MUFG Bank is considering charging an annual management fee of 1,200 yen on accounts that have been dormant for more than two years, it has been learned.
The fee excluding tax would be charged only to new accounts, which could take effect from October 2020.
The bank will discuss whether to introduce the system at meetings of its management committee, with an aim of reducing the number of dormant accounts by collecting commission fees, according to sources. Meanwhile, some officials of the bank are opposed to the idea, given a possible backlash from customers, they said.
For the time being, MUFG Bank does not plan to collect the fee on existing accounts in general, including existing dormant ones.
MUFG Bank currently has about 40 million individual accounts, of which about 8 million are believed to be inactive.
The bank also is considering a charge on paper passbooks -- which have been issued free -- for customers who open new accounts, they said. The move is aiming at reducing costs as banks need to shoulder 200 yen per account for a stamp tax, printing costs and others in the case of paper passbooks.
Resona Bank already has started charging a fee of 1,200 yen excluding tax annually on accounts that have not been used for more than two years. Lawson Bank also charges a similar management fee.
The move by a first-tier bank such as MUFG Bank will likely prompt other banks to follow suit, observers said.
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