Postal cheque system

Bibliographic data

Monograph

Identifikator:: 1772401838

URN:: urn:nbn:de:zbw-retromon-155456

Document type:: Monograph

Title:: Postal cheque system

Place of publication:: London

Publisher:: Stationery Off.

Year of publication:: 1928

Scope:: 10 S.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Reservation by Mr. J. Cairns. While agreeing with the first and second of the recommendations in the Report, I am of opinion that the third recommendation does not adequately attain the end sought for in substituting increased facilities to Savings Bank depositors for a Postal Cheque System. Holding the view that Savings Bank Accounts can be treated so as to provide the individual and the State with all the benefits that would be derived from a Postal Cheque System in this country, I regard the arrangement of confining to tbe use of limited cheques the power of a depositor to operate on his account by means of cheques, as nullifying the most important of the reasons for which a Postal Cheque System was rejected. These were, that by converting a definite part of a deposit account in the Savings Bank into a current account a depositor would have all the facilities ot a Postal Cheque System in enabling payments to be made easily and methodically to a third party; and that these facilities would be greatly more convenient than the present means of making such payments through the Post Office. As to the latter point, limited cheques would be of little more use to a depositor than the device of buying a bunch of Postal Orders in advance. I consider, therefore, that by confining the scheme to an issue of limited cheques the considerable demand of Savings Bank depositors for cheque facilities, and the undoubted right of the public to be provided with a Postal Cheque System or an adequate substitute are being imperfectly met in the recommendations. Thus I would add to the recommendations that along with limited, unlimited cheques be issued. The arrangement for making unlimited cheques available might be to earmark a portion of the deposits for the purpose of a current account and on this portion no interest would be paid. An account holder could state the maximum balance he would decide to have on current account, also the Bank could fix a minimum balance, if that were found to be required. All deposits would be credited to the current account, and, say, once monthly, any excess of the balance over the stated maximum balance would be transferred to the deposit account on which interest would be allowed. Conversely, the depletion of the current account might be met by the transfer of a sum from the deposit account. JOHN CAIRNS. DONALD BANKS, Secretary, 5th March, 1928.

Access restriction

Copyright

fullscreen: Postal cheque system

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation