B.N.Z. makes banking history in Sydney

Press, Volume CXII, Issue 32848, 23 February 1972, Page 5

B.N.Z. makes banking history in Sydney

(N.Z.P.A. Staff Correspondent/

SYDNEY, Feb. 22

In an Australasian banking first, the Bank of New Zealand today announced the introduction of a cheque guarantee card scheme.

Details of the scheme were announced at a function in Sydney hosted by Mr B. B. Watson, manager of the Sydney branch of the bank. Mr T. S. Tennent, of head office, Wellington, gave the details, which involves the issuing to approved bank clients of a card which guarantees to payees cheques written up to a value of $lOO. Mr Tennent said that with just one branch in Sydney and another in Melbourne, the Bank of New Zealand believed it was in a position to offer to its clients a service which was unique in Australia and New Zealand. “The Bank of New Zealand cheque guarantee card is a service where the bank guarantees to the payee that the bank will honour cheques drawn by card holders regardless of the balance in the payer’s account,” said Mr Tennent.

He said it was hoped the system would remove the aggravating problem of being without cash in a place which would not accept a cheque. Mr Tennent said approved bank clients could write cheques to the value of $lOO each, and needed only to sign the cheque in the presence of the payee, who must verify only a few details. Under the scheme, clients

will be issued a small card which gives details of their account number, and carries a specimen signature of the account holder. In effect, the scheme gives the client power to write his own bank cheque up to the value of $lOO. The announcement comes in the one hundredth year of operations by the bank in Australia, and although the bank does only a minute portion of Australian banking business, Mr Tennent said its

operations were founded on personal service. “We know our clients, we know their business and we can now offer to these people a service that will meet their individual needs.” Mr Tennent also hinted at further developments by the bank this year, when he said that as a result of its policy of personal service “the bank will in 1972 be offering to clients a number of innovating banking services.”