Word: noninterest
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...process of consolidation, as the banks love to point out, creates cost saving. But several studies show that, if anything, the banks have pocketed whatever value they've sprung loose. And new and higher fees have been introduced as banks merge and branches close. Noninterest service fees--for bounced checks, certified checks, etc.--now account for a third of industry profits, totaling $18.5 billion. Last year a report by the U.S. Public Interest Group (USPIRG) found that consumers paid 15% more to maintain a regular checking account at a big bank than at a small bank. Similar results were found...
Gold prices have steadily declined since the '80s because with roaring stock markets and low inflation worldwide, sitting on noninterest-bearing gold makes little sense for governments. "There's no point in holding it," says Dale Henderson, a gold specialist at the Federal Reserve. That's true for individuals too. It doesn't mean you should sell your jewelry at a discount. Inflation could someday return, and besides, T-bills make lousy necklaces...
...string of blunders probably accounted for Buchanan's surge in the final days of the campaign. "The President," says a top campaign official, "was paying the price for a very poor economy and a perception of noninterest, noninvolvement and nonunderstanding of the recession over a lengthy period of time...
Though the immediate cause of alarm was the Federal Reserve action two weeks ago that forced credit-card issuers to place a sum equal to 15% of new loan money into a noninterest bearing account, the lenders have been suffering pinched profits or even losses for months. Banks in most states are caught in a squeeze between high interest rates and local usury laws. In New York, for example, the maximum interest on credit-card purchases is 18% on an annual basis for the first $500 and 12% on everything above that. But banks are now paying as much...
Unable to block the NOW system in court, commercial bankers have protested to Massachusetts Commissioner of Banks Freyda P. Koplow. She is seeking a compromise, possibly an agreement under which savings banks might offer noninterest checking accounts. A spokesman for the Federal Reserve says that it is watching the New England situation "with concern." The Reserve has no control over savings banks, but it does regulate the clearing houses through which NOW drafts move. If savings bank checking takes too big a chunk of commercial bank money, the Government may move to head off NOW at the clearing house...