The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-07-26
The Drawback of Postal Savings Banks
The Difficulty of Withdrawing Funds

Editor Tribune. Now that postal saw
ings banks are assured. general interest
prevails regarding their advantages and
disadvantages in relation To banks al
ready established and conducted under
local management.
In the light OF dispassionate analysis,
the benefits claimed for the people at
large are not SO much in evidence. In
deed, IL seems as though the drawbacks
10 postal savings outnumbered the ad-
OF all the bad points OF the postal
savings bill there is none quite so bad
and none that affects the interest of
that will be experienced in withdra wing
funds from postal savings banks.
The entire matter Of withdrawal is
left in the discretion OF the board oi
trustees who arc to have general charge
Of postal savings banks. which board
Is composed OF the postmaster general
the attorney general and the secretary
| OF the treasury.
How easy It is to deposit money is
evidenced by the provision in the bin
stiPulating that any person in the
/ United States above ten years of age
can open an account In the postal saw
ings bank with the sum Of $1.00 or multi
| pies thereof
Now, in all foreign countries having
/ postal savings banks there is always n
! tremendous volume OF Withdrawals. In
! deed, in one country-Canada. during
/ the past three years the wlthdra walls
have exceeded the deposits by five mil
| hon dollars. In France, where We are
told that the establishment of postal
| savings banks have been OF particular
value TO the people of rural districts.
In the year Of 1906 the amount Of de-
posits was $9S SI2 ,927oO, and the with
dra walls amout to S93.3i9.Gl0 90 In 1905
in the United Kingdom, the total de'
posits amounted To S223. $50. 3.ol0.OC. while
the Withdrawals totaled S226.9Y, Y,oOo.0U
or an excess of Withdrawals over deposits
OF So l23, ,09D,0O. Thus II VIII be seer
that the deposits In the postal savings
banks arc anything but stable,
And further. u commentator upon the
efficiency OF the postal savings banks
in France, said that the great difficulty
of the system, and one against whici
order To withdraw, money at sight tn'
dcpositor is obliged To go 10 the ccntra
Office Using his own words, he con
tinues: This Is often ii great incon
n barge percentage OF the dcposltUrS Ih'
fault Is To be remediod In some measure
by installing TWO more central ohiceS
$ where iunds may oc withdrawn at once.
Now the all-impoltant subject OF with
drawal OF funds. in this country, i
placed entirely In the hands OF the boar
: ~ trustees who can make sucn rule
and regulations as they see fit. In TN
nonnccJion IL Is interesting 10 know tia
In a public interview the other day on
o! the trustees sald that II was thcl
az poss!bIc. upon that In vogue IN In
United Kingdom, II Is AN actual fac
thnt In Great Britain, in order 10 with
draw even five dollars, tho period c
about ten days is required In the firs
place. the depositor desiring to withdro'
= nny funds must present his pass boo
NJ tho nearest postouicc, together Wit
s an intention of Withdrawing whateve
amount is desired The pass book ooh AN an
/, suwardcd to the main office, in LoI
u don iHs where they are passed from or
cIcrk TO another until they reach SON
official who has Il In his power to sa
y, u,i,ether or not the depositor shall /
niiny,cd to withdraw the amount rc
ouested. This permission once beir