Money from deposits or insurance payouts left unclaimed for a long time, whose statute of limitations has expired under laws and terms and conditions, is classified as 'dormant deposits' and other dormant financial assets. Dormant financial assets include not only bank deposits and installment savings but also refund amounts arising from insurance contracts and the issuance proceeds of cashier's checks. According to guidance from the Korea Inclusive Finance Agency, the statute of limitations differs by type.

■ Bank deposits and installment savings — 5-year statute of limitations According to the Korea Inclusive Finance Agency, the statute of limitations applied to deposits, installment savings, and similar accounts at banks and savings banks is five years. However, accounts cannot automatically be deemed dormant simply because there has been no activity for a long time. Whether the statute of limitations on a given deposit has expired must be verified.

■ Dormant insurance payouts — 3-year statute of limitations Dormant insurance payouts arise from life insurers, non-life insurers, and post office insurance. They include refund amounts from the cancellation or lapse of insurance contracts, maturity insurance payouts, and policyholder dividends, with a stated statute of limitations of three years.

■ Dormant cashier's checks — 5-year statute of limitations The issuance proceeds of cashier's checks issued by banks are also classified as dormant cashier's checks. In this case, the statute of limitations is stated as five years.

■ Unregistered share dividends — 10-year statute of limitations There are also 'unregistered share dividends' related to stocks. Unregistered shares refer to stocks for which the owner's name has not been changed on the shareholder register through share transfer registration after acquisition. Dividends or stocks generated from these shares are unregistered share dividends, and the responsible institution is the Korea Securities Depository. The stated statute of limitations is ten years.

■ Points to note when checking As shown, dormant financial assets differ in how they arise and in their statutes of limitations depending on the type. When checking whether you hold any, it is necessary to look not only at deposits and insurance payouts but also at assets related to past check or stock transactions.

[This article was written based on guidance materials provided by the Korea Inclusive Finance Agency. The starting point and applicability of the statute of limitations for individual assets may vary depending on contracts and relevant regulations, so they should be confirmed with the relevant financial institution or related organization. AI assistance was used in writing this article.]