Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1911-01-04
POSTAL SAVINGS BANK
Only Bank in Iowa Opened in De-
cOrah Yesterday.
DEPOSITS ARE NOW ACCEPTED.
Operation of Bank Here as Expert.
ment Will Give Local Office
Additional Duties and
Is Larger Force.

.
The only postal savings bank in
Iowa was opened In Decorah yes
terday by the United States govern
ment. It is in the form Of an ex-
pertinent. one city in each Of the
forty-eight states Of the union being
selected in which to operate q pos
tai savings bank for one year or
until the experiment has advanced
far enough to warrant the govern
ment In branching out this new
feature Of government service into
other post ofhces, the expectation
being that eventually practically all
ohices Of any consequence will con-
tain postal savings banks, as they
now do money order departments.
Yesterday was the fret business
day of the new year, and hence the
opening of the bank. Postmaster
Marsh returned week ago from
Washington, where he had been
called. together with the postmas-
tiers from forty-seven other cities in
the various states, to receive in
structions concerning the opening
of the new bank.
Deposits are received in sums Of
81 or multiples of 81, not exceeding
500 from any one depositor in any
one month, and the total at any
time carried on deposit by one per-
SON must not exceed $500 in princi-
pal. None but patrons Of the Of
nee are permitted to make deposits.
The deposits draw two per cent In
terest after being on deposit one
year. Money deposited after the
nEst Of the month will not date In
time until the flrst Of the next
month. Deposits are convertible
into United Ststes Registered or
coupon or postal savings honda.
- -1s1s-1eRNsut iuSlpgst, &C
\ time. ThA, postmastde re-de.
posits the money on hand ch day
In local bank designated by the
government. which banks must be
national o. STATE banks. and which
musts pay 2 IA per Dent interest on
thGsS deposits. The money on de-
p6stt IN the postal savings b&hk is
subject to withdrawal at any time
by presentation at the bank in tie
post once Of the certificates Of de-
rosits. Certificates of deposits are
given to the deposition by the post
master when deposits are made.
These are issued in amounts Of 81,
~. so, $40, 800 and $500. When
q deposition wishes to draw out his
money lie simply presents one or
more of these certificates at the
post ONCE and surrenders 1t for the
amount Of money he wants, the
same as presenting check at an
ordinary bank. Money can be with
drawn only from the bank Of orig
inal deposit. The post ONCE will
also cell savings bank postals for
ten cents each. These contain one
stamp valued at ten cents, and
spaces for nine more stamps. which
may be purchased of the ONCE at
Ten cents each, and when the card
Is nlled out with ten stamps 1t may
be deposited as 81 in the postal
awnings bank.
Clerk w. @. Hogan Of the local
once will be In charge Of the postal
savings bank In Decorah. We UNDER
stand that the establishment of the
bank here will give Decorah an ad-
ditional clerk in the post once and
also an adding typewriter will be
added to the equipment.
The experiment being made by
Uncle Sam in Decorah, the only city
IN Iowa 20 honored. gives US con-
siderable distinction and advertisee
the city through channels heretofore
unknown.