“I didn’t know that I entrusted the money”… Possible reasons for Saemaul Geumgo’s ‘quiet merger’

It was found that the Saemaul Geumgo Federation did not have regulations in place to notify depositors of the merger. This is the reason why the merger between Saemaul Geumgo, which is considered the main cause of the Saemaul Geumgo crisis, is being carried out ‘quietly’. Even recently, depositors were not notified of a safe deposit box in Seoul until two weeks after the merger. The vault attracted depositors from all over the country last year by selling special products for high-interest time deposits with an annual interest rate of over 8%.

According to Money Today’s coverage on the 14th, safe deposit box A in Jung-gu, Seoul was absorbed and merged with safe deposit box B nearby on the 29th of last month. Individual notification refers to notification in a way that allows traders to know, such as text messages, e-mails, and postal mail.

A vault sent notifications on the merger general meeting by mail and text messages to all investors twice in late June and early July. The merger general먹튀검증 meeting is a general meeting that decides the pros and cons of a merger between vaults. Since then, on July 14, additional merger notification texts have been sent to high-value traders of more than 100 million won. However, depositors and borrowers with less than 100 million won were not individually notified of the merger.

A vault explained through the Saemaul Vault Federation, “We sent text messages about the computerized merger twice to traders with less than 100 million won.” However, it was confirmed that the text contained the content that ‘financial services will be temporarily suspended due to computer system upgrade work’ rather than the merger.

As of March this year, the total assets of A safe were tallied at 236.8 billion won. Savings A deposited deposits nationwide in October of last year, introducing a special product for time deposits that provides an annual interest rate of 8.01% for just six months of subscription.

The fact that A Vault did not notify traders of less than 100 million won of the merger is interpreted as a lack of separate regulations. According to the Saemaul Geumgo Act and related regulations, individual safes must issue a ‘creditor notice’ stating that deposits and loans will be transferred to other safes after the merger is decided. A safe has posted a creditor notice on its website in accordance with the regulations.

However, this contrasts with the internal regulations of the bank. According to the guidelines of the Financial Supervisory Service, banks are required to provide individual information to all traders twice, via text, phone, mail, or e-mail, three months before branch closure. Some large banks are re-announced at least one month prior to closure to ensure traders are aware of branch closures.

It is expected that the number of mergers of Saemaul Geumgo may increase further in the future. Previously, the Ministry of Public Administration and Security, which is in charge of Saemaul Geumgo, announced that it would set 100 safes with higher-than-average delinquency rates out of 1297 nationwide as targets for intensive management and conduct special inspections on 30 of them with delinquency rates over 10%.

An official from the Saemaul Geumgo Federation said, “We did everything we had to do during the merger process, but if some depositors experienced inconvenience, we will carefully look into it in the future.”

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