Word: banke
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Dates: during 1960-1969
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When Karafin got wind that Philadelphia was planning a story on his activities, he filed for an injunction, charging that Fonzi and Walter had illegally obtained his tax returns. Philadelphia fought the suit, and published. Afterwards, a bank dealing in credit paper that had paid Karafin $6,000 a year fired Karafin as its public relations representative. Other businessmen who paid for Karafin's services now say they did so reluctantly. "I don't like to deal with Harry," said one client, "but he can do things for you. It's like castor...
When most men visit Van Cleef & Arpels, the jewelry salon on Manhattan's Fifth Avenue, the result is likely to be an overdrawn bank account. When George Balanchine visits Van Cleef & Arpels, the result is a ballet. Jeweler Claude Arpels once suggested that Balanchine create a jewel-inspired dance, so the choreographer took a stroll past the store's gleaming showcases, and sure enough, his head filled with visions of bedecked ballerinas. Why not a trilogy, he thought, based on the motifs of emeralds, rubies and diamonds...
That wide divergence between churches last week was prompted by the same phenomenon: the fast-spreading use of bank credit cards, which have become the hottest topic of debate and a source of frenetic competition among U.S. bankers. During the past twelve months, estimates the Federal Reserve Board, more than 1,000 banks have moved into the field. "We're on a creditcard binge," says Executive Vice President Paul Welch of Atlanta's Citizens & Southern National Bank. And most bankers agree that neither banking nor business will ever be the same...
Mortuaries & Teeny-Boppers. Though basically kin to such familiar cards as American Express and Diners Club, bank credit cards aim more at the ordinary needs of middle-income families than at travel and expense-account entertainment by executives. In a few cities, doctors, dentists and veterinarians already accept bank cards; in Chicago, several mortuaries and ambulance services have signed up, and at the city's Cheetah Twistadrome Boutique, teeny-boppers allowed access to their parents' cards can even charge their miniskirts and papier-mâché earrings...
...Most bank cards cost consumers nothing-provided they pay their bills at the bank within 30 days. After that, the banks usually collect a highly profitable 1½%-a-month interest on the balance. Merchants who agree to honor the cards usually pay a 5% discount to exchange their charge slips for cash from the banks (v. up to 7% through American Express). In parts of the Midwest, competition has driven the rate down to 3%, but even that is not quite low enough to attract major retailers, who have a heavy investment in their own credit setups. President...