| Show NO MORE MOKE overdrafts to abolish the custom after april 1 next hext at a recent meeting of the salt lake clearing house executive car committee the llie following resolution was ado adopted atea to take effect april 1 nex next whereas it Is universally admitted that the allowance ot of overdrafts at banks Is an unwise system of banking bankin ns compared with tile the more conservative system which enables the banker to retain control of his resources ft all times and whereas the banks of this association have decided to abandon the allowance of current ove overdraft accounts therefore be it resolved by the salt lake city clearing house that the banks of this association will thili in fit accordance with their said agreement promptly noaim their thear customers that overdrafts will not be allowed and also that the clearing house banks will in all fairness support each other in carrying in out this regulation in letter and in spirit eastern banks have for the most part done away with allowance of overdrafts overdraw ts as an unprofitable custom and western banks have been following suit business in this city has so increased of late that honoring overdrafts has become unsafe dankers bankers say that this is simply another form of borrowing and while interest is paid on overdrafts the bank has no security as obtains in the case of a note it is held that if a man wants to borrow he can better do so in the regular way deseret news |
