Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1921-01-11
BIC CITY BANKS
KEEN On PARTIAL
PAYMENT SCHEME
2t in ST. LOUIS AND 4 III LOUIS
WILLIE ARE OPENING MANY
NEW ACCOUNTS.
BIG INDUSTRIES FAVOR IT
Saves the Banks Big Expense In ESs
sending Thsir Business and De.
positors ere Also GsinsFs.

Banks in the larger cities through
| Out the Eighth Federal Reserve Dis
trict are rapidly awakening to tins
unusual opportunities afforded them
to obtain new accounts and extend
their business through the new plan
Of selling Treasury Savings Certih=
Gates on installInents-
Here is plan that permits adj
Vantages to accrue to the purchaser OF
the certificates and also to the bank
ahat handles them. Ordinarily it costs
O bank no inccnsiderabls sum to get
a new savings Account started And
She cost incurred does not benefit the
new depositor, for the money expends
ed gees to solicitors, advertising and
other necessary expense.
Bur with the governments new
installnieat plan it is different. The
| rlarci,inery Of tie Treasury Depart
msnt reaches out and gets new busi+
ness. Those who have been non-savers
are taught the advantage Of saving and
investing in the worlds best securities
United STATES Liberty Bonds, Treas
ury Savings Certificates and Savings
Stamps.
acquire a $500 Treasury Savings Ger
tifcate and make full payment. That
is where the lnstallment plan makes
its big appeal. The plan does away
with the irksolne, TO some, work Of
buying Thrift Stamps, pasting them in
books, and then exchanging them for
Savings Stamps and finally eNcbangs
ing them for Treasury Savings Certiti~
Gates.
The purchaser makes. q small pay
ment down, and this initial payment
is deposited in the bank In which he
wishes TO open his account. tits to MI
intents and PURPOSES merely q new
savings account. It draws Interest
just the same as any other Of the
banks savings saccoUnts. The pur-
chaser makes his deposits in the bank
and when he gets enough deposited TO
pay. for the Certificate, making The
price Of the Certificate the amount
fixed by government regulation, the
certificate is turned over to the de-
positor. and the bank then credits the
customer with one dollar, so that even
when his account is practically wiped
out by the payment of his Certificate
ne is started on new savings ac-
count with the dollar furnished by the
Dank.
The bank loses nothing. because it
nas the new account, and has been
at absolutely no expense III getting
1t. The deposiror has saved the money
that would otherwise have been spent
for things not necessary, and in addi-
ton he gets the dollar from the bank
added to his interest.
In St Louis there are n banks that
nave taken kindly to the installment
plan, and they are opening daily scores
Of new savings accounts In Louis
vile, Ky. there are four banks that
are prohting by the plan. and are ex-
tending their business rspidIy.
These small accounts, while they do
not profit the banker IL they remain
small, often attract other business,
and more than pay for themselves in
the long run.
In Louisville there was one case
where u pupil In one Of the public
the installmsnt plan Q Savings Ger
tificate. The pupil becarne 50 inter
ested in his plan. and TALKED to his
father SO much about 1t, that the
father went to the bank and opened q
similar account. depositing $1,000, his
limit, in Treasury Savings Certificates
for one series, and getting q $1,000
Liberty Bond, purchased at the pre-
vailing price. which is below par.
The heads OF the big industrial
plants all over che country. are en-
thusiastic over the new instalfment
plan. They encourage their employees
to open their accounts at the banks,
acquire the Certificates, and get a suf-
hcient sum ahead with which to begin
payments on a home.
The men at the heads Of the big in- :
dustries know that Il their employees
are savers. and that II they are buying
their own homes. they take q better
interest in their work, and they are
not SO ready to quit their Jobs as when
they live In the ahand-to-nno1th fash-
ion that charactertzes so many PET
cons.
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