Seven Years9 Interest Awaits 27,400 Depositors

Press, Volume XCVI, Issue 28371, 2 September 1957, Page 12

Seven Years 9 Interest Awaits 27,400 Depositors

The Christchurch Post Office Savings Bank has more than 200,000 accounts, but in the last seven years 27,400 of them have not been operated. The Post Office has not heard from the owners of these deposits; they have made no withdrawals and no' deposits, nor have they asked about their accumulated interest. There is a similar position with regard to 120,000 holders of National Savings pass books throughout New Zealandj they have not been heard from since 1941.

After seven years, Savings Bank accounts which are not operated are put aside as dormant. After 25 years they are treated as unclaimed money. It goes into the Consolidated Fund. The Post Office does not want a bank rush from long-lbst depositors who recollect savings made years ago, but it would like to clear up the matter of interest with its old customers. It is thought that almost 911 the accounts are for small, sums. An officer of the department explained all this recently. The total credit held at the Christchurch office for. 201.939 savers is about £29m, he said. Suburban offices held about £7m for 66,000 accounts.

Most savers are very active. And their numbers increase all the time.

There are 15,000 children at 125 schools around Christchurch who can lay claim to £85.000 througH their school savings accounts. The thrift club scheme, which was given a boost last year, has 6500 accounts for 15,000 individual members in Christchurch. About 700 employers deduct more than £lm a year from wage packets in this- scheme. These savings have usually been for recurring expenses such as taxes and rates. The Post Office is itself the biggest club. A business firm has 250 of its 300 employees enrolled. The most recent saving plan to operate is the home lay-by There are 130 accounts for this in Christchurch so far.