Word: refunds
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
According to Mr. Brown, the patronage refund paid to members by the Coop for the fiscal year ended June 30th, 1970, would have been approximately two percentage points higher if the Coop had maintained its previous practice of disallowing patronage refunds on charge purchases not paid by the end of the billing month. This practice was not maintained because, according to Mr. Brown, the Harvard Trust Company now charges 11/2% per month interest on late payments, and, I suppose, both to deny the patronage refund and allow the bank to charge such a high rate of interest on late payments...
Instead, under the new practice, the patronage refund is allowed on late payments and the bank collects 11/2% per month on such payments. While Mr. Brown emphasizes that the effect of this practice is to increase the number of people "sharing a given number of dollars available for patronage refund," he neglects to mention the significant fact that, as a result of the new procedure, the Harvard Trust Company is now receiving as interest some amount of the patronage refund funds which would previously have remained with the Society and been available for distribution to its members! Therefore, the actual...
...getting short-changed by this new practice of the Coop? Not Mr. Brown. His salary is probably higher than it was last year. Not the Harvard Trust Company. It is getting part of the Coop members' patronage refund as well as usurious interest. Not the other banks that loan the Coop money to build unnecessary buildings, such as the Business School Coop, and to carry ridiculous inventories, such as refrigerators and color televisions. These banks are paid their interest charges even before the Harvard Trust Company gets its cut. Two affected groups remain: the employees and the customers. Mr. Brown...
...essence, therefore, the Coop's lower patronage refund is just another example of business making profits by exploiting employees and short-changing consumers. I believe that it is in our interest to stop this short-changing and exploitation. I suggest that the way to do it is to organize a fight against the management of the Coop and support, in general, the struggles of employees everywhere against their businessmen bosses. Unless we realize the need to take this kind of political action, I fear Mr. Brown and his like will continue to live at our expense and, perhaps, others' agony...
...magazine called Foreign Policy father of a New York University student a partial tuition refund Wednesday because the school cancelled class during the Cambodia strike last...