Word: passbooks
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...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...
Early last month, Government agencies raised by a half-point the ceilings on interest for most types of small savings. On ordinary passbook accounts, banks are now permitted to pay 5%, and savings and loan associations 5¼%. From there, the bank ceilings rise to 5½% on deposits made from 90 days to one year; 6% on one-to 2½-year money; and 6½% on 2½-to four-year deposits. On CDs running for four years or longer, banks can now pay anything they please; the Federal Reserve Board requires only a minimum deposit...
...four years will earn interest each quarter at a rate of a half-point below what the bank had to pay the previous quarter to attract $100,000 CDs. The rate this quarter is 8.11%; it can go either up or down from there, but never below the 5% passbook rate. Philadelphia's First Pennsylvania Banking and Trust Co. offers an "inflation-proof" $1,000 CD that will pay 7½% to 10% interest, with the exact amount to be determined by how fast the consumer price index rises...
...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...
...residential construction. Such institutions may well receive a net in flow of only $20 billion during 1973, v. $33 billion last year; in California, New York City, Washington, D.C., and some other areas, they have already suffered a net outflow. S and Ls typically pay 5% interest on passbook accounts and 6.5% on certificates of deposit that must be held for a specified time. Sophisticated savers are turning instead to Treasury bills that pay nearly 7%; commercial paper, a form of corporate lou, that yields 7.5%; and commercial-bank certificates of deposit, that pay almost...