Cheque Facilities Political Football

Taupo Times, Volume XIV, Issue 40, 25 May 1965, Page 2

Cheque Facilities Political Football

The question of trading banks' entry into the savings bank field had been fully covered by the press, said the president of the Bay of Plenty Savings Bank, Mr R. L. Reeder, on Wednesday afternoon. Speaking at t.he bank's annual meeting, he said it was now past history. "We must take full advantage of the next two years, during which period we have some protection agairist the trading banks in the savings field." The Government will not allow trading banks, savings banks into the Bay imtil the trustee savings bank has been operating three years. "We must not underestimate the opposition which will come from this source. In regard to cheque facilities there appears to be little doubt that this will result in large increases in depositors' funds and we j must be ready for the in- j crease in administration ; and the relevant costs ! which will be entailed. "It is rather a pity that j this matter appears to be developing into a political football, but we will certainly join in with the association's demands for cheque facilities. "The appointment of a salaried secretarv — a public accountant in Wellington — will enable the Savings Bank Association to operate more efficiently with access more readily to Treasury and other Government departments when the oceasion arises. Once j again our membership of j this association will be \ vital."