Word: passbook
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Dates: during 1960-1969
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...Passbook Joy. However nobly its theories are portrayed, apartheid is nothing less than mass intimidation. It is, says Novelist Alan Paton (Cry, the Beloved Country), "the finest blend of cruelty and idealism ever devised...
...Even so, many reported "heavy" withdrawals by savers attracted to 5¼% "certificates of deposit-money left to earn interest for a stated time-at commercial banks. In California, at least 40 associations followed the controversial lead of Los Angeles-based Home Savings & Loan in raising rates on passbook accounts from 5% to 5¼%, and on longer, 36-month accounts, to 5¾%. That move seemed more successful; Home experienced a $2,600,000 savings gain in one day. But it brought angry criticism from other S & L men who cannot afford to match the increase...
...certificates of deposit." With that, the HLBB handed S & Ls more power to fight back. Abandoning its only restraining weapon over S & L interest rates, the board suspended a policy cutting off S & Ls paying more than 4½% in most states (and 5% in California and Nevada) on passbook accounts from borrowing privileges at the twelve Federal Home Loan Banks. "We were simply fighting windmills," explained Home. "Rather than penalize the good people who were holding the line on rates, we decided to discontinue a policy that was no longer effective...
...that is a time when depositors are tempted to pocket their quarterly dividends and then pull out their mon ey. To prevent wide-scale withdrawals and to attract funds for mortgages, Los Angeles' Home Savings and Loan Association, the nation's biggest, boosted the rate on regular passbook accounts from 5% to 5¼% , and on longer, 36-month savings to 5¾% . Other S & Ls followed suit but may be squeezed for profits at these rates because many are less efficient than Chairman Howard Ahmanson's Home Savings...
Bucking other savings institutions, New York's Dime Savings Bank boosted its basic rates from 4½% to 5% , the city's highest passbook rate. That's gravy for savers, but borrowers stand to get their lumps. Manhattan commercial bankers are saying that it is high time for another increase in the "prime rate," now 5½% , from which all borrowing rates are scaled upward...