Canterbury Savings Bank

Press, Volume CXI, Issue 32702, 3 September 1971, Page 14

Canterbury Savings Bank

Sir, —I have been informed that the Canterbury Savings Bank is no longer accepting authorities to make payments from budget accounts to a prominent New Zealand building society. The bank advertises widely that it will pay all accounts free from a budget account, and its refusal to action payments to a particular payee constitutes a gross breach of faith to its many depositors by an organisation whose stated objective is service to the area it serves.—Yours, etc., DISILLUSIONED.

August 26, 1971. [Mr F. Dickson, general manager of the Canterbury Savings Bank, replies: “The Canterbury Savings Bank undertakes to make payments through the budget accounts of those saving in the bank when they present their accounts for payment. The right not to accept permanent authorities has always been reserved. Because of a difference of opinion over the handling of payments for the particular building society to which your correspondent refers, the bank will not accept any new payment authorities for that society. The society was informed of this three months ago after an exchange of correspondence and an interview with its general manager. Should the society conform to the procedures adopted by other terminating building societies, new permanent authorities for it will be accepted immediately.”]