STRATEGIC PARTNERS
February 12, 2003
TOKYO -- Japan's Fair Trade Commission is investigating recent decisions by major commercial banks to impose fees for Saturday transactions at ATMs.
FTC Secretary General Akio Yamada said on Feb. 12 that the moves do not violate anti-monopoly laws if they are based on "each bank's judgment, but it is a problem if they stem from talks" among banks.
According to a report in the Japan Times, it had been free to use any ATM until early in the afternoon on Saturdays until UFJ Bank began charging fees late last year.
Bank of Tokyo-Mitsubishi will follow suit on Feb. 15, and Sumitomo Mitsui Banking Corp. plans to introduce the fees in March. Mizuho Bank is considering a plan to begin charging Saturday fees by this fall.
It is "extremely important" for banks to abandon their "me too" business stance, Yamada said. Prime Minister Junichiro Koizumi described the banks' recent moves as "odd."
