OVERDRAFT FEE
“Reasonable” Charge
(N.Z. Press Association)
WELLINGTON, October 1.
'ln view of the moderate profit of banking business and the constantly limiting effect of Government policy on interest and overdraft levels, the charge is not unreasonable.” says the taxation and finance committees of the Wellington Chamber of Commerce, reporting on the recently announced bank charges on overdraft facilities, according to a supplied report. “The granting of overdraft facilities is, to some extent, an undertaking by the bank to have loan money available on demand and. from this point of view, may justify a charge," the committee told this week's meeting of the chamber. “The method chosen is not perfectly equitable but. having regard to problems of administration, it is not an unreasonable way of increasing revenue from current account holders.”
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Bibliographic details
Press, Volume C, Issue 29633, 2 October 1961, Page 12
Word Count
131OVERDRAFT FEE Press, Volume C, Issue 29633, 2 October 1961, Page 12
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