MUFG and Sumitomo Mitsui tie up on mutual free ATM usage

Account holders of either megabank to be able to withdraw cash at no charge

The two banks are also negotiating plans to jointly develop a limited-function ATM that accepts and dispenses bank notes, but does not read or print passbooks.

JUN WATANABE, Nikkei staff writer

November 7, 2018 18:27 JST

TOKYO -- MUFG Bank and Sumitomo Mitsui Banking will let each other's account holders withdraw cash from their ATMs at no charge on weekdays during the day, starting in the first half of 2019 at the earliest.

The free usage scheme will be initially available at roughly 2,300 ATMs outside bank branches, and may eventually be expanded to all machines.