Word: passbook
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...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...
...rights." It noted that the laws make criminals out of blacks who live in or near South Africa's cities but lack proper documentation, and estimated that arrests for such violations have been running between 200,000 and 300,000 a year. The panel recommended the abolition of the passbook system and the issuance of the same identity document to all South Africans, regardless of race. If Parliament takes up the recommendations in January and makes them law, blacks will gain the right to live and work in any part of the country and to have their families with them...