Mizuho Bank has become the first megabank in the country to charge new customers for issuing a passbook, as part of steps to foster a paperless and green society through the use of digital alternatives and cut costs in the face of dwindling profits amid prolonged superlow interest rates.
The bank, a unit of Mizuho Financial Holdings Group Inc., announced Friday that people under age 70 who open new bank accounts from Jan. 18 would be charged ¥1,100 if they choose to have a paper passbook. The bank will also charge the same fee when they need an additional paper passbook issued. People age 70 and older will continue to receive a paper passbook for free.
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