Money transfer services
(N.Z. Frets Atsocistion) WELLINGTON, October 10. The Post Office Savings Bank has begun a service in which its customers can make payments without writing cheques or handing out cash. Under the new service, known as the money transfer service, there can be automatic regular payment of rates, rent, or hire-purchase instalments. Employers can have an agreement for staff wages to be paid directly into Post Office Savings Bank accounts. This comes under a direct credit service, giving settlement of many payments of different amounts to different people or firms on one day. The money transfer service also has a monthly accounts service for paying different people on different days. Any number of payments can be made under the new services, but both parties to a transaction must agree to payments being made by money transfer. The Post Office Savings Bank operates money transfer services integrated with trading banks as well as on its passbook accounts.
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Bibliographic details
Press, Volume CXI, Issue 32734, 11 October 1971, Page 19
Word Count
158Money transfer services Press, Volume CXI, Issue 32734, 11 October 1971, Page 19
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