Word: thrifts
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Until this year, federal regulations prevented banks and thrifts from giving interest on checking accounts, and most thrift institutions could not even offer checking. Finally, Government rules do not permit these financial institutions to run full consumer services outside their home states...
...more controversial proposal would permit banks and thrift institutions to do business in more than one state. The U.S. has more banks (14,500) than all the rest of the world combined. The tradition of many small, local banks goes back to frontier days, when a bank was one of the pillars of a new community. Bankers say, though, that regulations limiting them to one state are now an anachronism...
Congress and the financial community are currently considering a variety of ways to help thrift institutions. The result, in any case, will certainly be a reduction in their number during the next few years. The lucky savings and loans may be like the Count of Sieyes, who, when asked what he did during the French Revolution's Reign of Terror, gave the legendary reply: "I survived...
Once freed from the burden of regulations, the more prosperous thrift institutions are likely to emerge as full-service family financial centers, offering everything from money-market funds to credit cards. The best-run savings and loan associations are financially very sound and will prosper in the new, freer money market. Says Richard H. Deihl, president of Home Savings & Loan in Los Angeles, the largest in the U.S.: "There will always be room for a variety of financial institutions. Some will make loans to industrialize the forests of Brazil; others will lend money to people to buy houses...
Money-Market Certificate. This six-month, Government-insured time deposit in a bank or thrift institution pays high interest (last week: 15.9%). Disadvantage: $10,000 minimum and a penalty for early withdrawal...