BANK INTEREST AND CHARGES.

Auckland Star, Volume LXIII, Issue 78, 2 April 1932, Page 8

BANK INTEREST AND CHARGES.

Some time ago the Associated Banks of New Zealand raised their ledger fee 100 per cent, i.e., from 10/ per annum to 20/ per annum. The Premier has stated, on various occasions, that everybody would have to contribute to alleviate the financial troubles of this country, but so far lie has not disturbed the "Noli me tangere" web that appears to shelter the Associated Banks of New Zealand, who are in a position to take up the position of "take it or leave it" with their customers. Whether conditions are good or whether they are bad, the banks are making plenty of money out of their customers and they do not seem a bit interested in making the going easy. There is nothing, in my humble opinion, that would restore the confidence of the business community of this country quicker than Government action on the following lines: (1) Reduction of overdraft rates of interest to a maximum of five per cent; (2) reduction of ledger fees from £1 to 5/ per annum; (3) reduction on exchange of cheques between towns of New Zealand from 2/6 per £100 to 1/3 per £100. It remains to be seen whether the Government of this country lias sufficient backbone to enforce the above. Perhaps they will have the _ courage to appoint another commission to go into this question. H. JOHNSTOJi.