Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV - Depositors and deposits

Collection:: Economics Books

100 POSTAL SAVINGS decided that compound interest should not be al lowed. A depositor, however, may withdraw in terest payable, and then immediately redeposit it as principal. This ruling of the board seems petty. Remembering the legal limitations on maximum deposits, and the provision of the law that interest cannot be paid on fractions of a dol lar, it is difficult to see justification for this un usual ruling against compound interest. That it is an item of considerable importance will be seen from the fact recently cited by the Third Assistant Postmaster-General, that interest al lowed depositors from the beginning of the postal savings system to August 31, 1915, amounted to $1,467,604, of which amount $877,412 had been applied for and paid by postmasters, and the re mainder, $590,192, had not yet been applied for, 45 and consequently was not drawing interest. The hai dship which this ruling works has become greater since the interest-hearing limit was raised from $500 to $1,000. A second ruling, and one of much more serious moment to depositors, is that no interest shall be paid on money which remains on deposit for less than a year, and no interest shall be allowed for fractions of a year even after the money has been on deposit a full year. There is a certain amount 45 U. S. Post. Savs. Sys., pp. 13-14.

Access restriction

Copyright

fullscreen: Postal savings

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation