Word: passbook
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Dates: during 1980-1989
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...given away innumerable lollipops and balloons to children and charged only nominal fees whenever good customers accidentally wrote bad checks. That generosity was fostered by Government regulations that for many years have put a limit of 5¼% or less on the interest that commercial banks could pay on passbook savings accounts...
...rate on high-yielding 13-week Treasury bills (current rate: 12.55%). The certificates, which will require a $7,500 minimum deposit, will become available May 1. The rate paid by thrift institutions will be .25% more than that given by banks, just as it now is for passbook accounts...
...Sears, Roebuck & Co., which offer every service from money-market accounts to insurance. Savings and loan lobbyists in Washington, for example, have been waging a rear-guard action to stop the deregulation of interest rates. In October they blocked a plan to lift the level that they pay on passbook accounts from 5.5% to 6%. The thrifts argued that such a move would cost them $500 million annually and make their plight even worse...
...year's economic turmoil helped speed a historic shake-up of U.S. financial institutions. Attractive interest rates prompted millions of Americans to withdraw money from banks and savings and loan associations, where the return on passbook deposits is no more than 5½%. Many put their cash into money-market funds, which are operated primarily by brokerage houses and financial management firms, and offered interest as high as 17%. The assets of those funds more than doubled during 1981, to $186 billion. Says Walter Wriston, chairman of New York's Citibank: "Americans are not stupid. They have been...
...selling point in addition to the tax-free status, though, is high interest rates. Federal bank regulators decided last month to let financial institutions pay whatever interest rates they want on I.R.A accounts. The yield on virtually every other kind of savings deposit is still subject to strict ceilings. Passbook accounts, for instance, can pay no more than...