APPENDIX  A

137

made.  No  bank  in  which  postal  savings  funds
shall  be  deposited  shall  receive  any  exchange  or
other  fees  or  compensation  on  account  of  the
cáshing  or  collection  of  any  checks  or  the  performance ­
  of  any  other  service  in  connection
with  the  postal  saving  depository  system.
[Sec.  9.  That  postal  savings  funds  received
under  the  provisions  of  this  act  shall  he  deposited ­
  in  solvent  banks,  whether  organized  under ­
  National  or  State  laws,  being  subject  to
National  or  State  supervision  and  examination,
and  the  sums  deposited  shall  bear  interest  at  the
Tate  of  not  less  than  two  and  one-fourth  per  centum ­
  per  annum,  which  rates  shall  be  uniform
throughout  the  United  States  and  Territories
thereof;  but  five  per  centum  of  such  funds  shall
be  withdrawn  by  the  board  of  trustees  and  kept
with  the  Treasurer  of  the  United  States,  who
shall  be  treasurer  of  the  board  of  trustees,  in
lawful  money  as  a  reserve.  The  board  of  trustees ­
  shall  take  from  such  banks  such  security
in  public  bonds  or  other  securities,  supported
by  the  taxing  power,  as  the  board  may  prescribe,
approve,  and  deem  sufficient  and  necessary  to
insure  the  safety  and  prompt  payment  of  such
deposits  on  demand.  The  funds  received  at  the
postal  savings  depository  offices  in  each  city,
town,  village,  and  other  locality  shall  be  deposited ­
  in  banks  located  therein  (substantially
in  proportion  to  the  capital  and  surplus  of  each
such  bank)  willing  to  receive  such  deposits  under
the  terms  of  this  act  and  the  regulations  made  by
authority  thereof,  but  the  amount  deposited  in
any  one  bank  shall  at  no  time  exceed  the  amount
of  the  paid-in  capital  and  one-half  the  surplus
of  such  bank.  If  no  such  bank  exist  in  any  city,
town,  village,  or  locality,  or  if  none  where  such
deposits  are  made  will  receive  such  deposits  on
the  terms  prescribed,  then  such  funds  shall  be

Banks  not  to
receive  ex
change  or
other  fees.

Bracketed
section  in  italics ­
  superseded ­
  by  section
2  of  the  act
of  May  18,
19  16.  See
pp.  147-150.