Evening Republican, Volume 15, Number 220, Rensselaer, Jasper County, 18 September 1911 — POSTAL BANK STARTS TUESDAY IN RENSSELAER. [ARTICLE]

POSTAL BANK STARTS TUESDAY IN RENSSELAER.

Postmaster Murray Will Accept Money In Sums of $1 or More—lnformation for Depositors. The postal savings bank will open in Rensselaer Tuesday morning, Sept. 19th, and Postmaster Murray is authorized to accept deposits from individuals 10 years of age or over in sums of $1 or any multiple of dollars up to SIOO. There will probably be some rivalry to make the first deposit. The following information for depositors is published: The Postal Savings System is established for the purpose of providing facilities for depositing savings at interest with the security of the United States government for repayment.

The faith of the United States is solemnly pledged to the payment of deposits made in postal savings depositiory offices with accrued interest as provided by the postal-savings act. Accounts may be opened and deposits made by any person of the age of 10 years or over in his or her own name and by a married woman in her own name and free from any interference or control by her husband. No person can have more than one account at any one time. No person may open a postal-sav-ings account at any post office who is not a patron of that office. AlLaccounts must be opened in person by the depositor or his authorized representative. After opening an account a depositor may forward subsequent deposits to the post office by, mail.

Deposits will be accepted only from Individuals, and no account will be opened in the name of any corporation, association, society, firm, or partnership, or in the names of two or more persons jointly. No account will be opened in the name of one person in trust for or on behalf of another person or persons. The service of the Postal Savings system is free, and no charge or fee is collected or required in connection with the opening of an account or the withdrawal of money deposited.

No person connected with the Post Office Department or the postal service is permitted to disclose the name of any depositor or give any information concerning an account except to the depositor himself, unless directed to do so by the postmaster general. When a person applies to opeu an account be must furnish the necessary information for the postmaster or his representative to fill out an application, which he will then be required to sign. If the applicant signs by mark his signature must be . witnessed by a disinterested person. Deposits are evidenced by postalsavings certificates issued in fixed denominations of sl, $2, $5, $lO, S2O, SSO, afid SIOO, each bearing the name of the depositor, the number of his account, the date of Issue, the name of the depository office, and the date on which interest begins. The postmaster or his representative will make out a duplicate of each certificate issued, which the depositor will be required to sign and which the postmaster will retain in his records. No account may be opened for less than sl, nor will fractions of a dollar be accepted for deposit. No person is permitted to deposit more than SIOO in any one calendar month nor to have a total balance to his credit at one time of more than SSOO exclusive of accumulated interest.

Savings certificates cannot be transferred or negotiated and will be payable only to the person to whom issued. On opening an account a depositor is supplied with an envelope in which he may keep his savings certificates. On this envelope is printed information for his guidance, and also a blank ledger record on which to keep an account of his deposits and withdrawals. In case a savings certificate is lost or destroyed the depositor should notify the postmaster. If deemed proper, a new certificate will be issued upon compliance by the depositor with the necessary requirements. Postmasters are not permitted to receive savings certificates for safekeeping. Amounts less than $1 may be saved for deposit by the purchase of 10-cent postal-savings cards and adhesive 10cent postal-savings stamps. Each

postal-savings card contains blank spaces to which savings stamps may be affixed from time to time as purchased, and a postal-savings card, with nine 10-cent savings stamps thus affixed will be accepted as a deposit of |1 either in opening an account or in adding to an existing account. Savings cards and stamps will be redeemed only by the issue of savings certificates and are not valid for postage. They will not be received in exchange for postal stamps nor will postage stamps be accepted in exchange for postal-savings cards or stamps. ' Interest will be allowed on all deposits at the rate of 2 per cent per annum, computed on each savings certificate separately, and payable annually. No interest will be paid on

money which remains on deposit for a fraction of a year only. Deposits will bear interest from the Ist day of the month next following that in which deposited. Interest will continue to accrue oh a savings certificate as long as it remains outstanding, certificates being valid until paid, without limitation as to time. Compound interest Is not allowed on an outstanding certificate, but a depositor may withdraw interest payable and include it in a new deposit, which will bear interest at the regular rate. A depositor may at any time withdraw the whole or any part of his deposits to his credit with any interest payable by surrendering savings certificates, properly indorsed, for the amount desired. A depositor presenting a certificate for payment in full with all interest payable must indorse it on the back in the presence of the postmaster or ois representative and surrender it. The postmaster or his representative, If satisfied as to the depositor’s identity, will then make payment. When a depositor desires to Withdraw only a part of the amount called for by any certificate the postmaster will cancel the certificate and issue a new certificate covering the amount to be left on deposit. The new certificate will be so dated that the depositor will not lose interest on the amount remaining continuously on deposit. When a depositor desires to withdraw merely the interest payable on any certificate, instead of indorsing and surrendering the certificate as in case of jfull payment, he will be required to give his receipt in duplicate for the amount of the interest paid. The postmaster will enter the interest payment on the back of the certificate and return it to the depositor. A depositor will be permitted to exchange the whole or any part of his deposits in sums of S2O, S4O, S6O, SBO, SIOO, or multiples of SIOO up to and including SSOO, into United States registered or coupon bonds bearing interest at the rate of 2% per cent per annum, payable semiannually, and redeemable at the pleasure of the United States' after one year from date of issuer both principal and interest payable 20 years from date in United States gold coin. Such exchanges may be made under date of January 1 and July 1 of each year, provided such bonds are then available. AXdepositor desiring to convert his .savings deposits Into bonds on January 1 and July 1 of any year must make application at least 15 days before either of the dates named to the postmaster in triplicate -on a form which will be supplied him for that purpose. At the time of making application he must indorse and surrender savings certificates covering the amount of the bonds desired, for which the postmaster will give him a receipt. Interest will continue to accrue on certificates surrendered until the date on which the bonds are issued. When the bonds applied for are received by the postmaster, the de-

positor will be notified and the bonds will be delivered by the postmaster on presentation of the receipt for the certificates surrendered. At the same time all interest due on the certificates surrendered will be paid.

Savings deposits converted into bonds are not counted as a part of the maximum of SSOO allowed one depositor, and there is no limitation upon the amount of available bonds which may finally be acquired by a depositor. Postal-savings bonds are exempt from all taxes or duties of the United States, as well as from taxation in any form by or under state, municipal or local authority. Postal-savings bonds can only be procured by the conversion of postalsavings deposits, and will not be issued to persons who are not depositors, but whether in registered or coupon form they may, upon receipt by the depositor, be sold and assigned at any time to any person desired.