The Barre daily times. (Barre, Vt.) 1897-1959, 1911-04-27
POSTAL SAVINGS BANK
OPENS NEXT MONDAY
Barre Post Office Ready for Business
Regulations Governing Same
Explained by Postmaster
Bisbee.

lBHdlcu as pushdl savings tiNP'9iSot}
Office effective May !, 1911, will, on
and after that date be in position to
transact such business according to the
laws and regulations establishing such
repositories.
The object Of the postal savings sys-
tenn is for the purpose Of providing
facilities for depositing savings at in
terest with the security Of the United
States government for repayment.
Synopsis of the Regulations.
Every post office designated as a
postal savings depository will remain
open for the receipt and withdrawal of
deposits every week day during the
hours prescribed for the transaction Of
money order business and at such other
times as the business Of the office may
justify ora the postmaster general
shall direct
An account may be opened and de-
posits made by any person Of the age
Of ten years or over, in his or her own
name, and by married woman in
her own name and free from any con-
troll or interference by her husband, but
no person may at the same time have
more than one postal-savings account.
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 or
for or on behalf of another person or
persons
No account may be opened for less
than one dollar. nor will fractions OF
dollar be accepted for deposit at any
time
No person will he permitted to de-
posit more than one hundred dollars in
any one calendar month, nor will the
balance to the credit Of any depositor
be allowed to exceed FIVE hundred dol
lars, exclusive OF accumulated interest
The postal regulations defining what
may be accepted for the purchose of
money orders are applicable to the
acceptance of postal-savings deposits.
Interest at the rate of two per cent,
per annum will be allowed and paid
on each deposit which has remained for
at least one year, and will be computed
only from the first day Of the month
| following the day on which the deposit
was made The withdrawal Of a de-
! posit or part Of deposit within the
year forfeits any interest on the
amount so withdrawn
Postal savings deposits will be evi-
denced by certificates of deposit is
sued in the name OF the depositor. in
such form and in such fixed denomma-
tions as may be determined by the
postmaster general Such certificates
win be non transferable and non-nego
table.
Ii a savings certificate is lost or
1 destroyed. the depositor should i'm
mediately notify the postmaster at his
depository office The postmaster will
report the facts to the postmaster gen
eral, and may be authorized to issue
new certificate, in the discretion of the
postmaster general, under such condi-
| tions as he may prescribe.
A woman who opens an account and
afterwards marries must present her
| savings certificates to the postmaster
| at her depository Office, who will in
dorse the certificates as payable in her
new name and change his records ae-
cordingly,
I To enable any person to accumulate
4 for deposit amounts less than one dol
lar, depository offices viii keep for sale
postal-savings cards at ten cents each,
and specially prepared adhesive Zoe
postal savings stamps, which may be
affixed by any intending depositor as
desired in spaces provided on such saw
| ings cards for that purpose Postal
savings cards and stamps will not be
redeemed for cash, but are freely trans
! ferable and need not be presented for
deposit by the original purchaser They
may be sold to any person in any guam
| tity desired
| A postal-savings card with nine l0c
savings stamps affixed will be accepted
/ by the postmaster at any depository
office as a deposit for one dollar, either
in opening an account or in adding to
an existing account. On receipt of such de-
posit the postmaster must Immediately
cancel and retain the card and stamps
and issue a savings certificate cover
! ing the amount.
| Postmasters at depository Offices
must deposit daily all moneys re-
eeiyed bv them on account of postal
savings business in local banks which
have qualified as depository banks un-
der the act of Congress and the regula-
tions adopted by the board of trus-
tees. Such funds must be deposited to
the credit of the board of trustees, OK
cept such amount as the postmaster
general may authorize a postmaster TO
deposit to his official credit to meet
! excessive Withdrawals Postmasters
will be instructed by the postmaster
general as to the qualified banks n
which postal savings funds shall be
deposited and as to the proportion OF
their postal-savings receip. tc be de-
posted in each.
ANY depositor ay withdraw the
whole or any part of the funds de-
posited to his credit, with any interest
! thereon, by surrendering at his de
positorv Office savings ertificates prop
erlv indorsed, covering the amount OF
the desired withdrawal
1 depositor may withdraw the in
terest PAYABLE on any certificate by
presenting such certificate at his de-
nositorv office. when the postmaster,
after making proper entries on the
certificate and in the records of his
Office and obtaining a receipt for the
pavment. will return the certificate TO
the depositor.
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