Word: overdraft
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Dates: during 1970-1979
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...Overdrafts Even friendly Senators on the committee pointed out that Lance's biggest problem was to explain why he, his wife LaBelle and relatives, as well as his 1974 campaign committee, had been allowed to write large checks that seriously overdrew their accounts. As Democrat Henry Jackson told Lance: "The man on the street comes up to me and says, I cannot have an overdraft, and he sees one after another ... I think this is the heart of your problem...
Lance responded that the Calhoun bank had long had a "liberal" overdraft policy to attract customers and that it applied to all depositors. Moreover, he contended, such a policy was "not an unusual practice" in a small rural community like Calhoun, where the bankers knew most of their customers and could judge whether this "extension of credit" involved any risk...
...committees are scheduled to begin next month. A probe by the Senate Banking, Housing and Urban Affairs Committee, headed by Senator William Proxmire (the only Senator to oppose Lance's confirmation last January), will use the Lance case as a wedge to look into loans to bank insiders, overdraft policies and general banking practices...
...bank with, say, a minimum deposit of $100 and gets a book of payment orders. When he wants to pay a bill, he simply writes out an order as he would a check. Only narrow technicalities distinguish these accounts from checking accounts. One of them: savings banks cannot offer overdraft privileges on payment accounts...
...Minneapolis Programmer Milo Arthur Bennett, whose firm handled computer work for the National City Bank of Minneapolis, programmed the computer in 1966 to ignore an overdraft in his own account at the bank. He was caught and prosecuted in four months-but only because the computer broke down and the bank's accounts were checked manually...