SAVINGS BANK ACCOUNTS

Evening Post, Volume CIV, Issue 24, 28 July 1922, Page 5

SAVINGS BANK ACCOUNTS

"Cash" complains in ■i\ letter to the Editor of the methods oi the Post Office Savings Bank in conneoOion. with tne opening of accounts for a child of seven years of ago. A messenger' was sent! to "the Post Office' to open such an account, but returned, Btating that ho could not understand what-was to be c\one, being informed that "under Sub-jyeciion 6 of Section 7 of the principal 'Act and its amendments, the proposal cannot be en-i tortained unless the depositor complies with Paragraph 8 of Sub-section 14, Section 23 of,the Act before mentioned.' Then another messenger was 6ent, andl was informed at the Post Offioe: "ThUcV-nnot be done this way. If he wants to <5o this, it will be necessary for somebody to cene and do it another way," ''• The correspondent adds: "I went to the Chief 'F\ast Office. I waited and again waited, but there was no possible chance to appro»<-«i any of the officials, who were workintV for dear life and endeavouring to d'etiU with a crowd many times too big fc^r \ them. I made,another attempt. I haul been informed that before the account could.be opened, it would be, necessary. for. a declaration to be made on a prescribed form. I visited Te Aro Post Office, and asked; for a- declaration form to take awsy and have completed. He said it was after four o'clock, and I must return next morning after nine. There the matter rests. The account is not opened." Inquiries made of the Posti Office Savings Bank authority on the points raised in the letter went to show that an account may be opened in the Post Office Savings Bank in' tho name of a minor, either as a trust account or solely in the name of the depositor. All that is necessary in the latter ease is for the parent, guardian, or friend ,to sign the customary declaration on the child's behalf. No withdrawals may be made, however, until the depositor is above the age of seven years. Tho whole operation, the authorities state; is quite simple.