STRATEGIC PARTNERS
May 13, 2002
TOKYO -- IY Bank, the banking unit of retailer Ito-Yokado Co., said on May 13 that 4,000 accounts were erroneously double-billed for monthly fees.
Bank officials said the problem was probably caused by human error and not the result of computer trouble. "But we are now looking into the problem," one official told the Japan Times.
IY Bank, jointly owned by Ito-Yokado and its convenience subsidiary, Seven-Eleven Japan Co., operates 24-hour ATMs installed in the stores of each chain.
When the balance of an account falls below 100,000 yen, a monthly fee of 105 yen is charged to those customers who wish to receive bank statements by mail and 315 yen for those who wish to receive statements via mail and the Internet.
According to the officials, the bank debited monthly fees for May on May 10 and then again May 11. They said they only became aware of the problem after customers complained, adding that the bank reimbursed the fees before the end of Saturday.
IY Bank has 72,000 individual deposits.
IY Bank currently has 72,000 individual deposits.
