Howto I
oet the most
from your bank
SAFETY OF DEPOSITS
by Be unice Peterson
When you enter a bank, have you ever wondered
what the FDIC sign on its door means?
For those who lived through the Depression, that
acronym may mean more than to
a younger generation. It means
that the money they have on dep
osit with their bank, in whatever
form, is insured up to $100,000 by
the Federal Deposit Insurance
Corporation. Customers can rest
assured that if the bank fails, get
ting back their money will be no
problem.
But it wasn’t always that way.
Beunice Peterson
In the four years after the crash of the stock market
of 1929, over 8,000 banks closed their doors and dep
ositors lost their money.
To help bail the country out of its economic quag
mire, Congress passed the Banking Act of 1933
which dida great deal-to restore public confidence in
the banking system. The act imposed certain restric
tions on banks, but most importantly it created a
system of protecting deposits through federal insur
ance. Consequently, the FDIC was established and
its functions are:
• to set standards of operation for its members
• to examine them to ensure compliance with the
standards
“• take any one of several actions designed to pre
vent a troubled bank from failing, and
• pay depositors if an insured bank should fail
National banks — those banks which have “na
tional” or NA (national association) in their name
— and other banks who are members of the Federal
Reserve are required to join the FDIC, Today, over 98
percent of all commercial and savings banks in the
United States are FDIC members.
A bank pays one-twelfth of one percent of its aver
age total deposits annually to the FDIC fund. The
fund built up from these assessments provides the
insurance fund, and the FDIC is authorized to bor
row directly from the U.S. Treasury if additional
money is needed.
Every national bank in the United States is sub- _
ject to a thorough examination at least once a year
by one of three federal agencies, one of which is the
FDIC. By keeping its finger on the pulse of a bank’s
operations, the FDIC knows well in advance if a
bank is having problems. If the problems cannot be
resolved the FDIC usually arranges for a healthier
bank to take over the deposits of the failed one. The
accnimta of depositors at the closed bank will auto
matically shift to the new bafilc. -
When a bank is forced to close, and there are no
other banks to take over the deposits, the FDIC will
usually begin payments to depositors within 10 days
after the date of the final closing.
While bank failures are rare, it’s important to
your financial well-being to be sure that your depos
its are insured.
Beunice Peterson, a banker for four years, is a Personal
Banker at a Wachovia Bank and Trust Companv office in
Durham.
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PM Magazine To ftesat Talent P~—1 Winners
Last June, “P M Magazine"
went on a talent hunt for tip
sters - people like Dr. Wasco, Chef
Tell and Captain Carrot who might
have interesting and informative
advice for viewers. Auditions were
held, and during November three
winners will appear on ‘‘PM'
Magazine" which is presented
weeknights at 7:30 p.m. on WBTV,
Channel 3.
All three of the talent winners
are from Charlotte. Kathryn Wood
ard is a secretary who happens to
know a lot about caring for her own
car. She’ll have tips, primarily for
women, on how to perform routine
maintenance in order to save
money on repair-bills; how to get
the most mileage out of tires; and
how to easily change a tire. Her
feature is called "Kathryn’s Car
Clinic."
Vernon Allen, who’s known as
“Charlotte’s Happy Handyman” is
his own contracting and home
renovation business, which makes
him a natural as a tipster. He’ll
have such advice as how to get a
window unstuck; how to clean out
spouts and gutters; and how to
make more efficient use of wood
burning stoves ancLheaters.
Richard Keenan, a professor in
the Communications Department
at Johnson C. Smith University, is
also a part-time chimney sweep.
His tips will help you to enjoy your
fireplace more this winter-by
showing you how to build a better
fire; how to tell when to clean a
chimney; how to avoid a chimney
fire; and how to light a fire the
easy way.
Duncan Players To Stage Production
The Julia B. Duncan Players of
Livingstone College will present
their first production of the season
November 12-14 at 8 p.m. nightly.,
The play, “Livin’ Fat,” by Judi
Mason, is directed by Ifetayo
Chikwe and will be performed at
Tubman Little Theatre on the
college campus.
The two-act play is a comedy
about a poor black family whose
father supports them by working
two jobs. The son takes a job as
bank janitor, and while he is
working the bank is robbed. In
their haste, the robbers drop the
money and the son picks it up
Cast members are senior Pame
la Moore as Big Mama- senior
Caroline Robinson as Mama
frestmian Charlotte Smith as
Candy Carter; freshman Craig
Willis as Calvin Ray Carter, the
father; senior Eric Walker as
David Lee Carter, the son; and
freshman Brinson Stewart as
Ebenezer “Boo” Goodson, David s
friend. Student assistant director
is Dirk Clark.
Merchants Who Advertise In
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* THE BINGO ^
BONANZA •4
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FRIDAY, NOVEMBER 6th, 1981
HELD AT:
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18 Games - $1,000.00
1 Game - $2,000.00
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Regular Games 8:00
Packages $21.00 Each For
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- Buy Xior $03.00
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4.. Letter X (l No. Missing) . .
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13-Double Bingo (corners & stamps count) .$1,000.00
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