The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-10
NO SMALL NTS.


New York Evening Post.
Banks. banks everywhere. and not
bank 10 bank in, was the complaint the
ether day of a young man who had spent
several hours in Wall street and lower
Broadway seeking a place where he could
put 500 or SO which he had been saving
up for month or two in order TO open
what he believed would be a respectable ac-
count in some bank down town. He was I
clerk in one of the tall business buildings
below Cortlandt street, and before he came
ago he had enjoyed the luxury of a bank
account which he used partly as a savings
fund and partly for convenience.
What's the trouble?" asked a sympa-
thetic friend.
why, the banks won't take my money.
L have been TO seven or eight this morning
trying 10 deposit 500 in order to start
an account. But all the banks tell me
the same story. They are very sorry
but they can't accept any accounts where
the average daily balance is under 500.
While several fairly took my breath away
by saying they didn't to bother with
anything under 81 1000. One bank gave out
the information that personal accounts
were not accepted al all.
"One cashier was very polite and ready
when told him through the grating that /
had come to open an account. At once he
invited me back into his private office.
Whom can you get TO Identify you and
vouch for your his first question.
gave him the name of my employer, who
was already a large depositor there and he
said that would be satisfactory reference.
But when | told him my first deposit would
be 800 you should have seen his face
change. likewise his manner. It's a rule
OF ours. he said, with hateuT almost
freezing, to open no account for less than
500, and we can't break it,
AT another place l was told by the
banks secretary that if my average daily
balance fell below $500 they would have TO
make a slight charge. something like 81
month, to cover the cost of keeping up the
account clerk hire, etc This was the last
straw, and again | backed out. saying l
couldn't decide just then, but would see,
meaning by that that | would see him very
far away before paying him 81 a month 10
keep 300 for me-"
Anent this young mans predicament. a
reporter started TO find out where peo-
pie of very moderate means do their bank
ing. After a few inquiries In Wall street
and lower Broadway institutions he was
sure il wasn't there. Most Of them had
a minimum limit on accounts, though IL
was not always hard and fast one If a
man well introduced and who gave promise
of soon becoming profitable customer
of the bank-both depositor and n
borrower-applied to open a small account
in almost any downtown bank he would
be accommodated after some preliminaries
had been gone through. But for man who
would neither borrower nor lender be. F"
and whose account would not average 500
the year round. the banks have little use.
because they have all they can attend 10
of large accounts-that is, where there is
an average daily balance Of $4,000 or So =
Ooe.
The National Bank of the Republic places
minimum limit Of 81 900 on accounts; the
Chemical National. $500 TO $1,000: National
Park. l000 for active and $500 for Inactive
Seventh National. 500; Chatham National.
500: Nassau State. $500 to 500: First Ma
tional, no personal accounts. large or
small, wanted" The big trust companies
down town are more condescending. in that
they will open accounts Of from 800 10 500
average balances. but only one pays In
terest on all balances. and most win not
pay on less than $500. some even holding
the minimum at $1,000 Interest. when paid,
Is per cent.
We'll. IL YOU take nothing under $l.00
where. pray. Go persons OF small means do
their DankingI' was asked.
.'Oh. there are a few places down town
where a man can open an account for 500
but not many. Up town, however, IL Is
different There small banks and trust COM
panies abound. and the chief part of their
business is in keeping small accounts, dis
counting notes. etc. They can do this because
in some cases they pay starvation wages
TO their clerks and work them overtime
besides sometimes as low as SO week.
At this rate the keeping Of accounts Is not
a very expensive business Still. | don't
see how such banks manage 10 keep up"