CURRENT ACCOUNTS

Evening Post, Volume CX, Issue 72, 22 September 1930, Page 8

CURRENT ACCOUNTS

(To tho Editor.)

Sir,—l was intensely amused but by no means convinced at the ingenius explanation fiy "0. Nemesis" in your issue of to-day, regarding allowance or non-allow-ance'of interest on current account balances in England, as compared with New Zealand, and alleging, in reply to Aspro'a" statement that "Some English banks give their customers interest on their current accounts balance and keep the account free of charge"; that this "was done by special arrangement in a few cases where the customers kept a credit balance that fluctuated little over the half-year, and where probably only a few cheques for small accounts were presented for payment." In reply to this I would be glad 11 you'would permit me to give my own actual experience whilst visiting England a short time ago, which extended over six months. I arrived with about £70 in my pocket, having arranged for receipt of further sums as necessary. With the first addition I opened an account with one of the large banks, and quickly reduced the total below £100. Over thirty cheques were issued against the account from all parts of England. I was supplied gratis with a pass-book; no special or any other arrangement was made about the account, and when it was closed I found I had been allowed 16s Id for interest and no charge whatever was made for keeping the account. How does this fact square with "0. Nemesis's" banking practice? My pass-book can be inspected. ' It is high time the New Zealand banks altered their practical am, etc., 20th September. .