Evening journal., 1911-01-03
BANKS
GET STARTED
Delaware Depository at Dover
Opened for Business
This Morning
RULES LAID DOWN
FOR DEPOSITORS

DOVER, Del. Jan. 3--The gentle
art OF postal savings banking is fully
explained and rules and regulations
laid down for the guidance OF the pub
lie IN q statement which came to
Postmaster Alice yesterday from
ostmaster-General Hitchcock. which
will constitute a manual of informa-
tion for prospective depositors.
Delawares first postal bank is stu
ated here, In the central part Of the
State, in the heart Of a busy farm
ing section. where the thrifty wage
earners can test the system for them
selves.
Deposits may be made by all per-
sons more than 10 years OF age and, as
the statement reads, by married wo-
man. Children more than 10 years
old may become depositors, free from
control or interference by their par
ents and governed only by the bank
regulations. A married woman may
open an account and conduct 1t with
out molestation, interference or con-
troll on the part of her husband. But
no person is allowed to have more
than one account In his or her own
. right A penalty Is provided Tor
violation Of this rule.
The accounts of societies. corpor-
ations and the like are not desired.
, These organizations will still use the
various outside banks of the COM
munity and are not eligible as de-
! positors in postal banks Only the
! accounts Of individuals viii be accept
ed by postmasters.
Certificates From 81 To 800.
For convenience, certificates CT de-
! nosit will be issued IN various de-
e nominations from 81 to 500. Dupii-
cate certificates will be made out, Que
r Tor the depositor and one for the files
5 Of the bank. No sum less than one
dollar win be received nor any sum
y over $500. exclusive of accumulated
interest Not more than 500 can be
v deposited I'm any one calendar month.
q The postal banks have been establish
Il ed for the convenience Of persons de,
posting small sums and not as a deJ
Ia pository for large amounts.
,e In order TO encourage thrift among
,e the poor and to promote the hRbit Of
le saving among school childreR cards
have been provided, to whicA may be
la attached the new postal savings
Il stamps" The cards are sold for ter
n cents each and the stamps for an
nj equal amount. When the card bear
TO ten stamps, It may be used for open
ing an account, If presented at tn
ed bank.
'k How Money Can BE Withdrawns
-, Provision cs,p be. made for = enc
whole or partial Withdrawals. In orde
Il. to withdraw an account, deposit cert
e. ficates equal TO the amount desiIo
w withdrawn must be surrender6t
a. These certificates must have the in
We dorsement Of the depositors on tn
G. back and the same signature as tn
ne duplicate which was filed at the tim
Of deposit In this manner, the BAN
prevents the negotiation and transfe
of certificates, which II is expressf
stated do not constitute negotiable
paper under any circumstances.
T, When a partial withdrawal Is made
M the deposition will lose the interes
n only on the amount withdrawn X
illustrate this method; man wishel
n TO withdraw $50 Of a 500 account. HI
an deposited the 500 on January l ant
Y wishes to withdrawn $50 six months
h. later. He surrenders his 500 certt
fcate and receives IN return O. certi
an hcate for $50 and $50 IN cash. Ih'
,e certificate is antedated. showing i
bears interest from January 1.
IN Interest is allowed at the rate OF
,a per cent. per annum. Interest on az
of account begins at the commencemen
u Of each calendar month, so that {
deposit made on the fifteenth will no
ne bear interest until the first Of the fol
- lowing month. A table has beer
printed on the back Of each certih
"A cate showing the amount of interes
due on each certificate az the end o
,d each year or a given number OF years
This will avoid confusion on the par
,., of the most simpleminded.
Withdrawals can be cade BY proxy
-. in case Of sickness or disability, sub
ject to rigid regulations.
- Bond Conversion Explained.
y Last, but not least. is explained th
- system Of bond conversion, conceive
=. in connection with the postal saving
10 system and which constitutes its MOI
- pleasing and beneficial feature. Afts
~ an account has been on deposit ce'
~, tain length of time. the privilege
~ extended of converting the deposit
=, into Government bonds, which bes
20 interest at the rate Of IL per cen
.gu per annum-1-2 per cent. more tha
- - the postal savings rate. TO accon
.en modate this class Of depositors, Co
20 ernment bonds will be issued in d.
ine nominations of $40, $40, $50, $50, S1t
and $780, The bonds will be both
the registered and coupon variet
Postmasters will furnish blank form
on which application for bond pu
chases may be made.
on It is expressly stated hat but OF
"h account will be allowed each perso
ss- INA denosits can he made at only OF
the ofice IN case of removal to anoth,
city. the depositor may change his d
rm, posit TO another Office by Withdrawn
by his account entirely and beginnin
over again at the Office he desire
Ter, These regulations all go into ene'
'ew with the opening Of the postal hani
20 to-day.