News

Japan's Mizuho Bank extends ATM hours

September 1, 2003

TOKYO -- Mizuho Bank plans to extend the operating hours of about 500 ATMs to 9 p.m. from 7 p.m. on Sept. 16, with around 100 more to follow by the end of March.

According to a report in the Japan Times, Mizuho hopes that making its ATMs more convenient to use will lift its profitability. Mizuho has branches in all 47 prefectures.

Of its roughly 1,700 ATMs nationwide, only about 50 are open 24 hours, all of which are located in the Tokyo metropolitan area. Another 60 ATMs in the Tokyo and Osaka areas can be accessed between 8 a.m. and 11 p.m. Around 1,000 ATMs are currently open until 9 p.m.

Extending the operating hours of ATMs will increase costs, such as those for system maintenance, a Mizuho official said. But "we'll be able to absorb (these costs) through the increased revenues from fees that we can charge the larger number of (ATM) users," he said.

Rival UFJ Bank will begin operating about 2,000 ATMs in Tokyo, Nagoya and Osaka on a 24-hour basis beginning in late September. (See related story UFJ 1st Japanese bank to offer 24-hour ATM service)