STRATEGIC PARTNERS
February 25, 2002
TOKYO -- Post offices started sharing their ATMs and cash dispensers with 115 private financial institutions including banks, credit card companies and brokerages, according to Kyodo News International.
The ATM linkups enable depositors at Japanese financial institutions to withdraw money with their cards at post offices, and postal savings depositors can make withdrawals from the financial institutions' ATMs.
Fourteen banks, including Tokai Bank, Daiwa Bank and Citibank, have linked up with the ATMs at post offices. Other city banks and regional banks have been reluctant to link up with the post offices, as they don't want to lose business conducted through their ATMs.
The links will benefit account holders at private financial institutions, who will be able to withdraw cash from about 17,900 of the 24,000 ATMs and cash dispensers at post offices nationwide.
Other private institutions participating in the linkup include life insurance companies, such as Sumitomo Life Insurance Co., credit card companies, including American Express International, and brokerage houses.
Postal savings depositors will be charged 105 yen per transaction at
private financial institutions' ATMs, while each financial institution has set separate fees for depositors using the postal savings' ATMs.
