Word: loaned
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Dates: during 1980-1989
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Nonetheless, banks and savings and loan associations will probably not pay their passbook holders much more than the current rate. Many of these customers kept their money in low-paying passbook accounts even when money- market funds or bank certificates of deposit were offering interest of 15% or more, in 1981. As a result, bankers feel, passbook fans are unlikely to bolt now that money-market funds are yielding a paltry...
...September l974, Vinson went to work as a teller trainee at Capital City Federal Savings & Loan Association (now called Meritor) in Washington. She says that the branch manager, Sidney Taylor, coerced her into a sexual relationship, sometimes having sex with her in the bank vault and in a basement storage area. When she pleaded with Taylor to leave her alone, Vinson says, he threatened her job and her life. She never complained to Capital City, and the bank says she rejected two opportunities to transfer to another branch. Vinson's version is that she asked for a transfer...
During the early 1980s, most IRA money poured into banks and savings and loan associations because interest rates were going into outer space. But one- year certificates of deposit, which earned a handsome 15% or more in 1981, now bring savers only 8% or so. Result: many consumers, suffering from single- digit shock, have started moving their IRA accounts to Wall Street in search of better yields. IRAs invested in stocks typically earned a 26% return last year. "We're clobbering the banks. It looks like the tables have turned," boasts Gary Strum, first vice president in charge of pension...
...strenuous effort to keep the brokers from hijacking their customers. Many have teamed up with investment firms so they too can offer stock packages. More visibly, financial institutions are showering consumers with promotional giveaways and extending hours. Customers who open an IRA at North Carolina Federal Savings and Loan in Charlotte automatically enter a drawing for a free round-trip Piedmont Airlines ticket, which can be used on any of the routes the carrier flies, from Miami to San Francisco. New York City's Dollar Dry Dock Savings Bank is offering new IRA depositors an immediate cash bonus...
...consumers lack the cash to start an IRA, some banks will lend it to them. Borrowing money to put in the bank sounds paradoxical, yet it makes sense for some people because the interest on the loan is tax deductible. New York City's Chemical Bank, which urges customers to think about an IRA "even if you don't have the money," calculates that a taxpayer in the 35% bracket would pay about $154 in interest on a $2,000 one-year loan but could recover $54 of that by deducting the payment on an itemized federal income tax return...