Word: noninterest
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Dates: during 1970-1979
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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...