Korean Job Discussion Forums

kimchikowboy · Joined: 24 Jan 2003

Is there something similar here to the FDIC in the US? What are the limits/details?
If so, are there guarantees for dollar accounts?

VanIslander · Posted: Thu Mar 12, 2009 8:36 am Post subject:

You've been here since 2003... ask your adult students or Korean friends!

Koreans have told me their money is secured up to an amount. What that amount is I dunno but it's over 100 million according to one adult student of mine.

Of course, at Dave's there's real reality and others to cite actual law...

But sometimes posters ask things that make me wonder why they don't just ask their students about (unless they just teach kindy or kiddies their whole time here).

Knucklehead · Joined: 06 Jan 2008

up to 50 million won is guaranteed.

I don't think foreign currency accounts are included in that.

Check out more info here.

https://www.kdic.or.kr/english/customer/consumer_faq.jsp

Chamchiman · Joined: 24 Apr 2006 Location: Digging the Grave

Yup. What Knucklehead said.

Here's a quote from http://www.kdic.or.kr/english/insurance/limit.jsp:

oldfatfarang · Joined: 19 May 2005 Location: On the road to somewhere.

MY co-teachers tome that bank deposits are only guaranteed for won 30,000,000 per person.

zeldalee13 · Joined: 08 Nov 2008 Location: Seoul, South Korea

Good question; good to know.