Word: offing
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Dates: during 1960-1960
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A check with the depositor's code number must be put through an encoder where an operator inscribes it with its dollar amount before it is turned over to ERMA. From there on, a battery of machines do all the work. The machines sort and tabulate the checks, debit...
When the Bank of America began to phase in the first ERMA system two years ago, it cautiously kept its bookkeepers on the job to make sure ERMA did not err. But the system proved so efficient that Beise did away with the monitors.
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The success of ERMA encouraged Beise to find other jobs for computers. The Bank of America's huge traveler-check and credit-card business will soon be handled entirely by optical scanners and IBM 7070 computers. Other IBM computers even check on the efficiency of the branches. Beise gets...
A Boost from the Fed. Looking ahead, Beise hopes to realize one of banking's cherished dreams: to abolish the paycheck. By teaming up IBM 7070s with ERMA, he plans to credit his bank employees' wages directly to their accounts, hopes the scheme will appeal to other companies...