Evening journal., 1911-08-01
)OSTAL BANK
+ REGULATIONS
lepOSitOrS Cannot Have More
Than $500 to Credit at
Any One Time
let TWO PER CENT.
ON THE DEPOSITS

Z commencing September 1, Whining |
ION will have a postal savings bank |
Rd preparations for opening the Of
cs will be begun by Postmaster Jes- /
er in few days.
The instructions that have been
ent out for depositors state that lc-
cunts may be opened by any person
ver ten years of age in his or her
anne, and by a married woman in
Ter own name free from any interfer-
nee or control of her husband. No
1erson cans have more than one ac-
3ount at any one time, and must be
patron of that office, although what
he word patron" means is not clear.
Presumably If a man buys a two cent
stamp, or even a savings card, he Is a
patron. Only individuals can open ac-
counts and must do so in person or
by authorized representative. In OPEN
ng accounts the person must supply
he information desired about himself
ind must sign an application. The
evidence of deposits is postal certiti-
.ates in denominations of 81, 81 and
10 to 500, each bearing the name of
he depositor the. number of his ac-
count, the date of issue, the name OF
he depository office and the date on
which interest begins. No account may
be opened for less than 81, nor will
fractions of a dollar be accepted for
deposit. No person is permitted to de-
oosit more than 500 In any one month
q nor have a balance to his credit at anY
one time of more than $500, exclusive
F of accumulated interest. The savings
certificates are not transferable. In
4 base saving certificates are lost or de-
y stroyed the depositor must notify the
\ oostoffice promptly.
In order that people may save their
81 pennies and dimes the office while not
n accepting deposits of less than one dol
ar will issue 10-cent postal savings
81 ards and adhesive 10-cent postal
,tamps. A person if he has only a
lime can buy a card on which are nine
n flank places and after he has bought
"a hat, whenever he has a spare dime
# he can buy a stamp and stick on the
# ard. and when he has his card filled
# with stamps ne can turn that in at the
oostoffice and get a certihcate He
.an't buy postage stamps with these
cards. nor can he buy postage stamps
With the savings stamps. He must keep
hem until he gets a dollars worth
and take his certificate of deposit, but
~. le moment lie ENlE Min AtAAAhAaNN A'
IAN draw out his deposit for 1t is pro-
# yided that a depositor may at any time
withdraw the whole or any part OF his
W9eposits. with any interest payable, by
surrendering savings certincates,
Aoroperly endorsed for the amount de-
Ired.
Rate of Interest
Interest is to be paid at the rate OF
.wo per cent. per annum, payable an
aually. computed on each certihcate
separately. No money will be paid on
money that remains on deposit Tor
raction of a year only. Deposits pear
Interest from the first day OF the
month. Compound interest is not al
lowed but depositors may Withdraw
their interest and deposit 1t
This savings department of the gov
ernment is not as attractive an offer
las that presented by local savings IN
stitutons. These pay interest semi
5annuallv al the rate of four per cent,
IS. .and interest does not have to be with
drawn and re-deposited but draws in-
crest from the time it is placed on the
account of the depositor. Money may
be deposited as late as the tenth day
If the month, but begins to draw in
X .terest from the first day of that month,
|The semi-annual dividend days OF To-
cal savings institution have an ad-
Vantage for depositors over the annual
dividend days of the government sys-
tenn
The rules concerning the withdrawal
of money from the postoflce savings
department makes it as easy to get il
out as to put II in One feature is in
teresting and that is the withdrawal
of money belonging to a dead person
This may be paid over to the admin
istrator, or in case no formal admin
istration is desired by his relatives
the postmaster may, if it is deemed
proper, be authorized to pay the de-
post, on application in proper form
to the persons, entitled to receive it
without the appointment Of an admin
istrator.
After having saved his money
through the government savings bank
man, if he desires, may turn in bis
certificates Of deposit and receive from
the government postal-savings bonds
of denominations of $40, $40, $50, $50
500 or multiples up and includine
$500. These will be coupon bonds bear
ing interest at the rate of two anC
one-half per cent. per annum, pay
able Seml-dnnudllys anu ItueeHdDl'
at the pleasure of the United States
one year after issue, and both princi
pal and interest payable twenty
years from date of issue. The ex
change may be made under date o
- January ! and July 1, of each year
provided such bonds are available
but notice of the desire for such eX
change must be given the postmaster
and the necessary steps then taken
fifteen days before January l or Jul.
II. Postal savings bonds are exemp
from all taxes or duties of the United
States as we'll as from taxation il
any form by or under state, municipa
or local authority.