Full text: Postal savings

APPENDIX A 
147 
paid any additional compensation for the trans 
action of postal savings depository business.” 
Approved, September 23, 1914. 
AN ACT TO AMEND THE ACT APPROVED JUNE 
TWENTY-FIFTH, NINETEEN HUNDRED AND TEN, 
AUTHORIZING THE POSTAL SAVINGS SYSTEM, AND 
FOR OTHER PURPOSES. 
Be is enacted by the Senate and House of 
Representatives of the United States of America 
in Congress assembled, That such part of section 
six of the . . . [postal savings act], as reads 
“but no one shall be permitted to deposit more 
than $100 in any one calender month” is hereby 
amended to read as follows: “but the balance to 
the credit of any person, upon which interest is 
payable, shall not exceed $1,000, exclusive of 
accumulated interest”; and said act is further 
amended so that the proviso in section seven 
thereof shall read as follows: "Provided, That 
the board of trustees may, in their discretion, 
and under such regulations as such board may 
promulgate, accept additional deposits not to 
exceed in the aggregate $1,000 for each depos 
itor, but upon which no interest shall be paid.” 
Sec. 2. That postal savings funds received 
under the provisions of this act shall be deposited 
in solvent banks, whether organized under Na 
tional or State laws, and whether member banks 
or not of the Federal reserve system established 
by the act approved December twenty-third, 
nineteen hundred and thirteen, being subject to 
National or State supervision and examination, 
and the sums deposited shall bear interest at the 
rate of not less than two and one-fourth per 
centum per annum, which rate 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be withdrawn by the board of trustees and kept 
Monthly limita 
tion removed. 
Maximum in 
terest-bearing 
balance to the 
credit of a de 
positor. 
Additional non 
interest-bear 
ing deposits. 
Depository 
banks. 
Minimum rate 
of interest. 
Rate to be uni 
form. 
Five per cent 
reserve.
	        
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