POSTAL TRANSFER ACT
Act No. 2881, Dec. 31, 1975
Amended by Act No. 2914, Dec. 22, 1976
Act No. 3516, Dec. 31, 1981
Act No. 4392, Aug. 10, 1991
Act No. 4393, Aug. 10, 1991
Act No. 5454, Dec. 13, 1997
Act No. 6061, Dec. 28, 1999
Act No. 8089, Dec. 26, 2006
Act No. 8852, Feb. 29, 2008
Act No. 10126, Mar. 17, 2010
Act No. 10303, May 17, 2010
Act No. 11690, Mar. 23, 2013
Act No. 13706, Jan. 6, 2016
Act No. 14839, Jul. 26, 2017
Act No. 16752, Dec. 10, 2019
Act No. 17347, jun. 9, 2020
Act No. 17351, jun. 9, 2020
Act No. 17354, jun. 9, 2020
The purpose of this Act is to contribute to economic activities of the people by enabling them to use postal transfer services conveniently as means of simple and reliable remittance and settlement of claims and debts.
[This Article Wholly Amended on Mar. 17, 2010]
The Minister of Science and ICT shall manage postal transfer. <Amended on Mar. 23, 2013; Jul. 26, 2017>
[This Article Wholly Amended on Mar. 17, 2010]
The terms used in this Act shall be defined as follows: <Amended on Jun. 9, 2020>
| 1. | The term "postal transfer" means payment, disbursement and transfer conducted by a postal service agency in accordance with this Act; |
| 2. | The term "payment" means that an account holder or a non-account holder deposits an amount of money in the account of the account holder; |
| 3. | The term "disbursement" means that a postal service agency disburses an amount of money deposited in the account of an account holder to the account holder or a person designated by the account holder; |
| 4. | The term "transfer" means that a postal service agency transfers an amount of money deposited in the account of an account holder to another account designated by the account holder; |
| 5. | The term "automatic transfer" means to transfer money automatically by prior agreement by and between an account holder and a postal service agency to pay taxes, public charges and public utilities charges incurred on a regular basis; |
| 6. | The term "account holder" means a person who holds an account for postal transfer; |
| 7. | The term "certificate of payment" means a certificate issued by a postal service agency in order to certify the right to receive a disbursement; |
| 8. | The term "funds for postal transfer" means cleared funds for payment, of the amount of money deposited by postal transfer and the amount of postal money order under the Postal Money Order Act. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 4 (Payment of Interest) |
| (1) | Whether or not to pay interest on the balance in an account, and the rate of interest and methods of the calculation thereof shall be prescribed by Ordinance of the Ministry of Science and ICT. In such cases, the Minister of Science and ICT shall consult on the rate of interest with the Financial Services Commission: Provided, That the foregoing shall not apply where the rate of interest is determined within the range of the standard determined by the Monetary Policy Committee pursuant to subparagraph 15 of Article 28 of the Bank of Korea Act. <Amended on Mar. 23, 2013; Jul. 26, 2017; Jun. 9, 2020> |
| (2) | When the Minister of Science and ICT has determined the rate of interest pursuant to the proviso to paragraph (1), he/she shall notify it to the Financial Services Commission. <Amended on Mar. 23, 2013; Jul. 26, 2017; Jun. 9, 2020> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 5 Deleted. <Jan. 6, 2016> |
| Article 6 Deleted. <Jan. 6, 2016> |
| Article 7 Deleted. <Jan. 6, 2016> |
| Article 8 Deleted. <Jan. 6, 2016> |
| Article 9 (Seal Impression and Signature) |
| (1) | A seal impression or signature (including a digital signature under subparagraph 2 of Article 2 of the Digital Signature Act) an account holder is to use for postal transfer shall be the one reported to a postal service agency. <Amended on Jan. 6, 2016; Jun. 9, 2020> |
| (2) | A seal impression under paragraph (1) may be changed and reported as changed. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 10 (Opening of Accounts) |
| (1) | A person who intends to open an account shall file an application with a postal service agency, as prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017> |
| (2) | Deleted. <Jan. 6, 2016> |
[This Article Wholly Amended by Mar. 17, 2010]
| Article 11 Deleted. <Jan. 6, 2016> |
| Article 12 (Kinds, etc. of Performance) |
The kinds, methods and conditions, etc. of performance of postal transfer shall be prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017>
[This Article Wholly Amended on Mar. 17, 2010]
| Article 13 (Handling of Public Funds, etc.) |
A postal service agency may specially handle postal transfer for the receipt of taxes, allotted charges, public funds and other receipts and disbursements of a State agency or public organization, as prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017>
[This Article Wholly Amended on Mar. 17, 2010]
| Article 14 (Payment by Check) |
| (1) | An account holder may issue a check as an act of payment, as prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017> |
| (2) | Deleted. <Jan. 6, 2016> |
| (3) | A check to be issued pursuant to paragraph (1) shall use the form provided by a postal service agency. |
| (4) | Except as prescribed by this Act, the Check Act shall apply to a check. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 15 Deleted. <Jan. 6, 2016> |
| Article 16 (Term of Validity of Certificate of Payment) |
| (1) | The term of validity of a certificate of payment shall be two months from the date of issuance, and it may be re-issued on application after the term of validity has expired. |
| (2) | When a postal service agency calculates the period under paragraph (1), it shall not include the number of days overdue for the purpose of the subparagraphs of Article 24. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 17 (Re-Issuance of Certificate of Payment) |
In any of the following cases, a postal service agency shall re-issue a certificate of payment on application by a person who has the right to receive the certificate of payment:
| 1. | Where a certificate of payment is lost; |
| 2. | Where the entries in a certificate of payment are not clear because it gets soiled or defaced. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 18 (Payment, etc. of Fees) |
| (1) | A person who uses postal transfer shall pay a fee according to the classification of the use thereof, as prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017> |
| (2) | A postal service agency may exempt a State agency, public institution and a corporation deemed especially necessary for the public interest by the Minister of Science and ICT from the fee under paragraph (1), as prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017; Jun. 9, 2020> |
[This Article Wholly Amended by Mar. 17, 2010]
| Article 19 (Return of Fees) |
| (1) | A postal service agency shall return an overpaid or erroneously paid fee at the request of the person who has paid such fee. |
| (2) | A person shall make a request for return of a fee under paragraph (1) within one year from the date he/she paid such fee. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 20 (Restriction on Transfer in Excess of Outstanding Balance, etc.) |
| (1) | Except in the following cases, no account holder shall request payment or transfer, or issue a check, in excess of the outstanding balance in his/her account: <Amended on Mar. 23, 2013; Jul. 26, 2017> |
| 1. | Where the account would be overdrawn because the balance in the account of an account holder is less than the amount to be transferred in automatic transfer; |
| 2. | Where an account holder issues a personal check within the extent of a certain amount with approval from the Minister of Science and ICT; |
| 3. | Other cases prescribed by Ordinance of the Ministry of Science and ICT. |
| (2) | The limit and the rate of interest on transfer and issuance of a check in excess of the balance in an account under the subparagraphs of paragraph (1) shall be prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 21 (Identification of User) |
Where a postal service agency deems it especially necessary, it may identify whether a user of postal transfer is a rightful person.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 22 (Act of Persons with Limited Capacity) |
An act done by any person to a postal service agency in relation to postal transfer shall be deemed an act done by a competent person.
[This Article Wholly Amended on Mar. 17, 2010]
[Title Amended on Dec. 10, 2019]
| Article 23 (Lawful Performance) |
Postal transfer performed as prescribed by this Act or an order under this Act shall be deemed to have been performed lawfully.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 24 (Exemption from Responsibility) |
A postal service agency shall not be held responsible for a loss incurred in cases falling under any of the following subparagraphs:
| 1. | Where documents submitted are insufficient; |
| 2. | Where a postal service agency is unable to conduct business due to force majeure. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 25 (Restrictions on Transfer of Rights) |
| (1) | No account holder shall transfer his/her rights to the account except for cases where he/she has obtained approval from a postal service agency: Provided, That the foregoing shall not apply where he/she transfers his/her rights by inheritance or will. |
| (2) | No certificate of payment shall be transferred to a person other than a bank under Article 2 (1) 2 of the Banking Act (hereinafter referred to as "bank"), and such transfer shall take effect by transferring a certificate of payment to a bank. <Amended on May 17, 2010> |
| (3) | A check issued pursuant to Article 14 shall not be subject to restrictions on the transfer thereof. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 26 (Closure of Accounts) |
| (1) | Where an account holder falls under any of the following subparagraphs, a postal service agency may close the relevant account: |
| 1. | Where an account holder fails to pay a fee or evades paying a fee by other means; |
| 3. | Where an account holder fails to use his/her account for three years; |
| 4. | Where an account holder makes an application for withdrawal. |
| (2) | Where a postal service agency has closed an account pursuant to paragraph (1), it shall refund the balance in the account to the account holder by a certificate of payment without delay. <Amended on Jun. 9, 2020> |
| (3) | An account holder shall not request transfer or payment and issue a check after he/she has made an application for withdrawal under paragraph (1) 4. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 27 (Lapse of Rights) |
| (1) | Where an account holder fails to file a claim for payment of funds within three years after the term of validity of a certificate of payment expires, the right with regard thereto shall lapse. |
| (2) | The amount mentioned in a certificate of payment the right of which has lapsed pursuant to paragraph (1) shall revert to the National Treasury. |
| (3) | The Minister of Science and ICT shall notify the person who has the right to receive a certificate of payment of the fact that he/she should file a claim for payment before his/her right lapses pursuant to paragraph (1). <Amended on Mar. 23, 2013; Jul. 26, 2017> |
| (4) | Matters necessary for the timing and methods of the notification under paragraph (3) shall be prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 27-2 (Support for Non-Claimants for Payment) |
Where any of the following reasons arise, and a person entitled to payment, his/her legal representative or successor claims payment, the Minister of Science and ICT may pay the amount reverted to the National Treasure pursuant to Article 27 (2): <Amended on Mar. 23, 2013; Jul. 26, 2017> | 1. | Where the person entitled to payment was unable to file a claim for payment before the extinctive prescription was completed after notification under Article 27 (3) due to an event of force majeure, such as an act of God and unconsciousness, etc.; |
| 2. | Where a successor did not know the existence of a certificate of payment due to death of a person entitled to payment, etc.; |
| 3. | Where there is a good reason for the Minister of Science and ICT to deem that the person entitled to payment has not received a written notification. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 28 (Restrictions on Conduct of Business) |
| (1) | Where a natural disaster, war or incident, or state of national emergency arises, a postal service agency may restrict the conduct of business concerning postal transfer. |
| (2) | Where a postal service agency places restrictions under paragraph (1), it shall publicly announce the details thereof. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 29 (Special Treatment) |
| (1) | A postal service agency may afford the following convenience to users of postal transfer who have suffered a disaster due to a natural disaster, etc.: |
| 1. | Deposit with a financial institution; |
| 2. | Simplification of the procedure for payment of earnings of an account. |
| (2) | When a postal service agency affords convenience under paragraph (1), it shall publicly announce the details thereof. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 29-2 (Methods of Managing Funds for Postal Transfer) |
| (1) | A postal service agency shall manage funds for postal transfer by the following methods: |
| 1. | Deposits with financial institutions; |
| 2. | Purchase of securities that the State, a local government or other public organization, or a financial institution under subparagraph 1 issues directly or guarantees the fulfillment of obligation thereof; |
| (2) | The ratio of funds to be managed under the subparagraphs of paragraph (1) and the rate of interest on funds managed under subparagraph 3 of the same paragraph shall be prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 30 (Exemption from Taxes) |
No stamp duty shall be imposed on documents concerning postal transfer and no income tax shall be imposed on the interest thereon.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 31 (Delegation Provisions) |
Except as prescribed by this Act, the performance of postal transfer and the management of funds for postal transfer shall be prescribed by Ordinance of the Ministry of Science and ICT. <Amended on Mar. 23, 2013; Jul. 26, 2017>
[This Article Wholly Amended on Mar. 17, 2010]
ADDENDA <Act No. 2881, Dec. 31, 1975>
| (1) | (Enforcement Date) This Act shall enter into force 60 days after the date of its promulgation. |
| (2) | (Transitional Measures) Postal transfer savings under the Postal Savings Act as at the time this Act enters into force shall be deemed postal transfer under this Act. |
| (3) | (Transitional Measures) The "Postal Savings Act" as cited in other Acts as at the time this Act enters into force shall be deemed the "Postal Savings Act" and the "Postal Transfer Act". |
| (4) | (Transitional Measures) "Postal transfer" shall be construed as being included in "postal savings" in other Acts as at the time this Act enters into force. |
ADDENDA <Act No. 2914, Dec. 22, 1976>
| (1) | (Enforcement Date)This Act shall enter into force on March 1, 1977. |
| (2) | (Transitional Measures) Funds for postal transfer among deposits of postal savings managed in accordance with the Postal Savings Management Act as at the time this Act enters into force shall be deemed funds for postal transfer that have been used in accordance with this Act. |
ADDENDUM <Act No. 3516, Dec. 31, 1981>
This Act shall enter into force on January 1, 1982: Provided, That the amended provisions of Article 20 shall enter into force from the date prescribed by Ordinance of the Ministry of Communication within one year from the date this Act enters into force subject to consultation with the Minister of Finance.
ADDENDUM <Act No. 4392, Aug. 10, 1991>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 4393, Aug. 10, 1991>
Article 1 (Enforcement Date)
This Act shall enter into force four months after the date of its promulgation.
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
ADDENDUM <Act No. 6061, Dec. 28, 1999>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 8089, Dec. 26, 2006>
| (1) | (Enforcement Date) This Act shall enter into force on January 1, 2007. |
| (2) | (Applicability concerning Notification of Claim for Payment of Certificate of Payment) The amended provisions of Article 27 (3) and (4) shall apply beginning with the first certificate of payment the extinctive prescription of the right of which completes after July 1, 2007. |
| (3) | (Applicability concerning Assistance to Non-Claimants for Payment) The amended provisions of Article 27-2 shall apply beginning with the first amount reverted to the National Treasury in accordance with the amended provisions of Article 27 (2) after this Act enters into force. |
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 10126, Mar. 17, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 10303, May 17, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 10 Omitted.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on the date of its promulgation. |
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 13706, Jan. 6, 2016>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 14839, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of the Acts, which were promulgated before this Act enters into force, but the date on which they are to enter into force, has not arrived yet, among the Acts amended pursuant to Article 5 of the Addenda, shall enter into force on the enforcement dates of such Acts, respectively.
Articles 2 through 6 Omitted.
ADDENDUM <Act No. 16752, Dec. 10, 2019>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 17347, Jun. 9, 2020>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 17351, Jun. 9, 2020>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 17354, Jun. 9, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 8 Omitted.