Word: passbook
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...late April, a similar decision proved equally unsettling to the Corporation when the ACSR voted in favor of a proxy calling on International Business Machines (IBM) to curtail its computer sales to South Africa. It noted that computers may be used to maintain the records for the country's passbook system and other aspects of apartheid. But the Corporation abstained once again, noting that IBM's computers could go just as easily to hospitals and school as to the supporting network of apartheid...
...other thrift institutions lost money. Wall Street analysts say that at least 20% of them are now operating in the red. Amid this disarray, the Government is quickly changing the nation's banking statutes. President Carter last week signed a new law phasing out interest ceilings on passbook accounts (now 5¼% for banks and 5½% for thrift institutions) and permitting banks everywhere to pay interest on checking accounts, a practice already pioneered in a few states. This will make banks and other savings and loans more competitive with high-flying money market funds that pay higher interest...
...Phase out, over the next six years, federal ceilings on the interest that banks and savings and loan associations (S and Ls) can pay depositors. Currently, commercial banks can pay only 5.25% and savings institutions 5.5% on their passbook accounts...
...amounts by selling certificates of deposit, usually in denominations of more than $100,000, at interest rates high enough to attract buyers. Not surprisingly, some of the biggest customers for the certificates have turned out to be none other than the money market funds. In sum, the more the passbook deposits in the banks have shrunk, the fatter have grown the money market funds, and the higher has climbed the cost to the banks of borrowing the money back again to stay in business...