Word: depositing
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Dates: during 1980-1989
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...card overnight could be a major tool for collecting deposits, selling certificates of deposit and maintaining checking accounts." Sears is also actively looking to buy more savings and loan associations to add to the one it owns in California. It was a bidder in 1983 for Chicago's First Federal Savings and Loan, which was finally bought by Citicorp...
Foreign banks and other financial institutions have been big buyers of U.S. bonds. But most individual foreign investors, seeking to avoid the U.S. withholding tax, have favored certificates of deposit offered by overseas units of American banks and bonds issued by U.S. companies in foreign financial centers where taxes are minimal. Now that the American tax has been repealed, foreigners may develop a taste for bonds sold in the U.S. The prospect of increased foreign capital flows and stable interest rates could further fuel the bull market that was gathering force last week...
Since early May, Continental has been eroded by the most relentless run on a major bank since the Great Depression. At least one-third of its $30 billion in deposits has drained away. Despite an unprecedented $7.5 billion in emergency loans from the Government and 28 private banks, the outflow could not be stemmed. The banking system's difficulties in helping one of its key institutions have diminished public confidence in all U.S. banks. Even though each deposit up to $100,000 in a federally chartered financial institution is insured, many Americans began wondering about the safety...
...loyalty. Says Donald Romans, vice president of Bally Manufacturing, a billion-dollar customer: "We will support Continental as long as it is able to support our business." Some fallen-away depositors like the Kemper Money Market Fund, which last May stopped buying Continental's certificates of deposit, are thinking about returning. Said Kemper Portfolio Manager Frank Rachwalski...
Bank regulators also feared that if overseas depositors lost money in a Continental failure, they might start pulling their accounts from other big U.S. banks as well. Smaller institutions could face failure if they lost large amounts of money on deposit with Continental. The shock waves might extend to local companies doing business with those banks. In short, what was at stake in Continental's crisis was the stability of the entire international banking system. Said Democratic Senator William Proxmire of Wisconsin, a vocal opponent of the Chrysler and Lock heed rescues: "For the first time I favor...