Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-10-24
GOVERNMENT BEGINS BANKING
BUSINESS LOCALLY NEXT
SATURDAY.
RULES LAID DOWN By
DEPARTMENT RECEIVED
Postmaster C. II. Smith Receives In.
struetions For information Of De-
positors-No Deposits Less Than 81
Reeeived.-Account Can Not Exceed
$500 and Accrued Interest.

The postal savings bank, announced
recently by the government to be open
ed in Marshalltown, will begin bust
ness next Saturday morning "a, 8
O'Clock. The bank will open for bust
ness at 3. and close at p ~ The
work locally has been assigned to the
money order division, and will be in
charge of ". A Anderson and L. c
Hampton
Postmaster e. H. Smith has received
from the department circulars outlin.
ing information relative to the bankin
system for the benefit OF depositors.
The information, set forth in the
circular, follows.
The postal savings system is eXtab-
lshed for purpose of providing facili-
ties for depoSiting savings at interest
With the security of the United States
government for repayment. The faita
q the United States is solemnly pledged
20 the payment of deposits made in
postal savings depository offices with
accrued interest, as provided by the
,ostal savings act.
Accounts may be opened and de-
posts made by any person Of the age
Ct 10 years or over in his or her own
name, by a married woman in her own
name and free from any interference
or control by her husband No person
can have more than one account at any
one. time. No person may open d pos
tai savings account at any postoffice
who is not a patron of that office. All
accounts must be opened in person by
the depositor or his authorized repre-
sentative. After opening an account a
deDositor may forward subsequent de-
.osits to the pOstoffice by mail.
Deposits will be accepted only from
Individuals, and no account will be
opened in the name of any corporation,
association, society, firm. or partner
ship, or in the names of two or more
persons pointly. No account will be
opened in the name of one person in
trust for on on behalf Of another per-
son or persons. The service of the
postal savings system is free, and no
charge or fee is collected or required
in connection with the opening of an
account or the withdrawal of money
deposited.
No person connected with the post
office department or the postal serv-
ice is permitted to disclose the name
of any depositor or give any infor-
nation concerning account except
| to the depositor himself, unless d.
rscted to do so by the postmaster gen
eral
when a person applies to open an
account he must furnish the necessary
information for the postmaster or his
representative to fill! out an applica
ton. which he will then be required to
sign. If the applicant signs by mark
his signature must be witnessed by a
disinterested person.
Deposits.
, deposits are evidenced by postal
savings certificates issued in fixed de-
nominations of ST. 50. So, $40. 500 $50
and 500. each bearing the name of
the depositor. the number Of his ac-
count. the date of issue, the name of
the depository office. and the date on
which interest begins. The postmaster
or his representative will make out a
duplicate of each certificate issued
which the depositcr will be required
to sign and which the postmaster will
retain in his records.
NO account may be opened for less
than 81, nor will fractions of dollar
be accepted for deposit
"No person is permitted to deposit
more than 500 in any one calendar
month nor to have a total balance to
his credit at one time of more than
| $500 exclusive of accumulated interest.
Savings certificates can not be
transferred or negotiated and will be
4 payable to the person to whom issued.
"On opening an account a depositor
is supplied-With an envelope in which
he may keep savings certificates. On
this envelope is printed information for
his guidance and also blank ledger
record on which to keep an account Of
his deposits and Withdrawals.
I'm case savings certificate Is lost
or destroyed the depositor should noti-
fy the postmaster. If deemed proper.
new certificate will be issued upon
compliance by the depostor with the
necessary requirements.
'Postmasters are not permitted to
receive savings certificates for SAFE
keeping.
Savings Cards and Stamps.
Amounts less than 81 may he saved
for deposit by the purchase Of 10-cent
postal savings cards and adhesive 10
cent postal savings stamps. Each pos
tal.savings card contains blank spaces
to which savings stamps may be affixed
from time to time as purchased. and q
postal savings card witt, nine 10 cent
savings stamps thus affixed will be
accepted as a deposit of 81 either In
opening an account or in adding to an
existing account.
Savings cards and stamps will be
redeemed only by the issue Of savings
certificates and are not valid for pos
tage. They will not be received In ex-
change for postage stamps nor Will
postage stamps be accepted In ex-
change for postal-savings cards or
stamps.
Interest.
Interest will be allowed on all de-
posits at the rate of 2 per cent per an
mum computed on each savings GER
tiacate separately. and payable annu-
ally, No interest Will be paid on money
which remains on deposit for Il fraction
Of year only.
Deposits will bear interest from
the 1st day OF the month next following
that in which deposited
Interest will continue to accrue on
a savings certificate as long as 1t re-
mains outstanding certlncates be;rs
valid until paid, without limitation as
to time. ,sss,, r
Compound interest is not allowed