Longer Bank Hours Today

Press, Volume CIX, Issue 32235, 2 March 1970, Page 1

Longer Bank Hours Today

Longer banking hours will begin today and all the normal tellers’ transactions will be accepted between 3 p.m. and 4 p.m.

During this time cheque books will be sold, there win be access to safe custody facilities and ledger inquiries will be handled. Some transactions involving bills of exchange and the sale and purchase of overseas currency will not be possible after 3 p.m. Between 3 p.m. and 4 p.m.. tellers’ transactions will be accepted for processing under the next day’s date. The welcome given the announcement of longer banking hours suggested that good use would be made of the extended service, said the research director of the New Zealand Bankers’ Association (Mr R. O. Smillie) yesterday “Handling the day’s transactions after 3 p.m. has always been a major staff activity. Previously the processing was done exclusively a( the branch. Now regional computer centres handle a large part of the work usinj an over-night courier service between branches and centres “Present computer opera tions require a 3 p.m. cut-ofl on each day’s transactions and after considerable inves tigation the problem of re maining open until 4 p.m fot toller's transactions whict will be recorded under the next day’s date was finally hammered out.

“Certain difficulties have! had to be overcome, some ofj which have been raised in) public discussion,” said Mr; SmiUie. “For instance, the Banking! Act mentions banking hours as 10 a.m. to 3 p.m., but legal opinion indicates that this isa mandatory minimum. Bank ing business has grown up! and developed over a very! long period. Many of its rules! are established by bankingpractice which becomes em-i bodied in the common law. The extended service would be of greater interest to some than others. Retailers would be able to bank cash and obtain change until later in the day, thus reducing theirovernight holdings of cash. Personal customers would appreciate the greater con-! venience of savings bank ' transactions until 4 p.m., and •of withdrawing money from ’lcheque accounts. ' Many customers would not change their present banking ‘'times, but the longer hours ‘ would spread the flow of work ! and particularly would relieve ‘ the present peak period between 2 p.m. and 3 p.m. This • would improve customer I service. There should be no diifi- - culty in meeting the stop pay- ■ ment situation, except that a ' customer wishing to stop payi ment of a cheque will have to ! recognise that it may have been .paid between 3 p.m. and 4 p.m.