SEOUL, Aug. 3 (Korea Bizwire) — Controversy is brewing over Automobili Lamborghini S.p.A.’s policy of not refunding deposits to customers who cancel their purchases after signing contracts for new cars. According to industry sources, the Italian luxury sports car maker recently asked South Korean customers committed to purchasing models like the Urus and Huracan to [...]
SEOUL, April 19 (Korea Bizwire) — Related procedures will be improved to make it easier for patients with mobility difficulties to withdraw their deposits for medical expenses without having to visit a bank in person, the financial regulator said Tuesday. The Financial Supervisory Service announced that it had established a common banking procedure to improve [...]
SEOUL, Jan. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea hit an all-time high in December, as corporate dollar savings increased, central bank data showed Wednesday. Residents’ outstanding foreign currency-denominated deposits had come to US$110.98 billion as of end-December, up $3.59 billion from the previous month, according to the data from [...]
SEOUL, Oct. 21 (Korea Bizwire) — South Koreans are flocking to savings banks after they raised interest rates for deposits and installment savings. Since Wednesday, the Korea Federation of Savings Banks (KSFB) website and a number of savings bank apps, including OK Savings Bank Co. that uses the KSFB servers, have been shut down due [...]
SEOUL, July 23 (Korea Bizwire) — Foreign currency deposits at banks in South Korea shrank in June as importers paid bills and individuals sold the greenback amid a strong dollar, data showed on Friday. Residents’ outstanding foreign currency-denominated deposits had reached US$87.06 billion as of end-June, down $2.11 billion from the previous month, according to [...]
SEOUL, July 12 (Korea Bizwire) — The value of unreturned deposits for “jeonse” home rentals is increasing year after year, hitting an all-time high in the first half of this year, data showed Monday. Under South Korea’s decades-old jeonse system, tenants pay a large lump-sum deposit, known as key money, to the landlord, which [...]
SEOUL, Sept. 15 (Korea Bizwire) — South Korean internet-only banks are ramping up efforts to attract more deposits in the wake of a newcomer’s entry into the fast-growing sector, industry sources said Wednesday. The heated race comes as the latecomer, Toss Bank, has begun receiving applications from customers even before its official launch scheduled for [...]
SEOUL, Nov. 15 (Korea Bizwire) — The turnover rate of deposits in South Korea hit a near 32-year low in September, central bank data showed Thursday, indicating that money circulation is clogged in Asia’s fourth-largest economy. The turnover rate of demand deposits came to 16.4 times for September, the lowest since January 1987, when the [...]
SEOUL, June 20 (Korea Bizwire) – Deposit interest rates have fallen so low that consumers can’t even pay a single ATM fee with their annual interest income, and their distress is compounded by the latest policies from the big banks to increase wire transfer and ATM fees. The annual nominal interest rate for a savings [...]