MUFG, Sumitomo Mitsui to start ATM sharing in Sept.

Jiji PressTOKYO (Jiji Press) — MUFG Bank and Sumitomo Mitsui Banking Corp. said Friday they will make their automated teller machines outside their branches available to each other’s customers from Sept. 22.

Customers of each bank will be able to withdraw cash from the ATMs of the other free of charge during the daytime on weekdays.

The ATM transaction fees set by each lender will apply to transactions via the other’s ATMs.

The first ATM-sharing service between Japanese megabank lenders is designed to improve customer convenience and cut ATM maintenance costs.

The two banks are poised to call for industry peers to join the service. Mizuho Bank, the remaining one among the country’s three megabank lenders, may consider taking part.

A total of 2,818 ATMs will be covered by the service, mainly those at stations and commercial facilities in the greater Tokyo area, the Chukyo region of central Japan and the Kansai western region.

MUFG and Sumitomo Mitsui plan to close a total of 600 to 700 ATMs located close to each other, saving each bank several billion yen in annual costs.Speech

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