Word: depositors
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Such moves have outraged many in a nation in which economic discontent has already spawned a wave of protests. Declares one disgruntled depositor: "I will keep large amounts of cash on hand and will pay all my bills in cash." Others have been lining up to open accounts at hitherto little-used post-office banks, where services are limited but attractively free of charge...
Baldwin's hottest financial product has been single-premium deferred annuities. These accumulate untaxed interest until the depositor begins withdrawing the money. Baldwin sold $3.7 billion worth of annuities during the past three years with promises of up to 15H% interest. But the firm has been earning much less than that on its own investments because of falling rates. Additional costly problems arose at MGIC Investment, the mortgage-guaranty company Baldwin acquired in March 1982 for $1.17 billion. MGIC's profits fell 21% last year...
...forgers' wiles to sift the real from the spurious in the written record. Great literature, from Homer to Shakespeare to Frost, has been lifted by forgers, some unmasked, some forever anonymous. Religions have been undermined, the reputations of races besmirched, nation set against nation, scientist against scientist, banker against depositor, even lover against the beloved, all by forgers' clandestine deceptions. Phony works of art have debased culture. Crass counterfeiting has threatened the stability of currency...
...more than 14,000 institutions belonging to the Federal Deposit Insurance Corporation are guaranteed by the Government for up to $100,000 for each account. Since the FDIC program was established in 1934, 578 member banks have gone out of business for one reason or another, but no depositor has ever lost a penny in an insured account...
...Girard Bank of Philadelphia has completely overhauled its fee structure with an innovative plan designed to relate the service charges a customer pays to how often he uses the bank's facilities. Each depositor is given a monthly "credit," or allowance, depending on the size of the average balance in his account. If the amount is $1,000, for example, the credit is about $11. The customer incurs a charge against that credit when he uses the bank. Writing a check costs 30?, and a withdrawal from an automatic teller machine is 10?. For a bounced check, the bank...