JAPAN’S SUMITOMO BANK TO CHARGE PROCESSING FEES FOR NEW BANK ACCOUNTS

Highlights –

• Japan’s Sumitomo Bank to charge processing fees for new bank accounts.
• Bank accounts that will be open in April 2021 or later and do not use online banking services.
• The bank will collect about $10 annually from accounts with certain conditions.
• The bank is aiming to digitalize banking procedures and cut costs amid pandemic.

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