Word: shawmuts
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...Shawmut Bank of Boston now receives more than500 applications per year from college studentsfor the 15 to 20 available spots in its trainingprogram, says Linda J. Tuso, the director ofemployment...
...Shawmut...
...thirds of their customers still shun the practical and convenient automatic teller machines. Then, too, many potential home bankers are apprehensive about computer crime, fearing that some ingenious 14-year-old will electronically make off with their life savings. Janet Pruitt, vice president for electronic banking products at Shawmut Corp. of Boston, cites another drawback: "A PC sitting at your home won't be able to withdraw cash or make deposits." For these transactions, a customer must still trek to the local bank branch or automatic teller machine. Moreover, many home-banking systems are still plagued by shutdowns and glitches...
...somewhat of a loner. He's not the gregarious consensus maker," says Shawmut Bank Chief Economist John Kalchbrenner, who served under Volcker at the Treasury...
...Form 4789) whenever they accept more than $10,000. By running the forms through computers, investigators can pinpoint who is handling inordinate amounts of cash. Until recently, however, the reporting rule has been widely ignored. The second- and third-largest banks in Boston, the Bank of New England and Shawmut Bank, have admitted that they too made unreported cash transfers. Meanwhile, the Treasury Department is investigating at least 60 U.S. banks for failing to comply with the reporting law. Many institutions apparently brushed aside the regulations because of the paperwork they entail. But that is not the only reason. Says...