MUFG Bank to Issue Digital Passbooks in Principle for New Accounts

Economy

Tokyo, May 30 (Jiji Press)--Major Japanese lender MUFG Bank will no longer issue paper passbooks in principle from June to customers who open new deposit accounts over the counter, informed sources said Thursday.

The move is aimed at promoting the use of online banking services. MUFG Bank also aims to reduce costs, as banks need to shoulder an annual stamp duty of 200 yen per account in the case of paper books.

Currently, when customers apply for a new account at MUFG Bank, they can choose either a paper passbook or a digital version that can be checked online.

Starting on June 10, customers will be given digital passbooks in principle, unless they specifically ask for the paper version.

Customers holding paper passbooks can shift to the digital version if they wish.

[Copyright The Jiji Press, Ltd.]

Jiji Press