Word: depositer
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...handling checks drawn on insufficient funds. Some claim that the service actually costs the banks less than $1 a check. Many bank customers have learned that the old financial catchall, "The check is in the mail," has been replaced by a new one, "The computer lost your deposit...
...insurance are still taking shape, its forays into banking have already shaken the financial community. Merrill Lynch's Ready Assets Trust, known to customers and competitors alike as "the Rat," is the country's largest money-market fund, with assets of $17 billion. It requires an initial deposit of $5,000, but the money earns a high return-last week 17.43%-and investors can write checks (of $500 or more) at any time. Better yet is Merrill Lynch's Cash Management Account. Customers with $20,000 to invest can not only reap high money-market yields...
Money-Market Certificate. This six-month, Government-insured time deposit in a bank or thrift institution pays high interest (last week: 15.9%). Disadvantage: $10,000 minimum and a penalty for early withdrawal...
Commercial Paper. This is a short-term corporate IOU that is not backed by any collateral. The safety depends on the soundness of the corporation issuing it. Commercial paper and large certificates of deposit currently pay the highest rate of interest available to most individuals, about 17.50%. Disadvantage: the minimum investment is usually...
Mortgage Warehousing. This proposal, introduced in the Senate by New York Democrat Daniel Patrick Moynihan, would have the Federal Deposit Insurance Corporation and the FSLIC take over many of the old mortgages from the thrifts and hold them for three years. The Government might purchase about $10 billion of the old loans now earning less than 7½%. Cost to the Government: approximately $2.1 billion. Relieved of the burden of these low-yielding mortgages, the S and Ls could gain a little more profitability and then later buy back the "warehoused" mortgages...