Bingham News | 1924-01-12 | Page 6 | Why Banks?

J WHY BANKS? I LESSON III 1 1 ' . By X H. PUELICHER, Chairman,' j Committee on Publlo Education, American Bankera Association. H j Banks are defined as "institutions chartered to receive depotitt m i and make loans." What Is a bank depo$it? What is a bank loant I BANK DEPOSIT - money or checks left with a 1 bank to be kept safe from g thieves, fire or other loss; to earn interest, if in a sav- a ings account; to be conven- Eg lent for the future use of the a depositor; to be loaned out S to earn the expenses of the m bank's services, and interest j for the depositor when in an ja interest bearing account. M BANK LOAN advance of money to help business ij enterprise so that business may ij Hj J. H. Puellcher again help the earner and saver H 0 , by giving employment g j In the Middle Ages safes were very few. Goldsmiths kept their g g) Jewelry in strong boxes, and also accepted for safekeeping, for a S M fee, money packed and marked with the owner's name. In those b a days money saved lay Idle; today it Is put to work by banks for Jjjj j the benefit of the depositor and the community. g BfitjjHIEfionOT