Word: overdraft
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Ball, now head of Prudential-Bache Securities, said he received no such memo, only a routine briefing paper in November 1981 that made no reference to any overdraft scheme. Ball and Hutton executives did say that another document mentioning the overdrafting was written in March 1982. By then, Hutton said, the practices had been uncovered and halted. Ball and Hutton claimed that the March memo later got stapled to the November one. The committee, said Ball, / was led to believe that the documents "constituted a single memo addressed to me." Committee members were skeptical. Ohio Democrat Edward Feighan said...
That was not all. Maryland authorities contended that Old Court's top officers had engaged in such improprieties as giving themselves lavish consulting fees and writing at least $5.8 million in overdraft checks. Maryland's attorney general is conducting a probe of Old Court's management that could produce criminal charges...
...sophisticated method of check kiting to avoid high interest rates. Kiting is a procedure in which two or more checking accounts are played off against each other to stay one step ahead of a bounced check. After overdrawing an account at one bank, a person or institution pays the overdraft by writing another check, which overdraws an account on another bank. With some quick moves, it is possible to stay just ahead of the bankers and in effect obtain an interest-free, short-term loan...
...services that range from making loans to acting as stockbrokers. They are now retrenching to cut their losses. One tough move was aimed at the many depositors who habitually overdraw their bank accounts between monthly paychecks. The banks have begun charging stiff monthly rates of up to 16.25% for overdraft privileges, compared with some 13% in December. Other steps have included stricter credit-card policies and a 20% increase in fees and commissions on most transactions...
...past three decades, farmers have pumped water out of the Ogallala as if it were inexhaustible. Nowadays they disperse it prodigally through huge center-pivot irrigation sprinklers, which moisten circular swaths a quarter-mile in diameter. The annual overdraft (the amount of water not replenished) is nearly equal to the yearly flow of the Colorado River. Like all aquifers, the Ogallala depends on rain water for recharging, and only a trickle of the annual local rainfall ever reaches it. Gradually built up over millions of years, the aquifer is being drained in a fraction of that time. The question...