BANK FEES FOR ACCOUNTS

Taranaki Daily News, 5 September 1930, Page 9

BANK FEES FOR ACCOUNTS

PROTEST AT PROPOSED RISE

WILL DOUBLE BY STROKE OF PEN.

BUSINESSMEN VOICE OBJECTION.

“One bank manager said ho expected to lose 100 accounts if the suggestion were adopted,” said a member of the council of the ’Taranaki Chamber of Commerce last night upon mentioning the proposal that the banks’ annual charge for keeping customers’ accounts should be raised from £los to £l.

It seeined an extraordinary thing, he said, but ho supposed the banks were considering passing on some of their taxes. Then there was the suggestion that there were to be less 10s notes in circulation so that the public would have to handle more silver.

“The majority of the business community cannot pass these things on,” he continued. “What with unemployment levies, increased income tax, baiik charges and so on the community is being harried on all sides. Why, in America they look for accounts and place every facility in the way of customers, even to the extent of issuing free cheque books.” “It would be interesting to know just what the banks derive from the annual charges for accounts,” said another member. ‘‘Because whatever it is they will double it merely by the stroke of a pen if this proposal is adopted.” If the banks lost the accounts in the proportion mentioned wheire would they go ? was a question asked. To the Post Office and New Plymouth Savings Bank, was the reply. In addition, many people who for business reasons now had two or more accounts would consolidate them.

It was decided to send a remit to the annual conference of the Associated Chambers of Commerce suggesting that in view of the special advantages the banks in New Zealand enjoyed the proposed additional impost of 10s a year for accounts was not warranted.

A member: I suppose we could not insert “virtual monopoly” instead of “special advantages?”