Starting today, the post office will no longer accept savings from private corporations, Taiwan Post Co said yesterday.
The company’s savings and remittance director Chou Ruei-yun (鄒瑞雲) said yesterday that Article 1 of the Postal Savings and Remittance Act (郵政儲金匯兌法) clearly indicates that postal savings accounts were created to encourage personal savings.
‘INAPPROPRIATE’
“It then becomes inappropriate for the post office to allow private corporations to save in postal savings accounts, because by law corporations are defined as business juridical persons and are not considered individuals,” she said.
Meanwhile, corporations that already have post office savings accounts are asked to withdraw the money and close their accounts as soon as possible.
Taiwan Post reiterated its policy after a story published by the Chinese-language United Daily News yesterday, saying that it would no longer accept savings from corporations for fear of violating the Postal Savings and Remittance Act.
The post office has approximately NT$460 billion (US$13 billion) in its postal savings accounts, making it the largest savings institution in the nation.
FIXED RATES
While many banks have lowered their one-month fixed rates to 0.1 percent, or even lower, a postal savings account offers a one-month fixed interest rate of 0.29 percent.
By law, the post office cannot give loans to individuals or corporations, and about half of the funds in its postal savings accounts must be saved at the Central Bank.
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