EXCHANGE ON CHEQUES

Manawatu Standard, Volume LVI, Issue 63, 12 February 1936, Page 4

EXCHANGE ON CHEQUES

BENEFIT OF SERVICE. TRANSFERS WITH FEILDING. “Contrary to the belief sometimes expressed by the general public, there is considerable cost in connection with the collection of cheques in New Zealand,” stated the chairman of the Associated Ranks in a letter received by tlie Palmerston North Chamber of Commerce, replying to its support given the request made by the Feilding chamber in regard to exchange between the two centres. Regret was expressed that the banks could not accede to the request for the abolition of exchange over such a short distance. “In order to give as complete a service as possible to all customers,” stated the letter, “the banks maintain branches and agencies at more than 300 points in New Zealand—in quite a number of cases at a loss—-but the exchange charge on transactions is uniform irrespective of distances involved. I have no doubt that your chamber can readily appreciate that such service is only made possible by the existence of these branches and agencies, and that a due proportion of the cost of their maintenance must he attached to such service. It is from the broader aspect of the exchange service that the hanks are obliged to regard the position, and I think it will he admitted by all that the facility provided is. of considerable value to the community generally.” The letter was formally received, the chairman (Mr A. J. Graham) commenting that nothing further could he done.