Word: adesse
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Though many institutions dangle some of the same lures as Coolidge, few provide as many attractions simultaneously. Coolidge jolted the Boston banking community several years ago by dropping charges and minimum deposit requirements for checking accounts, a move that brought in 25,000 new accounts. Says President Milton Adess, a former hardware merchant who led in the bank's founding: "We're using our customers' money, so why should we charge them for it?" Coolidge was also the first in the Boston region to pay interest (4%) on Christmas club accounts. The bank stays open Saturday mornings...
Fuller Brush Banking. Most of these innovations have come from President Adess himself, a lively 59-year-old businessman unencumbered by a banking background. He honed his instinct for pleasing customers as a Fuller Brush salesman during the Depression. From there, he went into retailing, building up his hardware business before selling out to take over as Coolidge's president. Adess believes that helping young people is good business. "We think that aiding them now will bring them back as customers after they graduate," he explains. Basically Adess sees himself as a retailer of money. "We try to offer...
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