Word: depositers
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...School Admission Council has recommended that law schools extend their deposit deadline dates from April 1 to May 1 because some schools are processing applications slower than others, Glenn J. Phillips, spokesman for Educational Testing Service (ETS), said yesterday...
...more and more deposits have flowed out of the banking system and into the funds, the banks have been forced to borrow increasingly large amounts by selling certificates of deposit, usually in denominations of more than $100,000, at interest rates high enough to attract buyers. Not surprisingly, some of the biggest customers for the certificates have turned out to be none other than the money market funds. In sum, the more the passbook deposits in the banks have shrunk, the fatter have grown the money market funds, and the higher has climbed the cost to the banks of borrowing...
Largely in response to such protestations, the Federal Reserve announced, as part of the new Carter program, that all money market funds must set aside 15% of any future deposits in non-interest bearing accounts with the Federal Reserve. Since money market funds cannot then invest this cash in bank certificates of deposit or any other high-yielding accounts, the effect for fund shareholders would be a modest reduction in the net interest they could earn...
...primarily the use of credit cards, check credit from banks, department-store charge accounts and the like. The Federal Reserve will tell banks and other lenders that, if they expand their lines of credit beyond the totals outstanding last week, they will incur a penalty: they will have to deposit a sum equal to 15% of the additional amount into a special reserve drawing no interest. How to stay within this requirement is entirely up to the lenders. They can refuse to extend additional credit to consumers, cancel the unused portion of existing credit lines, or go ahead and offer...
...safe really foolproof protection? Robert Rosberg of the Hamilton, Ohio, Mosler Safe Co. admits that no safe is burglarproof and 70% can be cracked in less than 20 minutes. As an alternative, Rosberg suggests spending $25 to rent a safe-deposit box. But even that does not offer total protection. Three weeks ago, burglars broke into a Manhattan bank vault and escaped with the contents of 290 safe-deposit boxes...