BANK RATES OF INTEREST.

Evening Star, Issue 3047, 23 November 1872, Page 1 (Supplement)

BANK RATES OF INTEREST.

%'o the Editor-. Sir,—-In your issue dated the 7th inst. I noticed a correspondence which took place between the Corporation and the Banks in reference to the amount of interest charged on that account. My object in writing is to suggest a way bv which the public may be benefited. The interest charged on overdrawn current accounts is at the rate of 10 per cent., which, Mr Editor, is excessive. The law does not recognise any charge above 8 per cent Money being plentiful in the market, the public should take a stand, and deal with those Banks only which charge not more than oor 7 per cent, 1 need not say, that rather than let the account be removed, the managers will accede to the terms of their constituents. The Banks have had too much their own «ud if }s high time for the public to'take Some action, and the above is the only way by which they can have their demands satisfied. 1 should like to be informed by you what is the rate of interest charged by the Bank of New Zealand on the Provincial Government account ? My belief is that the Bank of Otago would be glad to have it at 4 per cent.—l am, &c,, Low Interest. Dunedin, November 22.