HC Deb 15 May 1969 vol 783 cc1618-9
20. Mr. Hooley

asked the Postmaster-General why a minimum initial deposit of £5 is required to open an account with Giro.

Mr. Stonehouse

To provide an initial working balance.

Mr. Hooley

Is my right hon. Friend aware that one can pay £1 over the counter at any commercial bank and open an account? The requirement of an initial deposit of £5 is a discouragement to ordinary people who want to open an account with the Giro. It is a quarter of the ordinary man's weekly wage.

Mr. Stonehouse

I am not entirely convinced that it is a discouragement, because the number of accounts we are opening is quite good, but I shall consider whether it would be helpful to reduce the deposit, though I am not convinced that it would be.

Mr. Stratton Mills

Will the right hon. Gentleman consider every idea for making the Giro more attractive, particularly as his forecast of 1 million accounts has been shown to be totally wrong, as there are only 110,000 at present?

Mr. Stonehouse

There is another Question on the Order Paper about this. I assure the hon. Gentleman that that was not my forecast.