POST OFFICE BANK.
CHEQUE WITHDRAWALS IMPRACTICABLE. (SFSCXAb TO "MX MIBSS.") WELLINGTON, November 20. The Postmaster-General, replying to a late question put during the recent session of Parliament say, that the primary object of the Post Office Savings Bank is the encouragement, ot thrift and not the provision of facilities for the easy withdrawal of moneys io ~,-nvide for withdrawals by cheque would involve the complete alteration the present system, a fundamental condition d: which is that the deposit ff",,,1. be presented for the noces*£iKs herein at %*K.2rKSKSt were made by cheques could bo drawn on the SSOfiS Savings Bank it would mmediatelv change the character of the bonk and the expenses of management Sulq be increasad. A system 5 "vithdrawalby cheque could not be to any on© section of depositor It * estimated that the exrtf aDDlvine such a system generthat it could be met only by making «n annual charge, lactone by the commercial banks, by reducing the rate of inteiest to depositors.
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Press, Volume LX, Issue 18236, 21 November 1924, Page 9
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163POST OFFICE BANK. Press, Volume LX, Issue 18236, 21 November 1924, Page 9
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