IPO Deposit Refund Delayed? Fix It in 6 Steps

If your deposit refund is delayed, do not panic.

Here is a one-line overview to guide you immediately.

Retail investor: "I applied but the money has not returned, where should I check first?"

Here is the direct answer.

The 6 steps to take are: 1. Check account and order history, 2. Confirm refund scheduled date, 3. Check for withdrawal or transfer restrictions, 4. Contact your broker's customer service, 5. Check with the central depositary or stock exchange, 6. If still unresolved, file a dispute request.

Where should I look first?

Check ‘subscription deposit’ and ‘refund scheduled date’ on the subscription order history screen.

Subscription history is under the ‘history/orders’ menu in the broker app or web.

Refund dates vary according to the IPO schedule.

Deposit means the money you prepaid at subscription, and it is returned if you do not receive allocation.

How do I confirm the refund scheduled date?

The refund scheduled date follows the IPO timetable.

Refund dates can differ from payment dates.

The ‘refund scheduled date’ shown in disclosures or subscription notices is the reference.

Check the latest notices from your broker or the IPO disclosure for the official date.

Could account or withdrawal restrictions block the refund?

Verify account suspension, withdrawal restrictions, or freezes.

Reasons may include account freeze, financial fraud, loan collateral, or court orders.

Withdrawal limits can block the refund deposit itself.

Check account status immediately in the broker app’s ‘account information’.

Which account receives the refund?

Refunds are deposited to the same account used for the subscription.

Refund deposit account is the one selected at the time of subscription, and automatic deposit is standard.

Refunds are not sent to other accounts or cash cards.

Who should I contact first?

First, the broker where you subscribed (app chat or call center).

Second, Korea Securities Depository (for refund/deposit issues), and if needed, Korea Exchange guidance.

Prepare order number, subscription date, and account number when contacting the broker.

The broker customer center is the first contact point for resolution.

If it still does not resolve, what procedures follow?

→ 1. Request formal complaint submission to the broker.

→ 2. If the broker cannot resolve, contact Korea Securities Depository (responsible for refund allocation) or the stock exchange.

→ 3. If still unresolved, you may proceed with Financial Supervisory Service complaint and dispute mediation procedures.

Consider dispute mediation procedures if the issue persists.

What information must you prepare for inquiries?

The order number is the most important proof of subscription.

You will need account number and transfer details to confirm refund deposits.

Subscription evidence (screenshots) and app screen captures are helpful.

Sending screen captures and transaction statements together speeds up the inquiry.

Note: Common reasons refunds are not immediate

• Refund date not yet reached per IPO schedule
• Account withdrawal/deposit restriction (freeze)
• Wrong deposit account selected at subscription
• Internal processing delay at the broker

The appropriate contact and processing time differ depending on which situation applies.

This is for reference only.

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※ This article is for informational purposes and is not investment advice.

※ Investment decisions and responsibility rest with the investor.

※ Figures are as of the time of writing and may change.

This article is for informational purposes and is not investment advice.