Word: depositors
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...cloud in that silver shadow is that the saver must forgo all interest. Moreover, the Rolls would be considered income and would be taxed as such in the year it was received. If the depositor took his interest instead, it would be taxed as he received it over an eight-year period...
...quite a catch. The mysterious depositor was Michael G. Thevis, 46, who once described his Atlanta-based $100 billion-a-year empire as "the GM of pornography." Thevis controlled one of the nation's largest networks of adult bookstores, X-rated movie theaters, and peep-show machines. Seven months before, Thevis had escaped from a minimum-security jail in New Albany, Ind., while serving 8½ years for arson and interstate transportation of obscene material. He was held without bail; police also arrested a companion, Anna Jeanette Evans, 40, who was waiting for him outside the bank, and charged...
NOWs are easier to understand, but they do not offer any great advantages over PATS. NOW accounts too are advantageous mainly to those who can maintain big balances, though the break-even point may be somewhat lower than with PATS. Under Citibank's plan, for instance, a depositor will earn 5% interest on the money he keeps in a NOW account and if he maintains a total balance of at least $3,000, pay no service fee. But if the combined balance drops below that, he must pay a charge...
...terms apparently are not generous enough for those who can afford to take advantage of them. Within one week the bank received 20 inquiries-from as far away as Lansing, Ill..-but no takers. One prospective depositor asked whether he could get three of the deluxe autos if he deposited $3 million. Emphatically yes, said Bank President Gerald Mclntyre. Whereupon the canny investor tried to drive a harder bargain. At week's end he was holding out for 6.5% interest and a time limit of only three years...
...inflow of foreign funds, but only for a short while. Clever Swiss bankers soon devised a new technique whereby foreigners could continue to channel funds into Switzerland without incurring the interest penalties. The bankers simply accepted the deposits in fiduciary accounts. Under Switzerland's strict secrecy laws, the depositor would remain nameless, and the bankers would handle the funds in their own manner for the benefit of the depositor. Or so it was supposed to work...