Japan: International: News: Hankyoreh Mobile

Mitsubishi UFJ Bank. home page

While the profitability of banks is deteriorating due to the low interest rate policy, various services are being paid for in Japan. In the past, banks that receive issuance fees for passbooks that were provided free of charge have appeared, and if there is no transaction record for a certain period of time, it is expected that there will be cases of paying fees rather than receiving interest on deposits. Mitsubishi UFJ Bank, one of Japan’s three major banks, announced on the 23rd that it will receive a fee of 1,320 yen (about 14,000 won) per year for accounts opened after July of this year if there is no transaction for more than two years. Reported. Mitsubishi UFJ Bank also said that accounts without long-term transactions are likely to become a hotbed for fraud or money laundering, and that the bank will cancel the account if the balance of the account remains less than the fee. Mizuho Bank recently introduced a fee for issuing a paper passbook, the first of the three major banks. This applies to accounts opened by individuals under the age of 70, companies or organizations, and the cost is 1,100 yen (approximately 11,700 won) per bankbook. One of the three major banks, Sumitomo Mitsui and Yokohama Bank, plans to introduce similar fees starting next month. This move by Japanese commercial banks is interpreted as aiming to reduce costs by securing revenue streams and promoting digitalization. In particular, digitalization is coupled with the shrinking of commercial bank stores. According to Kyodo News, Mitsubishi UFJ Bank plans to reduce its number of stores in Japan, which had reached about 500 at the end of 2017, to 300 by the end of next year. The plan is to reduce it to a quarter. yunhap news

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