Toss Bank offering an account with many account holders

Toss Bank CEO Hong Min-taek, second from left, speaks at a press conference held in Gangnam, southern Seoul, to introduce a new product on Wednesday. [TOSS BANK]

Toss Bank is offering a deposit account that enables a group of people to jointly manage one account.

The new passbook product allows all registered members of the joint account the same access, including cash withdrawals, deposits and payment settlement. Every registered member can get their own debit card for the shared account.

Before the rollout of what Toss Bank describes as the “gathering passbook,” only one person from a group had the exclusive right to bank.

The new service will send alerts and provide cashback for payments at restaurants, sports facilities and discount marts. It also offers 2.3 percent annual interest rate for deposits.

“We’ve come to launch this service following close communications with the Financial Services Commission and Financial Supervisory Service,” said Toss Bank CEO Hong Min-taek during a press conference on Wednesday.

Toss Bank said the new passbook has safety features, like getting every member’s approval to be registered on the passbook, to prevent fraud and theft.

The bank is currently reviewing the possibility of a new service related to foreign exchange.

BY JIN MIN-JI [jin.minji@joongang.co.kr]