Word: passbook
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...even in an inflationary environment, it tends to rise as inflation pushes up interest rates. Last week the Treasury rate was 7.5%; thus had Citicorp's notes been sold last week, they would have paid 8.5% initially, v. a maximum of 5% to 5¼% on passbook savings accounts. Citicorp intended to sell $250 million of the notes, but potential demand appears so great that last week it planned to offer $850 million of them. Chase Manhattan Corp., holding company for archrival Chase Manhattan Bank, plans a $200 million offering of similar notes, and other competitors are said...
...bank and switch funds into the payment account to cover the non-checks as he writes them, and earn interest on the money until the day of withdrawal. He could do the same thing at a commercial bank, but there he would get at most 5% interest on regular passbook savings. At a savings bank...
More important, it has started an unintended flood of money out of S and Ls and savings banks; depositors are pulling cash out of passbook accounts that pay only 5¼% annual interest and buying Treasury bills, bank certificates of deposit (CDs) and other investments that sometimes yield more than 9%. Through early 1973, S and Ls were taking in savings at an average net rate of more than $1 billion a month, but they suffered a net outflow in July; in August a staggering $1.2 billion was withdrawn, the third largest monthly loss on record. Since then, the situation...
...many South Africans, the scene brought back memories of another massacre, in which 69 blacks died in a withering hail of bullets outside the Sharpeville police station 13 years ago. The Sharpeville victims had been protesting the abusive passbook policy imposed on 16 million blacks in the name of apartheid by the ruling white minority government...
...Abolish, over 5½ years, all ceilings on the interest rates that banks and S and Ls can pay to savers. The savings institutions could then pay, even on ordinary passbook accounts, any rate that they thought necessary to attract money. They can do this now only on $100,000 certificates of deposit, or $1,000 CDs running four years or longer...