Mizuho Financial Group Inc., Japan’s third-largest bank based on assets, is experiencing computer problems that are affecting its ATM network as consumers are frequently withdrawing cash in the aftermath of last week’s earthquake, tsunami and subsequent nuclear power plant problems, according to various media reports.
Computer issues also are affecting the bank’s online-banking service and funds-transfer system. Tellers at all 440 Mizuho branches have been unable to conduct cash transfers and money orders since March 15, according to the Wall Street Journal.
Mizuho stated in a press release that as of March 16 it has been unable to complete 440,000 transactions valued at 570 billion yen (US$7.2 billion). Some 1,600 ATMs and online-banking services on March 17 stopped working for several hours before service was restored around noon local time.
Mizuho President Satoru Nishibori told reporters during a press conference that a surge in financial transactions might be behind the computer issues. A bank spokesperson told the Wall Street Journal Mizuho does not believe the earthquake caused the problems.
Another possible explanation for the problems could be a result of recent system changes that enable ATMs to accept earthquake-relief donations, reported local news outlet Nikkei. The outlet also reported no other major financial institutions have reported any problems.
A 9.0 magnitude earthquake hit Japan’s Northeast coast March 11. A tsunami that followed has caused havoc with nuclear power plants in the area.
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