STRATEGIC PARTNERS
December 27, 2001
TOKYO -- Japan's Asahi Bank is introducing a new monthly fixed-charge system under which customers will be able to conduct transactions at the bank's ATMs free of individual charges even outside the bank's office hours, according to a report in the Daily Yomiuri.
Asahi will be the first Japanese bank to offer such a fee structure, dubbed Asahi Special Choice.
Customers will have three options for the new service. Under Plan A, they will pay a 210 yen monthly charge for unlimited access to Asahi's ATMs even at night and on Saturdays, Sundays and holidays.
Because the standard service charge for withdrawals outside office hours is currently 105 yen, customers will break even if they use the service just twice a month.
Plan B, with a 420 yen monthly charge, will also offer up to three free withdrawals a month from ATMs at banks other than Asahi irrespective of the time of the withdrawal.
Plan C, with an 840 yen monthly charge, includes up to three free transfers of money to any other bank each month regardless of the amount to be transferred.
Even under the new system, a charge will be deducted from a customer's account for each transaction, but fees will be refunded later to subscribers to the service.
Asahi said it hoped the new service would serve the needs of customers who frequently use ATMs at night or on weekends.
The bank will begin the service on Aug. 8.
