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- Business Hints for Men and Women - 10/31 -


Seventy-five 75/100 ------ dollars. $75.75 George F. Brown.

It is proper form to specify on the face of the check the purpose for which it is given, but while this is permissible it is not usual.

Write the amount of the check first in words then in figures. This makes more certain the amount.

Always begin first word of amount close to left-hand side of check; when the whole sum is written down draw a heavy stroke along the line to the word "dollars."

When a check is made payable to John Smith or order, John Smith must sign his name on the back of the check--left-hand end and about an inch from the top.

Never sign a check until you are ready to collect, or to bank it.

The payee can endorse the check to another by writing on the back as follows:

Pay to the order of Thomas Brown. John Smith.

A check payable to "bearer" may be negotiated by any one. When such checks are presented by a stranger, at the bank of the maker, the paying teller always insists that the stranger be identified.

Never make a check payable to "bearer" if it can be avoided.

Sometimes checks are dated ahead, for reasons satisfactory to the maker and payee.

A check drawn on August 5th, but dated August 20th cannot be collected till the latter date.

Never date a check ahead unless you are positive that you will have the money in bank to meet it on the day named.

Never, if you can avoid it in trade, receive a post-dated check.

Cash or deposit your checks as soon as possible after they are received.

If the bank should fail, while you are holding the check, the maker cannot be held for the loss.

CERTIFICATES OF DEPOSIT

Often when a depositor is travelling, he finds it convenient to carry with him a form of paper that is as good as cash, and much better in the event of loss.

Banks will issue "certified checks" to depositors. These checks are stamped by the bank "certified" with the date and officer's signature attached.

On issuing such a check, the bank debits the receiver's account with the amount, and so can guarantee the payment whenever or wherever presented.

Such a check may be received with as much certainty of its value as if it were a bank bill.

When a person places money in a bank with no intention of checking it out for some time to come, he may have issued to him a "Certificate of deposit."

While holding this certificate he cannot check against the money in the bank.

The holder of a certificate of deposit may transfer it.

The money may be paid in part by the bank, if the certificate is presented, and the amount is endorsed on the back.

To withdraw all the money the certificate must be surrendered.

USE OF CHECKS

There is no form of commercial paper in such general use as the check.

The total of all the checks in use at some seasons is far more than the total of all the money in all the banks.

Checks are balanced in the money centers through what are known as clearing houses. In these a bank is charged with checks against it and credited with those in its favor.

The differences are settled by cash.

Often a few thousand dollars will settle check accounts amounting to millions.

If by any chance you should receive a check in which your name is misspelled, or not given as you write it, endorse the check exactly as the name is written on the face, then add your name in the regular way.

CHAPTER IX

SAVINGS BANKS

While of National importance, savings banks are chartered by the respective states in which they exist, and as such are distinctly local institutions.

Unlike the National, the savings bank is not established as a money-making corporation.

The ostensible and actual purpose of the savings bank is to encourage people of small means to save.

The savings bank provides a safe place for the care of such deposits, and it pays such rates of interest on such deposits as are warranted by the earnings of its investments after paying the expenses incident to the proper conduct of its officers.

When a savings bank receives authorization to act, through a charter from the state, the organizers choose a board of directors and the proper officers.

Usually the officers occupying positions of trust and responsibility are required to give bonds for the proper discharge of their duties.

HOW BUSINESS IS CONDUCTED

With all the legal conditions complied with, and a suitable office provided, the savings bank is ready for business.

Some savings banks will receive on deposit any sum from five cents to five thousand dollars.

Other banks will not receive less than one dollar at a time, nor more than a thousand.

We have heard of "penny savings banks," but they are rarely chartered, and are organized, only to encourage thrift among children.

Fractional parts of a dollar are not usually reckoned as drawing interest.

Some banks require as much as three, four or five dollars before allowing interest.

Savings banks in the eastern states pay from three to four per cent. In the west it is sometimes as high as six.

Each bank has certain dates at which calculation of interest begins. As a rule this is January 1st, April 1st, July 1st, and October 1st.

Money deposited at any time between these dates does not draw interest till the beginning of the next quarter.

But never mind the interest.

The best time to make a deposit is when you have the money.

The bank is safer than your pocket.

HOW TO DEPOSIT

Count your money carefully and make a memorandum of the amount before giving to the savings bank to deposit.

Hand the money to the officer--usually "the receiving teller"-- authorized to receive it.

The teller writes down the name, age, occupation and residence of the depositor.

If money is deposited in the name of one under legal age, the names of the parents and the birthplace of the minor are also recorded.

The adult depositor must write his name in a book provided by the bank for the signature of clients.

When these conditions are complied with, the depositor receives a memorandum book, known as a "deposit book", in which, with his name and date, is written the amount of his first deposit.

The deposit book must be carefully guarded, for without its presentation at the savings bank money cannot be drawn. You cannot check against your savings bank account, as with a commercial bank.

HOW THE ACCOUNT GROWS


Business Hints for Men and Women - 10/31

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