Transfer of moneys integrated

Press, Volume CXI, Issue 32637, 19 June 1971, Page 22

Transfer of moneys integrated

(New Zealand Press association)

WELLINGTON, June 18.

Details for integrating the money-transfer services of the Post Office Savings Bank and the trading banks were outlined last night by the Postmaster-General (Mr McCready).

The new services will be available through the Post Office on October 1. There

jare three services in the integrated scheme—automatic payments, direct credits and monthly accounts, these three services are already given by the trading banks and the Post Office, but separately. The automatic payments service is for the settlement of fixed amounts at regular intervals and would be suitable, for instance, for hire purchase instalments. The direct credits and monthly accounts services provide for settlement of ac(counts of a recurring nature and may be of different amounts.

Direct credits are used when a large number of payments are to be made on one day. For example, an employer with a trading bank current acount wishing to pay the salaries and wages of his staff to their Post Office Savings Ikink accounts could use this service. On the other hand monthly accounts provide for a smaller number of payments to be made, but spread over different days. Both parties to a money transfer transaction, the payer and the payee, will need to agree to payments being made through the integrated money transfer service. The necessary forms will be available at any post office or trading bank branch.

Post Office money transfer accounts will be operated as non-interest bearing statement accounts and the same transaction charges as those paid by trading bank customers for money transfer services will apply. P. 0.5.8. money transfer account holders will receive statements of their account at regular intervals.

Existing money transfer arrangements between depositors and the P. 0.5.8. for the crediting of passbook accounts such as for family benefit deposits, and for such payments from accounts as insurance premiums will continue in their present form. The usual remittance services —postal notes and money orders—would still be available from post offices.