Word: passbook
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Eventually a legislator finds it easier to understand the plight of the constituent-friend who would be hurt by a bill cracking down on reckless savings and loan executives than the plight of a constituent he does not know -- Joe Sixpack faithfully depositing his weekly savings into a 5% passbook account. When friends of Wright and Coelho who were heading up failing S & Ls came under investigation for fraud, the Democratic leaders were not only willing to take their calls and visits but to stall legislation and a federal investigation that would have cracked down on these people...
...bonds and overseas capital markets.) The drop in the prime will also have an effect on consumer loans. Rates for 30-year fixed-rate home mortgages, for example, have already dropped below 10% in the Northeast for the first time since April. On the other hand, yields on passbook savings accounts, which have traditionally hovered at around 5%, fell to 4.75% last week at several major institutions. Many bank-credit-card rates remain stubbornly high, at between 17% and 20%, except in Arkansas and Connecticut, which have laws limiting rates on plastic...
...innocent-looking document that resembles an ordinary passport, but for South Africa's 24 million blacks, the passbook is the most hated symbol of the apartheid system. It allows the government to enforce the pass laws, regulating where blacks can live, work and travel in the country. Last week, however, State President P.W. Botha told Parliament that effective April 23, he will suspend those laws and release all those jailed on pass offenses. About 100,000 blacks were arrested last year on pass-law violations...
This week the process of interest-rate deregulation that began six years ago completes its final chapter. The limit on the interest that financial institutions can pay for passbook savings accounts, which has been fixed at 5.5%, vanishes as of April 1. The change affects some 91 million accounts, which hold more than $300 billion...
Nonetheless, banks and savings and loan associations will probably not pay their passbook holders much more than the current rate. Many of these customers kept their money in low-paying passbook accounts even when money- market funds or bank certificates of deposit were offering interest of 15% or more, in 1981. As a result, bankers feel, passbook fans are unlikely to bolt now that money-market funds are yielding a paltry...