Due to a system failure at the National Federation of Korean Credit Unions, offline operations at credit union branches have been paralyzed, and electronic financial services, including internet banking, are also experiencing disruptions. It has been identified that the system failure occurred as a sudden influx of transactions arose from an extended Lunar New Year holiday.
According to the National Federation of Korean Credit Unions on the 31st, offline branches of credit unions are currently unable to operate. It has also been confirmed that delays in customer transactions are occurring on ShinhanON Bank, the credit union's online application.
The National Federation of Korean Credit Unions explained that the delays occurred due to a buildup of daily transaction volumes around the extended Lunar New Year holiday and noted that such cases have often arisen in the past when the holiday period was prolonged. They said, "We will do our best to ensure that normal operations can resume after 11 a.m. to minimize customer inconvenience."