Word: payments
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Dates: during 1970-1979
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They look like checks and work like checks. They cannot be called checks because mutual savings banks in New York, as in ten other states, are not allowed to offer checking accounts. Still, seven New York savings banks are now advertising "payment orders" in a new effort to woo customers away from commercial banks. One of the lures: it is possible to vise a payment-order account in such a way as to earn interest on funds that are eventually needed to pay bills...
...plan works this way: a customer opens a special account at a savings bank with, say, a minimum deposit of $100 and gets a book of payment orders. When he wants to pay a bill, he simply writes out an order as he would a check. Only narrow technicalities distinguish these accounts from checking accounts. One of them: savings banks cannot offer overdraft privileges on payment accounts...
...accounts as such pay no interest; that is forbidden by federal law. But a customer can easily open both a savings account and a payment account, and deposit all but the minimum in the savings account. He can then go to the 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...
...think that each person who asks for an abortion in Boston and is refused for fear of reprisal from the courts, should be granted, without cost, full prenatal care, delivery and postnatal care, and thereafter a full support payment for said child, up to and including college, the cost of which should be assessed to the Value of Life Committee. If one feels the need to order another individual's life, he should...
...GAIU is paying the typesetters 75 per cent of their usual before-tax wages. Since this payment is tax-free, the typesetters' take-home pay during the strike is close to the $110 to $130 per week they were paid when they were working...