NEW BANK CHARGES
Reply To Mr Nordmeyer
“The trading banks do not expect the new system of charges to increase their total earnings, in spite of the reported opinion of the Leader of the Opposition (Mr Nordmeyer) to the contrary,” said Mr J. W. Rowe, research director of the New Zealand Bankers’ Association, in Christchurch on Saturday. “The abolition of inland exchange will mean a substantial loss of revenue, and this is being recouped from those companies and individuals who use their bank accounts a lot—exactly what the 1956 Monetary Commission suggested,” he said. “Mr Nordmeyer is a little unfair in linking the 4d activity fee with the 2d stamp duty on cheques, which goes straight into Government coffers. Needless to say, the banks would be happy to see this abolished. “I cannot understand Mr Nordmeyer’s references to the power of Australian banks, since the New Zealand system of bank charges differs from that introduced in Australia a few years ago in one important respect: there is to be no cheque-collection fee in this country,” Mr Rowe said.
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Bibliographic details
Press, Volume CIV, Issue 30687, 1 March 1965, Page 14
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178NEW BANK CHARGES Press, Volume CIV, Issue 30687, 1 March 1965, Page 14
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