STRATEGIC PARTNERS
March 21, 2002
Customers of Japan's major commercial banks will see charges for personal banking services to transfer money rise while using electronic means to do so will likely drop.
According to an article by Kyodo News International, Fuji Bank officials say the bank plans to reduce by up to 210 yen the fees it lodges for transfers completed at the ATM, over the internet or via telephone banking. However, Fuji will increase its teller charges by up to 420 yen in September.
Some city banks charge as high as 735 yen for speedy funds transferral handled by a staff member. For now, Fuji does not charge customers as long as they transfer money from one account to another within the same Fuji branch.
Other banks plan to soon follow suit, including Sanwa Bank, which plans to conduct similar revisions in remittance charges in the fall. Bank of Tokyo Mitsubishi will contemplate whether to raise its funds transfer fees by March 31, the end of its current fiscal year.
As many as 30% of people who have bank accounts will be affected, especially at banks with many elderly customers not accustomed to using ATMs, industry officials said.
