The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-06-07
POSTAL BANK NOW OPEN.
hcic sam Is Now Doing Banking
husiness in City-Depositors In.
Vitcd.

Uncle SANS Postal Savings de-
partment was Thursday, June l,
opened for business at the local post
Office and he is now doing a banking
business in this city. Depositors are
invited and some have already turn
ed over to the tender care Of the de-
partment some of their savings.
Any amount of s1.OO or more UP
TO $4,000 can be deposited at one
time. but no depOsitor is allowed to
put more than $500 in the savings
department during one month, this
being forbidden by law and persons
are requested not to try to break this
rule.
The money deposited in the savings
department is good at any and all
ufnes. Ihe certificates Of deposit are
not transferable nor are they nego-
TABLE, so the depostor holds what
ever money he has in the postal say.
lngs bank at his own discretion. rhe
funds can be withdrawn at any time
during the postoffice hours and are
handled exclusively by the employees
or the savings department. In Sum-
ter the savings department will be
carried on in the money order de-
partment by Mr.. j. F. Tisdale. regis
try money clerk, who will be desig-
mated hereafter @as an employee Of
TIE postal savings department, will
have charge Of the savings depart
ment.
The money deposited in the saw
lngs bank bears two per cent inter-
est and when the amount becomes
as much as $40, it can be converted
into government bonds which bear
two and one-half per cent interest.
A certificate Of deposit is given with
each deposit of over one dollar and
these are held by the depositor until
he wishes to transfer or convert his
deposit to something else. No charge
10 Hldue LOT any deposit.
For amounts as small as ten cents
post cards can be purchased which
are transferable. When nine ten
cent savings lamps are purchased
and posted on this post card the card
is good for one dollar and can be
exchanged for certificate of deposit
which can be converted into cash.
The post cards and the savings
stamps are not convertible into cash
at the office or exchangeable for or
dinary stamps.
The names Of all depositors are
Kept strictly confidential, so of course
it is impossible for outsiders to know
who are depositors and who are not.
For the same reason it is impossible
to say who was the first depositor
after the savings department was
opened Thursday, but it was stated
that deposits had been made and
that more We're expected and asked
for. The deposi are all safe COR
the whole government is backing the
system and there cannot he any loss
through failure or anything like
that.
This addition Of the postal bank
to the department makes one more
kind of work done in the postoffice.
In addition are the registry and mon-
ey order business, really express bust
ness, done by the department. are the
parcel post system which is carried
on to small degree in the sending
by mail Of merchandise and packages
These with the regular postoffice bust
ness make up a large scope for the
work done in the department. which
Is really a very complex and intri-
cate affair. although it is not gencr-
ally regarded as such by the public
at large and the patrons of the office.