identity Public policy Government

[April 4] The deposit and savings account numbering system has been expanded

Nat 2025-04-02 No Comments

The deposit and savings account numbering system (Account Management Act system) has been expanded from April 2025, 4. This system, subject to the consent of the individual, links the My Number to deposit and savings accounts at financial institutions, and is intended to simplify procedures mainly in the event of inheritance or disaster.

【Document】

Key benefits:

Simplifying procedures in the event of inheritance or disaster

  • By assigning My Numbers to accounts, it will be possible to easily identify the locations of savings accounts held at multiple financial institutions and receive relevant information in the event of inheritance or a disaster.
  • The document clearly states that "In the event of inheritance or a disaster, the location of the savings account can be identified and information about the savings account can be provided." ("Material XNUMX"Than)
  • The publicity materials also explain that "if you number your accounts at a financial institution, you can enjoy the benefit of being able to find the location of your numbered accounts in the event of inheritance or a disaster." ("Material XNUMX"Than)

Bulk collaboration using My Number

  • With the individual's consent, My Number can be assigned to savings accounts at multiple financial institutions at once via financial institutions or My Number Portal.
  • The document states, "With the consent of the individual, numbers can be assigned to multiple deposit and savings accounts at the same time from financial institutions and My Number Portal." ("Material XNUMX"Than)
  • The diagram shows the process of submitting your My Number to multiple financial institutions through My Number Portal or at the financial institution's counter.Material XNUMX"Than)

Dealing with concerns

Optionality

  • Reporting your My Number to financial institutions is optional and not mandatory.
  • The Digital Agency's website states that "Notifying financial institutions of your My Number is optional." (From "Expansion of the Savings Account Numbering System, etc. | Digital Agency")

Privacy considerations

  • Even if you report your My Number, that information does not directly lead to the government understanding of your assets. It is emphasized that financial institutions will not notify you of your national deposit balance or other information as a result of your reporting your My Number.
  • The document includes a Q&A-style explanation that says, "Don't worry, financial institutions will not disclose your deposit balance or other information to the government after you submit your My Number."Material XNUMX"Than)
  • It also explains that "conventionally, the government's ability to check depositor account information was limited to cases where it was required by law to conduct necessary social security asset investigations or tax investigations."Material XNUMX"Than)
  • No account information will be registered on the My Number card, and there is also a temporary suspension measure in place in case of loss or theft.Material XNUMX"Than)

Start time

  • The Account Management Act system will come into effect on April 7, 2025.
  • At the beginning of the document, it says in large letters, "Starting April 1, 2025!" ("Document 3"Than)

Procedure: How can I register?

  • With the individual's consent, it is possible to apply for the assignment of My Numbers to multiple deposit and savings accounts at once through financial institutions and My Number Portal. .
  • Specifically, it is believed that registration (application for the assignment of a My Number) can be done in the following ways.
    • Financial institution window: You can apply for a numbering by bringing your My Number card to a financial institution and notifying them of your account. It is planned that you will be able to check the location of your savings account with your My Number at a single financial institution.
    • Minor portalThrough My Number Portal, you will be able to apply for the assignment of My Numbers to deposit and savings accounts at multiple financial institutions at once.However, as of 4:2 on April 11nd, it appeared that the service was not yet ready, and when I inquired by phone, I was told to either do it in person at the financial institution's counter or to wait a while before inquiring again.

Important matters

  • Account Management Regime: This refers to the system of assigning My Number numbers to savings accounts.
  • Benefits of My Number: It will simplify procedures for inheritance and disasters and make it possible to check information on multiple accounts at once.
  • My Number Portal: It will be possible to assign numbers to savings and deposit accounts through online services related to My Number.
  • Differences from the Public Funds Receipt Account Registration System: The deposit and savings account numbering system is intended solely to make it easier to check information in the event of inheritance or a disaster, and is different from the "Public Funds Receiving Account Registration System," which registers accounts for receiving benefits and other payments with the government.
  • The Digital Agency website clearly explains the difference between the two systems. (From "Savings Account Numbering System | Digital Agency")
  • Importance of address change: If the address and other information registered with a financial institution is not up-to-date, it may not be possible to assign a My Number, so it is recommended that you update your information in advance.
  • The document warns that "If you do not update the address and other information you have provided to financial institutions, your account will not be recognized as yours and you will not be able to have your My Number assigned to it." ("Material XNUMX"Than)
  • Contact point: For inquiries about the My Number system in general or this matter, the My Number general toll-free number (0120-95-0178) is provided.Material XNUMX"Than)

Conclusion

The Account Management Act system, which will begin on April 2025, 4, aims to centrally manage deposit and savings account information using the My Number system, reducing the burden of procedures in emergencies such as inheritance and disasters. Notification of the My Number system is optional, and consideration is given to privacy. When using the system, it is important to check and update the information registered with financial institutions.

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