The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1911-05-09
Postal Savings Bank.


In view of the announcement that
!, postal savings bank will shortly be estab
lished In Mount Holly. the following de
|, scription of the workings of such an in
stitution, reprinted from the Burlington
Enterprise, will prove interesting reading
The postal savings system was estab
lished for the purpose of providing facili
ties for depositing savings at interest with
the backing of the United States govern
ment.
/ The main features of the measure are:
Accounts opened by any person oyer ten
years of age In their own name; not ac-
cepted from any corporation or society;
accounts must be opened in person; no fee
required in connection with opening of
account; name of depositor kept secret;
postmasters must furnish necessary in.
formation; deposits certified by issuance
Of certificates in denominations of ST., So.
30, $40, $50, $50 and 800; no person allow
ed to deposit more than 800 in any calen-
dar month, and total amount of deposit
can never amount to more than $500; in
terest paid at rate of two per cent. per
annum; depositors may at any time with
draw deposits.
In case of the death of depositor the
amount standing to his credit will be paid
to the executor or administrator of his
estate upon compliance with the neces-
sary requirements. In case no formal ad
ministration is desired by his relatives, the
postmaster, if 1t is deemed proper, to be au-
thorized to pay the amount of the deposit,
on application In proper form, to the per-
sons entitled to receive it, without the ap-
pointment of an administrator
A woman who opens an account and
afterwards marries must present her saw
ings certificates at her office in order that
the certificates may be endorsed as paya-
bic to her in her new name. The post
master will receive no further deposits
from depositor failing to comply with
this requirement, nor will he make any
partial or interest payment to her.
depositor will be permitted to ex-
change the whole or any part of his de-
posits In sums of $40, $40, $50, $50, 800, |
or multiples of 800 up to and including |
$500, into United States registered or cou-
pom bonds bearing interest at the rate of |
y per cent. per annum, payable seminar |
nuallY and redeemable at the pleasure of |
the United States after one year from date |
of issue, both principal and interest pay
able 20 years from such date in United |
States gold coin. Such exchange may be |
made under date of January and July |
OF each year, provided such bonds are
then available.
A depositor desiring to convert his
savings into bonds on January and July |
OF any year, must make application at |
least 10 days before either of the dates
named to the postmaster In triplicate on
a form which will be supplied him for that
purpose. At the time of making applica |
ton he must indorse and surrender saw
ings certificates covering the amount of |
the bonds desired, for which the post.
master will give him a receipt. Interest
will continue to accrue on certificates sur
rendered until the date on which the bonds
are issued. When the bonds applied for
are received by the postmaster, the depos-
itor will be notified and the bonds will be
delivered by the postmaster on presenta-
ton of the receipt for the certificates sur
rendered. At the same time all interest
due on the certificates surrendered will be
paid.
Savings deposits converted into bonds
are not counted as part of the maximum
OF $500 allowed one depositor, and there
is no limitation upon the amount of avail
able postal savings bonds which NAV final
ly be acquired by deposition.
Postal savings bonds are exempt from
all taxes or duties of the United States, as
well as from taxation In any form by or
under state, municipal, or local authority.
Postal savings bonds can only be pro-
cured by the conversion of postal savings
deposits. and will rot be issued to persons |
who are not depostors but whether in
registered or coupon form they may, upon
receipt by the depositor, be sold and as
signed at any time to any person desired.