Tokyo Star Bank
Encyclopedia
is a Japan
ese bank
established on June 11, 2001 out of the reorganization of then bankrupt Tokyo Sowa Bank (founded on 1949 as Tokyo Shokusan Mujin - Mutual Loan company) by Lone Star Funds
.
Its most known financial product is the "MasterCard Debit Card". No such product existed in Japan, until this card went into distribution. Many customers who dislike credit cards have taken to this new product.
the bank sends transaction reports monthly by post, as well as providing online banking services. Customers can take advantage of ordinary savings account
, fixed term deposit, funds, as well as foreign currency deposit.
One of the biggest merits of this product is that customers may make unlimited use of ATM
without incurring a surcharge. In Japan, depositors typically pay charges when using ATM after office hours, or using other bank's ATM. But with the Star One cash card, those charges are paid back to the customer at the beginning of the following month. Customers can practically use ATM for free.
Customers can use it almost like credit card, but the money used is immediately withdrawn from the account. So users need not worry about "credit-limit", as the card can be uses up to one's balance of the account (200,000 daily transaction limit).
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
ese bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
established on June 11, 2001 out of the reorganization of then bankrupt Tokyo Sowa Bank (founded on 1949 as Tokyo Shokusan Mujin - Mutual Loan company) by Lone Star Funds
Lone Star Funds
Lone Star Funds is a worldwide private equity firm based in Dallas, Texas, that specializes in purchasing distressed companies and assets, often well-known consumer brands that have seen better times or gone through financial difficulties due to leveraged buy-outs...
.
Its most known financial product is the "MasterCard Debit Card". No such product existed in Japan, until this card went into distribution. Many customers who dislike credit cards have taken to this new product.
Star One
A multipurpose deposit account for personal customers. Only a cash card is issued, unlike other more traditional banks which continue to utilize savings passbooks. In place of the passbookPassbook
A passbook or bankbook is a paper book used to record bank transactions on a deposit account. Depending on the country or the financial institution, it can be of the dimensions of a chequebook or a passport....
the bank sends transaction reports monthly by post, as well as providing online banking services. Customers can take advantage of ordinary savings account
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
, fixed term deposit, funds, as well as foreign currency deposit.
One of the biggest merits of this product is that customers may make unlimited use of ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
without incurring a surcharge. In Japan, depositors typically pay charges when using ATM after office hours, or using other bank's ATM. But with the Star One cash card, those charges are paid back to the customer at the beginning of the following month. Customers can practically use ATM for free.
Master Debit
Tokyo Star Bank offers two types of card, Tokyo Star Credit and Tokyo Star Debit. Tokyo Star Credit is s typical credit card, but Tokyo Star Debit is "Master Debit Card".Customers can use it almost like credit card, but the money used is immediately withdrawn from the account. So users need not worry about "credit-limit", as the card can be uses up to one's balance of the account (200,000 daily transaction limit).
History
- 1949 Tokyo Shokusan Mujin established. Afterwards renamed to Tokyo Kyowa Shokusan Mujin, Tokyo-metroplis Shokusan Mujin.
- 1951 converted to Mutual Bank and renamed to Tokyo Sogo Bank.
- 1969 Shouichi Nagata becomed President. He made this bank big.
- 1975 Nagata becomes chairman.
- 1989 converted to normal Bank and renamed to Tokyo Sowa Bank. (member of the Second Associations of Regional Banks)
- after 1992 (collapse of Bubble economy) operation declines.
- 1999 filed bankruptcy and Nagata was arrested next year.
- 2001 Lone Star Funds acquired this bank and renamed Tokyo Star Bank.
- 2002 Todd Budge becomes member of the board, and made various innovations to infuse the company with energy.
- 2003 Budge becomes President and CEO. (First foreign President of Japanese Bank)
- 2004 started expanding self brand ATM across the whole country, with FujitsuFujitsuis a Japanese multinational information technology equipment and services company headquartered in Tokyo, Japan. It is the world's third-largest IT services provider measured by revenues....
. - 2004 Started Master Debit Card.
- 2005 Listed on the first section of the Tokyo Stock Exchange.(Code 8384)
- 2006 started zero-bank ATM.