New ATM to Handle Transactions for All Major Banks

New ATMs will be set up later this month which are capable of handling transactions for Korea's four major commercial banks -- Shinhan, KB Kookmin, Woori and KEB Hana, a financial industry insider said Sunday.

At present, ATMs can handle transactions only for the banks that operate them. Some ATMs in convenience stores can handle financial transactions for multiple banks, but they often charge higher fees.

The move comes after negotiations that began in May between the banks and the non-profit Korea Financial Telecommunications and Clearings Institute.

Commercial banks apparently feel threatened by increasing online financial services being offered by internet companies including Naver and Kakao with smaller service charges.

Also on the drawing board are branch offices operated by multiple banks.