Sh Suhyup Bank is holding an event to attract card merchant payout settlement accounts from small business customers, offering gift vouchers worth up to 50,000 won. It targets sole proprietors who first register Suhyup Bank as the deposit account for merchant payouts from at least two card companies.

Suhyup Bank said on Oct. 16 it will run the "Boss! Switch to Sh Suhyup Bank!" event from Oct. 15 to Dec. 11.

The event targets sole proprietor customers who register Suhyup Bank for the first time as their merchant settlement account. Customers who designate a Suhyup Bank account as the settlement account for merchant payouts from two or more card companies are automatically entered without a separate application.

During the event period, the bank will provide Shinsegae Emart gift vouchers based on cumulative merchant payout deposits. Customers will receive a 10,000 won voucher for cumulative deposits of 100,000 won or more, a 20,000 won voucher for 1,000,000 won or more, and a 50,000 won voucher for 5,000,000 won or more.

New registrations and changes of merchant payout settlement accounts can be made at Suhyup Bank branches or through its mobile banking app, Partner Bank. Up to 9 card companies' settlement accounts can be registered or changed at once with no separate fee.

Suhyup Bank plans to use the event to increase the number of merchant payout settlement accounts from small businesses and expand its base of primary banking clients.

Suhak-gi Shin (신학기), head of Suhyup Bank, said: "We will expand our base of primary banking clients by encouraging regular inflows of funds such as merchant payouts and pensions." He added: "We will strive to be a bank that provides tangible benefits to local small business owners."