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| A notice at the entrance of a major commercial bank branch in Seoul on Jan. 27 informs customers of operating hours returning to normal from Jan. 30. Yonhap |
By Anna J. Park
From Monday, five major commercial banks in Korea will return to their normal operating hours, opening at 9 a. m. and closing at 4 p.m. The lenders decided to shorten their operating time by an hour 18 months ago, opening at 9:30 a.m. and finishing at 3:30 p.m., due to coronavirus-led social distancing policies in July 2021.
As the country's indoor mask mandate is lifted from Monday, except on public transportation and some other cases, the five major banks ― KB, Shinhan, Hana, Woori, NH NongHyup ― notified their branches last Friday about the changed operating hours.
Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Standard Chartered Bank Korea, as well as other foreign bank branches and regional banks, also followed suit. Major savings banks, including SBI and DB, also return to their original operating hours from 9 a.m. to 4 p.m.
However, this decision was unilaterally made by the banks' management, while the Korean Financial Industry Union (KFIU), the representative union group of the financial sector, is still opposed to the move. The union is even considering filing an injunction against the employers' decision.
The two sides ― bank employers and the union ― agreed last year to discuss whether to normalize bank operating hours through a separate taskforce. However, the management at the lenders decided to normalize the operating hours without obtaining the full consent of the union, as the negotiations failed to generate visible progress.
The unilateral decision to normalize the operating hours came as pressure from the government and consumer groups mounted recently. The regulatory Financial Services Commission (FSC) in tandem with the Financial Supervisory Service (FSS) strongly called on the banks to normalize the working hours, citing growing complaints and inconveniences of customers.
"While the country's economic activities have returned to normal with the lifting of social distancing, banks' shortened operating hours continue, resulting in consumers' inconveniences. The FSS urges banks and their unions to promptly strive for the normalization of operating hours through smooth agreements," FSS Governor Lee Bok-hyun said earlier this month.
Consumer groups also released a statement earlier this month, urging the banks to extend the operating hours.
"While the country's social distancing has been lifted since April last year, banks' shortened operating hours continue," the Korea National Council of Consumer Organizations said. "Banks should bestow consumers a choice to choose between offline and online banking services. The shortening of the operating hours violates consumer rights," the consumer group's statement stressed.
Amid such external pressure, the banks sought the advice of law firms, which confirmed that management can make a decision about the operating hours without the consent of the union when the government lifts the mandatory indoor mask-wearing rule.
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