Even if no money leaves your account during the Chuseok holiday, scheduled payments have not disappeared.
Card bills, loan maturities, and automatic payments that coincided with the holiday may be processed on the 28th.
If you considered the money left after holiday spending to be extra funds, you could face insufficient funds.
3-line summary
1. Payments postponed during the holiday will be processed on the 28th
2. Card bills and loan maturities will move together as well
3. Processing methods must be checked separately for each agreement
Even a 25th payment date means the actual withdrawal is on the 28th
Credit card bills whose payment dates fell between the 24th and 27th, during the Chuseok holiday, will be automatically withdrawn from customers’ accounts on the 28th without late fees. Even when the usual payment date is the 25th of every month, the actual withdrawal date in September this time will be the 28th because it coincided with Chuseok Day.
Loan repayment maturities at banks, insurance companies, savings banks, and credit card companies will also be automatically extended to the 28th if they fell during the holiday. No late interest will be charged, but the repayment date has not disappeared; it has been moved back. If card payments and loan repayments are made from the same account, you need to calculate the amounts that will be withdrawn together.
What requires particular caution in this schedule is the fact that there were no withdrawal records during the holiday. If you regard the money remaining in your account as newly available money to spend, insufficient funds could occur during the automatic withdrawal on the 28th.
Insurance premiums and utility bills may be withdrawn at the same time
If the automatic payment dates for insurance premiums, telecommunications bills, and utility bills such as electricity and gas also coincided with the holiday, they will, in principle, be postponed until after the holiday. This means that several bills may be processed around the same time rather than being withdrawn on separate dates as usual.
However, the Financial Services Commission explained that products with separate agreements may be processed differently. You should check the guidance from the financial company or billing institution to determine which day the automatic transfer will be withdrawn immediately after the holiday. Rather than looking only at the designated payment date, it is better to check the actual scheduled automatic-transfer date and the account balance together.
Deposits that matured during the holiday will be paid on the 28th, including interest for the holiday period. Housing pensions scheduled to be paid during the holiday were paid in advance on the 23rd to eligible customers. Because the dates of incoming and outgoing funds may differ, it is best not to let a payment date pass based solely on the amount scheduled to be deposited.
Domestic stocks sold on the 23rd will be paid on the 29th
Domestic stock-sale proceeds are ordinarily received only after 2 business days have passed following the sale, so the payment date is also pushed back when a holiday intervenes. If you sold domestic stocks on the 23rd, you will receive the sale proceeds on the 29th, after the holiday, rather than on the originally scheduled 25th.
If you had set aside stock-sale proceeds for card bills or automatic transfers, you need to check this difference in dates. Overseas stocks have different schedules depending on the market and securities company, so they need to be checked separately. After this holiday, the key is to look not only at the displayed balance but also at the amount scheduled to be withdrawn on the 28th and the amount scheduled to be deposited on the 29th separately.
References
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