Exchange On Cheques

Press, Volume XCVII, Issue 28492, 23 January 1958, Page 3

Exchange On Cheques

Si r —New Zealand banks offer less free service than perhaps any banks in the whole world. An a newcomer I have, been stunned

by the iniquitous imposition of clearance charges on local cheques —in particular, between branches of the same bank. But this is not all. Surely there can be no parallel anywhere to the custom of charging 2s 6d per cent, on transferring one’s credit balance between one branch and another? In the Old Country it is customary to be credited with interest on one’s deposit account after one month—not after three, as here, while thrift accounts bear interest from the day of deposit. Recently I attempted to cash my uncrossed salary cheque in. the bank where I keep my current account in Christchurch, and was informed that, as this cheque was drawn on another bank in this city I could not do so.—Yours, etc., C. K. ATKINSON. January 22, 1958.

Sir,—The fact that, as the reply states, the practice has been going on for 60 years proves nothing, but rather suggests that it is time to look into it. It is unlike the Post Office to stick to the laws of the Medes and Persians. Whether they like it'or not, they are in the banking business and should conform to the common practice adopted by all trading banks who handle hundreds of such cheques daily. I don’t think that anyone needs to worry about the Bank of New Zealand not getting pay for their services. I have the highest regard for the Post Office, which is efficient and courteous in its dealings with the public.—Yours, etc., DEPOSITOR. January 22, 1958.

Sir, —I must support the recent letter from “Depositor” regarding the grouping of exchange oh cheques paid into the Post Office Savings Bank. I had the same experience and when I complained to the head office of the Post Office I received the same weak explanation. It is time the Post Office authorities ensured that their depositors are charged the same amount of excahnge as other customers of the Bank of New Zealand.—Yours, etc., ANOTHER DEPOSITOR. January 20, 1958.