Word: work
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Dates: during 1960-1960
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...White, a sociologist, to represent the consumer on the spot. She has shut down a production line because she concluded that a new change was not an improvement, explaining with housewifely common sense: "Engineers can design anything. But you may have to stand on your head to make it work...
...biggest (1960 deposits: $9.7 billion) commercial bank this week showed off the most highly automated center any bank can boast. It will serve as the nerve center for the bank's automation system, which has taken ten years to put into operation. It will take over all the work connected with handling checks for the 87 Bank of America branches in the San Francisco area; it will tabulate and clear checks, keep track of the checking accounts and print the monthly statements...
...bank's real estate and installment loans, send reminders to delinquents. By Teletype the center is linked to the bank's 72 overseas offices. The center is the latest example of the revolutionary changes banks are going through to keep up with the mounting paper work. As Bank of America President Seth Clark Beise says, "I knew we could never get enough people to do the paper work, even if we could afford to pay them the ever-increasing wages." The number of checks written in the U.S. each year has soared from 4 billion...
...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 the accounts, print the statements when they are due, and put the checks in neat piles to be returned to the banks. ERMA also produces three daily records for the banks: a status report on the balance in each account, a journal of the most active accounts (noting large withdrawals that...
...more widespread automation becomes, the better it will work. It will get a big boost from the Federal Reserve System, which is starting to convert its check clearinghouses in New York, Philadelphia, Chicago, Boston and San Francisco to automated systems. The Fed is expected to pressure other banks diplomatically to fall into line, start using the preceded magnetic-ink checks...