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Banks frequently collect money from checks far faster than they credit it to their customers' accounts. To receive payment for a check, a bank usually sends it to a Federal Reserve branch or some other check-clearing institution. The bank typically receives credit from the Federal Reserve within 24 to 48 hours, even if it takes the Fed longer to collect from the bank on which the check was drawn. After being paid for the check by the Federal Reserve, a bank may wait several days, or in some cases a couple of weeks, before permitting the customer...

Author: /time Magazine | Title: That | 5/16/1983 | See Source »

...Museum of Fine Arts. While both institutions are concerned primarily with displaying art and educating the public, the ICA shows only contemporary works, whereas institutions like the MFA, obviously, have displays from all periods. A natural divergence results from this philosophical division. Institutions like the MFA are museums, they collect art and so take on the responsibilities of investigating, maintaining and educating the public about the works in their collections. The ICA, concerned as it is with the art of the present, has no collection, nor for that matter does it have the space or the finances to maintain...

Author: By Kathleen I. Kourfl, | Title: On the Cutting Edge | 5/11/1983 | See Source »

...argued. He painted a bleak picture of the Salvadoran government, charging that its land-reform program had long been "abandoned" and that its repressive police tactics still terrorized the populace. "I have been to that country, and I know about the morticians who travel the streets each morning to collect the bodies of those summarily dispatched the night before by Salvadoran security forces." He said the U.S. ought to take up the offer made by some rebel leaders to negotiate a settlement, a prospect most analysts regard as highly dubious...

Author: /time Magazine | Title: Central America: Harsh Facts, Hard Choices | 5/9/1983 | See Source »

Virginia's attorney general says he will try to collect for the calls; a state law forbids personal calls on government phones. There are, however, no federal regulations governing these kinds of telephone conversations, recorded or live. In March a New York federal judge dismissed a suit against High Society, a skin magazine that produces the porno service...

Author: /time Magazine | Title: Aural Sex | 5/9/1983 | See Source »

...which cost at least 5 francs (70?) to play, have one startling and seemingly fatal limitation: they cannot pay off in money. Each carries a yellow plaque warning players that they can win only free games. The restriction, however, is roundly ignored. Winners need merely wink at barmen to collect their jackpots from the cash register. "All the café owners give money," asserts one player, who says he can pocket nearly $30 on a good day. Adds a proprietor: "That's true, but I don't give money to just anybody, only to people I know...

Author: /time Magazine | Title: Forbidden Fruit | 5/9/1983 | See Source »

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