Word: banke
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Dates: during 1960-1969
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LAST SPRING, shortly after the death of Rev. Martin Luther King, Donald E. Sneed, president of the new Unity Bank and Trust Company in Roxbury--the first bi-racial bank in New England--spoke in Hilles Library at Radcliffe. He was angry then, and one couldn't help but be struck by his overwhelming determination. He told a spellbound audience of 200, "We are going to be the fastest growing commercial bank in New England and everybody is going to help. If you don't help, someday you're going to sit back and say, 'I should have listened...
Calling Unity "constructive black power," he urged the audience to bank by mail and place their accounts at Unity. "Every mail box is a branch office of the Unity Bank," he said...
There are 14,500 commercial banks in the United States; 20 are black controlled. This great gap underlines the economic and entrepreneurial difference between the white economic power structure and black communities in this country. When Unity Bank opened on June 24, it became the first bi-racial bank in the history of New England and the second to exist in the country--The Freedom National Bank in Harlem, established in 1964, was the first...
From the Greek. At Bootle, near Liverpool, Prime Minister Wilson opened a $37 million data-processing complex that is to be the heart of one of the most fully automated banking systems in the world. Called Giro-the word comes from the Greek gyros, meaning circle-the system will circulate funds within the country's huge post-office network. With a deposit of $12, anyone will be able to open a Giro account. An account holder can leave standing instructions to have his regular bills rent or mortgage installments, telephone and electric bills-paid automatically out of his account...
...course, Giro is not offering all the services of a bank, such as paying interest on deposits or making individual loans. Nor is it willing to emulate the gentlemanly tradition of British banks by honoring clients' overdrafts. If a Giro customer overdraws, his check is returned...