Word: loaned
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Dates: during 1970-1979
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...depositors and enlarge their assets, American banks have instituted such patron-pleasing competitive innovations as longer hours, credit cards and robot tellers that will take deposits and, in some instances, disburse money 24 hours a day. Soon customers across the country may also be able to make savings and loan or bank deposits and withdrawals in supermarkets and other stores as a result of a court ruling that removed legal obstacles to a pioneering experiment in Nebraska...
Under the experiment, First Federal Savings and Loan Association of Lincoln put computer terminals into two stores of the state's Hinky Dinky grocery chain. A customer of the S and L can present a deposit or withdrawal slip and a coded identification card to a Hinky Dinky employee, who punches the transaction onto a typewriter-size console tied into First Federal's main computer. Once the central computer approves the transaction, funds that a customer withdraws are transferred from his savings account to Hinky Dinky's account, and the Hinky Dinky employee hands over the cash...
First Federal began the experiment in January 1974, shortly after the Federal Home Loan Bank Board, which regulates S and Ls, allowed them to set up the terminals. But First Federal quickly ran into legal trouble. In what became an important test case, the Nebraska attorney general contended that state law did not permit retail stores to conduct a banking or S and L business and obtained an injunction that shut down the system for six months of 1974. But last month the Nebraska Supreme Court ruled that the stores were not really acting as S and L branches...
...fallen 13.8% below a year earlier, while exports rose 29.2%-helped by a 20% devaluation of the lira, which is now holding steady at roughly 625 to the dollar. A fierce tightening of credit that sent bank prime rates as high as 20% or more cut deeply into new loan demand by the private sector, but freed money for paying off Italy's monumental debt. Since last June, the nation has even pulled back an estimated $2 billion of the $12 billion of capital that wealthy Italians had spirited out of the country since...
...checks are being deposited each day. Such activity does not necessarily hurt the economy. Checks that are saved and used to buy consumer goods later will help spread the economic stimulus over a longer period of time; those that are banked indefinitely increase the supply of credit available to loan-seeking consumers and businessmen...