Banking Changes Ahead Could Cause Major Confusion. Counters Will Stop Taking Cash, and Cards That Skip Credit Checks Are Coming.
An independent exercise, not a statement by the video creator or verification of every claim in the video.
What to check before visiting a branch or applying for a card
For a cash deposit, record the bank and branch and check whether that counter accepts deposits. If an ATM is available, check whether it accepts deposits into your bank account. For a deposit-backed card, check the designation notice for eligibility and the issuer’s product notice for the opening date, deposit and refund conditions.
Check for yourself
- For a cheque, is it enough to know that an ATM accepts cash deposits and withdrawals?
- Where does the issuer state when it will return the deposit and how it handles late payments?
Limits of application
Branch services and issuer terms can vary. This is a way to check the terms, and it does not predict approval or changes in credit scores.
- What to look for
- Examine which branch is covered by the cash and cheque notice and the conditions of the deposit-backed card pilots.
- Why it matters
- Check where a specific banking task can be handled, and distinguish a pilot designation from actual application and deposit terms.
Timeline
3 segmentsThe Financial Services Commission designated Shinhan Card and Woori Card’s deposit-backed credit card services as regulatory pilots. The designation limits issuance to people whose credit scores cannot be checked because of insufficient financial history. Launch dates and application requirements are matters for the issuers’ notices.