Word: depositer
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...criminologist at Loyola University in New Orleans. "People believe the police can't protect them." They are buying guard dogs and supplies of Mace. Locksmiths and burglar-alarm businesses are flourishing, as are classes in karate and target shooting. Banks have long waiting lists for vacated safety-deposit boxes. Many city sidewalks are a muggers' mecca at night; the elderly dread walking anywhere, even in broadest daylight. The fear of street crime is changing the way America lives...
Money market funds, which are usually run by large investment firms, put their deposits in short-term (less than 60 days) financial instruments like Treasury bills, certificates of deposit and commercial paper. These usually safe, high-yielding investments are sold only in denominations of $10,000 and more and are out of the reach of the ordinary saver. The usual minimum deposit for money market funds, on the other hand, is $1,000. Investors can usually write checks against their deposits, much like a checking account, although many funds require a minimum withdrawal...
Many investors and the money market funds are naturally fearful of any moves to limit these high-paying deposits. Says David Jensen, a Chicago lawyer who is moving his savings out of certificates of deposit and into a money market fund: "Restrictions on them would interfere with my free-enterprise right to get the best rate of interest." Adds Thomas Anderson, vice president of the Kemper Money Market Fund: "We have allowed the small saver to participate in the high yields that have long been available to only the large investor." Restrictions on the funds would be against the general...
...explained by Cooley, Lewis' simple scheme was made possible by taking advantage of the amount of time-usually three to five days in California-that it takes for a check that is cashed in one branch of a bank to "clear" or be debited against the funds on deposit in another branch. No actual cash is shuffled between branches in the balancing process. Instead, accounts are made to tally by a method of computerized ledger balancing known as a "branch settlement account," a technique used by banks everywhere...
...branch that accepts a deposit into one of its accounts from another branch fills out a transfer ticket. The credit page is deposited in the local branch, creating an electronic balance that can be withdrawn by the account's owner, while the debit page is sent to the other branch to signal it to draw down its own balance correspondingly...