittance. You can only request a return of the erroneous remittance from the Korea Deposit Insurance Corporation if the request is rejected or you cannot be contacted.
Erroneous remittances of 50,000 won or more and 10 million won or less that occurred after July 6, 2021 are eligible for support. However, from 2023, the scope of support will be expanded, so erroneous remittances of more than 10 million won and less than 50 million won that occur after January 1, 2023 can also use the system.
You can apply for return support for erroneous remittance within one year from the date of erroneous remittance.
If you have applied for a refund through a fund transfer financial company, etc.* but the refund has not been received, you can use the system.
* Banks (including foreign bank branches, Nonghyup Bank, Suhyup Bank, Korea Development Bank, and Small and Medium Business Bank), investment brokers, savings banks, credit unions, Saemaeul Geumgo, Nonghyup and Suhyup Forestry Cooperatives, post offices, and electronic financial companies designated by the Deposit Insurance Committee
The amount of the error remittance returned to the corporation by the recipient of the error remittance minus the recovery-related costs is paid to the recipient of the error remittance.
☞ Check the erroneous remittance return support information system
How to apply for refund of erroneous remittance
There are two ways to apply for a refund of erroneous remittance: one is to go offline and apply in person, and the other is to use the erroneous remittance return service online. Those who have time or the ability can apply for a visit, but in reality, it is difficult.
How to apply in person
Korea Deposit Insurance Corporation Headquarters mistaken remittance return support consultation center 1588-0037
Apply for error remittance return support information system ☞
How to apply online
Visit the erroneous remittance return support information system
Enter information to check eligibility for application
Proceed to log in with personal information
Joint certificate login authentication processing
So, most people will probably apply for a refund of erroneous remittance online, but first access the erroneous remittance return support information system on their computer.
If you look at the top menu, there is a menu for remittance by mistake. Click on Apply for Return Support in that menu.
The subject of application must be confirmed. Check the items subject to application and proceed with the application for return support.
Next, you will need to log in with your personal information. Enter your name and resident registration number and log in. This information is secure and can be processed by logging in with a joint certificate.
Information on the support process for returning erroneous remittances ☞
Procedure for returning erroneous remittances
If the application by the sender in error is valid, the Korea Deposit Insurance Corporation will proceed with the purchase of bonds according to the application for return support. We also check the information of the recipient of the erroneous remittance and recommend that the recipient voluntarily return the erroneous remittance.
If it is not returned, recovery is carried out through a payment order from the court, and when recovery is completed, the recovery cost is deducted from the recovery amount and the balance is returned to the applicant.
If the recipient of the erroneous remittance does not voluntarily return it during the preliminary refund application stage through the financial company, the erroneous remittance person applies for return support to Yebo, and if eligible for support, Yebo purchases an unjust enrichment return claim from the erroneous remittance person.
The Korea Deposit Insurance Corporation secures the contact information and addresses of recipients of erroneous remittances through financial companies, telecommunication companies, the Ministry of Public Administration and Security, etc.
The Korea Deposit Insurance Corporation collects money by recommending that the recipient of the erroneous remittance voluntarily return it based on the secured contact and address information.
If the recipient of the erroneous remittance does not voluntarily return the money, recovery will be processed through a court order for payment.
Upon completion of collection, the cost of collection is deducted from the amount recovered and the balance is returned to the sender in error.