Jasper County Democrat, Volume 14, Number 35, Rensselaer, Jasper County, 23 August 1911 — TO HAVE POSTAL SAVINGS BANK [ARTICLE]

TO HAVE POSTAL SAVINGS BANK

In Rensselaer—Will Open tor Business Sept. 19 i IS FIRST IN JASPER COUNTY Establishment of Postal Savings Bank Should Bring Out Much Hoarded Money in This Vicinity—lnformation Regarding Opening An Account. Rensselaer is to have a Postal Savings Bank, according to a Washington dispatch, to open for-business on Tuesday, Sept. 19. This will be the first and probably the only institution of the kind in Jasper county. This should tend to bring out much of the savings that are now supposed to be kept in old wash boilers, hidden in bed ticks and stored in that old box in the attic. Since the McCoy bank failure here, the Parker bank failure at Remington and the two bank failures at Goodland, it is believed that much money is hoarded in this vicinity now that would come out of hiding with a postal bank opened here. As the money deposited in the postal banks is in turn deposited by the government in the regular banks —or such as are designated as postal depositories —this hoarded money should enter the channels of trade and help business of all kinds, although it is doubtful if “Get-the-Money” Purtelle .will be able to build much of his air-line route with any of the extra money thus put nto circulation. Two, per cent interest is paid on savings deposits and the government gets 2% per cent from the banks. The following is self-explana-tory and is of interest to all whether contemplating Opening an account with the new bank or not, as it clearly defines the purpose for which these banks are established as well as the method of operation:

1. Object: The Postal Savings System is established for the purpise of providing facilities for depositing savings at interest with the security of the United States Government for repayment. 2. Safety: The faith of the United States is solemnly pledged to the payment of deposits made in postal saving depository offices with accrued interest as provided by the postal-savings act. 3. Who May Deposit: Accounts may be< opened and deposits .made by any person of the age 10 years or over in his or her own name and by a married woman in her own name and free from interference or control by her husband. No person can have more than one account at any one time. i 4. No person may open a postal savings account at any post office who is not a patron of that office. 5. All accounts 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. 6. Deposits will be accepted only from individuals and no account will be opened in the name of any corporation, association and partnership, or in the names of two or more persons jointly. 7. No account will be opened in the name of one person in trust for or on behalf of another person or persons. 9. Privacy of Accounts: No person connected with the Post Office Department or the postal service is permitted to disclose the name of any depositor or give information concerning an accffunt except to the depositor himself, unless directed to do so by the Postmaster General. 10. How to Open an Account: When a person applies to open an account he must furnish the necessary information for the postmaster or his representative to fill out an application, .which he will they be required to sign. If the applicant signs by mark his signature must be witnessed by a disinterested person. 11. Deposits: Deposits are evidenced by postal savings certificates issued in fixed denominations of sl, $2, $5, $lO, S2O, SSO, and SIOO, each bearing the naipe of the depositor, the number of his account, the date of issue, the name of the depository office, and the date on which interest on same begins. The postmaster or his representative will nake out a duplicate of each cer-

tificate issued, which the depositor wild be required to sign and which the postmaster will retain as his record. 12. No account may be opened for less than sl, nor will fractions of a dollar be accepted. 13, No person is permitted to deposit more than SIOO in ajiy one calendar month nor to have A,Jotal balance to his credit at one time of more than ssoo exclusive of accumulated interest. Savings certificates can not be transferred or negotiated and will be payable only to the person to whom issued. 15. On opening an account a depositor is supplied with an envelope in which he may neep 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 amT withdrawals.

16. 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. 17. Postmasters are not allowed to receive saving certificates for safe-keeping. 18. Saving Cards and Stamps: Amounts less than $1 may be saved for deposit by the purchase of 10cent postal-saving cards and adhesive 10-cent postal-saving stamps. Each postal-saving 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 affixed will be accepted as a deposit of $1 either in opening an account or adding to an existing account. 19. Savings card's and stamps will be redeemed only by the issue of savings certificates and are not valid for postage nor will postage stamps be accepted in exchange for postal savings cards or stamps.