OVERDRAFT RATE.
Australian Banks Announce Reduction. SYDNEY AND MELBOURNE. (Received 10.30 a.m.) SYDNEY, this day. The Bank of New South Wales and the Commercial Banking Company of Sydney announce that the maximum rate of interest on overdrafts will be 5 per cent as from July 1 next. This represents a reduction in the maximum rate of one-half of 1 per cent in the case of the Bank of New South Wales and onequarter in the case of the Commercial Bank. The associated banks of Victoria, in making a somewhat similar announcement, limit the application of the reduced rate, namely, 5 per cent, to overdrafts of primary producers and make a reduction to 4J per cent in the case of overdrafts granted to churches and public hospitals.
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Auckland Star, Volume LXV, Issue 144, 20 June 1934, Page 7
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126OVERDRAFT RATE. Auckland Star, Volume LXV, Issue 144, 20 June 1934, Page 7
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