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Japanese banks lowering ATM withdrawal limits to counter fraud

February 7, 2005

Yomiuri Shimbun: In the wake of increased card fraud, several Japanese financial institutions are considering imposing or lowering daily withdrawal limits from ATMs...

Johnan Shinkin Bank plans to allow account holders to set a monthly ceiling on the amount of money withdrawn from their accounts via ATMs.

Some banks already offer services that allow customers to set a daily ceiling, but Johnan Shinkin, a major credit association that operates mainly in Tokyo and Kanagawa Prefecture, is the first financial institution to offer a monthly service.

The bank also plans to offer services in which cardholders will be able to set the daily maximum withdrawal limit and change their PIN at ATMs.

According to a report in the Japan Times, Chuo Mitsui Trust and Banking Co will lower its maximum daily withdrawal limit to 2 million yen (U.S. $18,900) from the current 5 million yen (U.S. $47,250), starting in March