Unclaimed Court Deposits Transferred to Treasury Down About 50% as KakaoTalk Notices Urge People to Claim Funds

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\r\n[Financial News] The balance of court deposits that were not claimed and therefore reverted to the national treasury has fallen to 55.2 billion won as of this January, about half the level of a year earlier. Before deposits are transferred to the treasury, the courts are actively notifying parties by mail and KakaoTalk so they can claim their funds.
\r\nAccording to the National Court Administration of the Supreme Court of Korea on the 3rd, as of January 21 the amount of court deposits reverting to the treasury stood at 55.2 billion won. This is roughly half the 107.6 billion won recorded in the same period last year. The reversion rate of court deposits to the treasury also dropped sharply from 1.61% last year to 0.62% this year, more than a 50% decrease.
A court deposit is a system in which a debtor, when unable to directly pay a creditor, deposits money or other assets with the court and is legally recognized as having fulfilled the obligation. It is commonly used in criminal cases when an offender deposits money as a sign of remorse to the victim, or in civil cases to prevent additional interest from accruing after a debt has effectively been extinguished.
The Supreme Court of Korea explained that it has been running a "find your court deposit" campaign by sending notification letters and KakaoTalk alerts to the parties, and as a result 280.1 billion won has been paid out to rightful recipients. The amount of deposits successfully claimed has increased by 38.6% compared with a year earlier.
In addition, the courts are pursuing a range of online and offline promotional strategies, including producing publicity videos with influencers for the deposit-claim campaign, placing banner ads on bank ATM screens and mobile apps, and creating and distributing posters.
An official at the National Court Administration said, "To protect citizens' property rights, ensure they are realized, and improve access to judicial services, we are continuously carrying out the 'find your court deposit' initiative, which guides people to withdraw and reclaim their deposits before the statute of limitations expires."
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hwlee@fnnews.com Lee Hwan-joo Reporter