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Telephone Deposits (Interest)

Volume 414: debated on Monday 15 October 1945

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asked the Assistant Postmaster-General what is the total amount of money now in his hands derived from deposits or payments in advance required to be made by telephone subscribers; and whether he will consider allowing depositors interest at a suitable rate on the sums so deposited by them.

The amount of deposits by telephone subscribers held by the Post Office on 30th June, 1945, was £814,000. As regards payments in advance, the position is that the Post Office receives a quarter's rental in advance and a quarter's rental in arrear, the accounts being rendered half-yearly; and all local and trunk call fees are received in arrear. The Post Office does not pay interest on the deposits or on rentals paid to it in advance, nor does it charge interest on the considerably larger amount received in arrear for rentals and call fees. It is not proposed to alter this arrangement. In the great majority of instances where deposits are held the amount is only £1 for each subscriber, and the interest payment for each would therefore be trifling.