Here’s how to recover Woori Bank’s suspended account and the documents required to lift the suspension. I’m going to stop trading… Let’s find a way.
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Suspension of Woori Bank account transactions
In the past, if you wanted, you could easily open an account and get a bankbook issued, and it seems that banking transactions were very easy. These days, creating a new account is not as simple as before, and if you do not use the account you created, the transaction will be suspended. This applies not only to bank accounts, but also to securities accounts. 휴면계좌 복구
The reason is that regulations have become stricter due to the risk of the Daepo bankbook, and the purpose is to prevent both illegal use of new accounts and illegal use of existing accounts. 좋은뉴스
A few days ago, I forgot I even had a Woori Bank account, but when I looked for and entered the account after a long time, it was ‘transaction stopped’. To check whether or not the transaction is suspended, check the sign [Suspension of transaction] under the account number in the Woori Bank app (Woori WON).
In addition, log in to Internet Banking (Woori Bank website), check your account, and check the last transaction date for each account.
The picture below is my app screen, and you can see the stop transaction sign. For several years, only deposit settlement interest came in, but there was no transaction.
Woori Bank-App screen
Woori Bank-transaction suspended
Why was my Woori Bank account suspended?
In the case of Woori Bank, it is said that accounts with no transactions for more than one year among deposits and withdrawals will be converted to accounts suspended for transactions. When it is changed to a suspended account, trading is literally stopped. You need to release this when you want to trade.
There are three main criteria for stopping trading. Different balances have different no-transaction period conditions.
① An account with a deposit balance of less than KRW 10,000 and no deposit/withdrawal transactions for more than one year
② Deposit-withdrawal accounts with deposit balances between 10,000 and 50,000 won and no deposit/withdrawal transactions for more than 2 years
③ An account with deposit and withdrawal balances between 50,000 won and less than 100,000 won and no deposit/withdrawal transactions for more than 3 years
In addition to the ‘transaction suspension account’, there is a ‘dormant account’. Woori Bank’s dormant account refers to a deposit account that has been closed due to no transaction for more than 5 years. Dormant accounts cannot be reused at all.
How to recover trade stop?
From what I have learned, it is said that it is actually possible to restore it only if it has been used a lot in the past or there is objective evidence. Recovering a suspended account is not easy. Dormant accounts in other banks or securities accounts can be easily unlocked with the application.
However, in the case of a suspended account, you have to visit the branch and submit evidence, and even if you submit it, it is said that it is not easily released. It is written in the announcement that it can be done with a smartphone or internet banking, but I don’t think it works.
At first, I thought it would be easy to recover like a dormant account, but it wasn’t. First of all, look at the limit during the transaction. The way to recover is to visit a Woori Bank branch with the necessary documents.
Required documents are proof of real name verification, bankbook, bankbook seal, documents confirming the purpose of financial transaction, and documents confirming the purpose of financial transaction. Financial transaction purpose confirmation and financial transaction purpose confirmation documents? I have no idea what kind of document this is.
stop trading account
suspended account
I searched for confirmation documents and supporting documents for the purpose of financial transaction and found the following.
You just need to prepare supporting documents according to the purpose of the financial transaction. The purpose can be divided into salary receipt, pension receipt, business account, meeting account, and loan transactions. Please see below for representative documents for each.
Examples of documents confirming the purpose of financial transaction and supporting documents
Salary receipt: Certificate of income amount, earned income withholding receipt, salary statement, employment (salary) contract, employment certificate, salary earner’s business card, salary transfer details (transaction history) for the last 3 months or more, pass/employee certificate, etc.
Receipt of pension: certificate of pension or certificate of beneficiary, documents proving national pension receipt
Business account book: (electronic) tax invoice, goods supply contract or invoice, value-added tax certificate, tax payment certificate, financial statement/ utility bill payment receipt, BC Card member store registration and approval application, business premises lease contract of a newly established corporation
Gathering passbook: list of members with contact information and by-laws (articles of incorporation)
Loan Transaction: Direct debit bankbook for payment of loan principal and interest (copy of application for loan consultation)
A lot of question marks arise. Why the hell do I want to do this? I’m going to recover my account and use it, but I think I have to prepare these documents. Unless you absolutely need to recover the account, opening a new account with Woori Bank is an easier and more convenient way.
If you check all the bank accounts you have now and there is no recent transaction, it would be better to create a transaction record and manage the transaction so that it does not stop. I’ll have to check my account right away.