Word: bank
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Dates: during 1960-1969
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...Federal Reserve Board last week, reached a record $100.3 billion at the end of May-an average debt of almost $500 for every man, woman and child. At least part of the push to the new record can be attributed to the fact that more and more commercial banks, the leading sources of consumer credit, are augmenting their traditional personal-loan and automobile-financing activities by issuing all-purpose credit cards. Such cards, says an official of Boston's State Street Bank and Trust Co., are "what the public wants...
...fewer than 1,500 of the nation's 14,223 banks are offering charge cards, compared with about 250 a decade ago. Rather than undergo the expense-and the risk-of introducing their own cards, many banks have lately chosen to link up with existing nationwide card systems. The biggest single beneficiary has been San Francisco's Bank of America, whose thriving (8,100,000 members, $464 million annual billings) BankAmericard is now offered by more than 135 other banks in 32 states. In the past six months, BankAmericard has added some 2,100,000 card holders...
Also expanding in a big way is Interbank Card Inc., a network of locally issued but interchangeable charge cards that went into operation nine months ago, now includes 450 participating banks in as many as 21 states. About 40% of Interbank's 8,000,000 members hold so-called Master Charge cards, jointly issued by banks in California, Nevada, Utah and Washington; the rest hold a variety of cards issued by other banks. Next year three leading New York City banks— Manufacturers Hanover Trust, Chemical Bank New York Trust and Marine Midland Grace Trust -will introduce Master Charge...
...Bank charge-card schemes are also going international, enabling holders to use their cards when traveling abroad. Interbank, with Banco Nacional de Mexico S.A. already in the fold, hopes soon to sign up banks in Japan and Western Europe as well. Not to be outdone, BankAmericard has gone into a joint credit-card venture with Barclays Bank Ltd. in Britain, Sumitomo Bank in Japan and four banks in Canada. BankAmericard is already interchangeable with Barclaycard and Sumitomo card, and next month the Canadian banks will join the system with their own Chargex card. So that merchants in the four countries...
...billion last year), the Germans have started exporting large quantities of investment capital to the rest of the world. Last year that flow of money reached $900 million, and this year it is expected to grow even further, to $1.5 billion. Reinforcing the trend, Germany's aggressive Dresdner Bank has just decided to move into the stock-brokerage business in the U.S. The bank, Germany's second largest, with assets of $3.9 billion, is forming a wholly owned U.S. subsidiary for its new venture. It has already won permission to buy a seat on the Boston Stock Exchange...