Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1911-03-22
POSTAL SAVINGS BANK.
communication From Postmaste.
Concerning Iowa's Only
Government Bank.
Editor Public Opinion:

Editor Public Opinion
As there is some inquiry as to
the business done at the Postal Saw
ings bank in DEBORAH, this being the
only one in our state, it may be of
interest to the public if the follow
ing memorandum were given space
in your paper.
January 3rd was our opening day,
and it being very cold and stormy
could not expect any rush. At s
A. NJ. there were four waiting at
the window to make deposits, and
balance of month deposits were
made by persons in various walks
| of life, women, children, lawyers,
gardeners, draymen and others from
81 up, some applying to deposit as
high as $500, but as 500 is the
greatest amount accepted from one
person during a calendar month,
| larger amounts had to be refused.
Also have had many applications
over the state to deposit various
sums from zoe up to $1,000, some
enclosing their money, but was re-
turned as no person may open
Postal Savings account at any post
office who is not a patron of that
office. Have now closed our second
month in the Postal Savings bust
ness and our books show some in
crease over the first month. Dur
ing the two months closing Feb. %,
1911, our total deposits were 1854.
Postal Savings cards sold 70 and
Postal Savings stamps $50. 1t is
expected that it will take some time
before people will, as a rule, get
familiar with the system, as was the
case with the Money Order bust
ness for a number of years, but it
slowly increased from year to year,
until we now handle thirty-eight
thousand money orders each year,
representing one hundred and TWEEN
ty-five thousand dollars in the
money order business alone. Have
many calls for literature Ca supply
Of which we have just received)
which shows that there is quite an
interest taken in the system.
The service is free. and no
charge or fee is collected or requir-
ed in connection with an account
or the withdrawal of money deposit
post office department or the postal
service is permitted to disclose the
name of any deposition or give any
information concerning an account
to any person other than the deposit
tor himself
Accounts may be opened and de-
posts made by any person at the
age of 10 years or over in his or
her own name, and by a married
woman in her own name and free
from any interference or control by
her husband.
Our country has no foreign popu-
lation as is commonly classified. it
being composed of about 40 per cent
Americans, 40 per cent Norwegian
Americans and about 20 per cent
German, Irish and scattering, all Of
which speak the English language,
and are as a class. thrifty, well-to-
do people which is shown by the
$2,500,000 in our four banks, not
to mention seven other banks in
smaller towns in our county, and of
the amount deposited with the pos
tai savings system probably 70 to
80 per cent would never be deposit
ed in the banks by the depositor, it
coming mainly from the hiding
places" which might be called the
idle money of the country, which
amounts to millions. AS their money
will be put into circulation by the
postal savings system through the
banks, it will in a measure, work a
benefit to the banks, who as a rule,
think favorably of the system. So
in view of the fiattering reports
from the AZ postal banks already
established in as many states and
that with my own experience leads