Word: loan
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Dates: during 1950-1959
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Banks have found the credit card a sure-fire way to drum up credit business (instead of taking a one-shot loan, the cardholder becomes a permanent credit customer). In the typical system used by Chase Manhattan Bank, the stores pay a fee of 6% or less on charge-card business, depending on volume. Cardholders get the service free if they pay their monthly bills on time; or they can pay in five monthly installments, with a 1% monthly charge on the unpaid balance...
Last week Manhattan's Bankers Trust Co., seventh biggest in the U.S., launched a plan to give customers frequent loans without bothering to make loan applications. The system, adopted so far by some 20 major banks: the customer gets a line of credit, usually from $100 to $6,000, that goes into his checking account. He then writes checks, pays back in twelve or more monthly installments, is charged 1% or more monthly interest on the outstanding balance...
This idea, called revolving credit or check credit, was pioneered by Boston's First National Bank in 1955. Last week its Vice President Harold B. Hassinger told the Chicago meeting that profits from the plan not only run 50% higher than on personal loans, but that it has helped boost personal loan business 40% by popularizing credit. Said Hassinger: "Don't be surprised if this plan does ultimately displace most everything but the open charge account with the grocer and other retail outlets...
...Texas Democrat also termed the loyalty oath amendments to the National Defense Education Act as "secondary to the main objective of the bill," and a necessary compromise to get it passed. He was co-author of the bill's college loan provisions...
...academic freedom and its latent McCarthyism, the Pennsylvania schools' complete rejection of the beneficial aspects of the program results merely in cutting off one's nose to spite one's face. A more reasonable course for the University is to accept the Federal funds and to provide its own loan funds for students who object to the oath. There is no reason why the University can not pray for repeal with one hand while accepting the cold cash with the other...