A customer uses a shared ATM in Seoul operated by four major banks in South Korea. (Yonhap)
According to the Financial Services Commission, the loan payments due on Monday will automatically be postponed to Tuesday. Late fees are waived, but some loans – including those that may incur early repayment fees that are charged when customers prepay their principal – may require a consultation with the bank.
Investors can also receive returns and repayments on term savings accounts that mature on Tuesday on Monday. This can also be adjusted personally through the customer service of each bank.
All major local and overseas banks operating here, including Shinhan, Hana, KB Kookmin, Woori, Citibank Korea, and Standard Chartered Bank Korea, are closed for holidays.
For ATM fees, Shinhan and Hana have chosen to charge the amount used on normal business days, while KB Kookmin, NH NongHyup, Standard Chartered and Citibank charge weekend fees.
The banks will have different guidelines for transfers and payments in foreign currencies. Customers must therefore inquire at the respective bank or adjust their schedules personally.
Last month, the government set August 17 as a temporary holiday to allow workers to have three consecutive days off during the summer season as the economy continues to be hit by the coronavirus pandemic.
By Jung Min-kyung ([email protected])