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This Day In Norwood History-February 6

NORWOOD LIKES POSTAL BANK

First Month’sSavings Nearly $2000.

Foreign-Born Residents to Informed by Posters.

Married Women Take Up the Scheme Promptly.

Tue, Feb 7, 1911 – The Boston Globe (Boston, Massachusetts)

NORWOOD, Feb —The first month of the postal savings bank In this town ended with total deposits of nearly $2000, it was learned today. As the average deposits of the 48 existing postal banks In the country for January was $1200, the record of the Massachusetts branch Is looked upon as highly satisfactory.

A recent ruling of the post office department prohibits postmasters to divulge the transactions at the postal savings banks and Postmaster Frank A. Fales of Norwood declined today to tell of his month’s experiment. From other sources, however, it was learned, that residents here are taking a lively interest in the new bank and that the women especially are making deposits.

So far the factory employees of foreign birth have not been liberal in their patronage. A few Finns, Russians and Poles have made use of the certificate of deposit plan, but the great majority are still unfamiliar with the advantages of the bank.. This is due, residents say, to the effict that no one has taken the trouble to tell the wage earners of the new system and its adaptions to their needs.

The post office department, however, is about to print posters in foreign languages advertising the bank, and this Is expected to add hundreds of depositors in Norwood alone.

The Interesting feature of the bank experiment in this town is the fact that a fairly large proportion of women have become depositors. The married women deposit in their own names and their accounts are free from any control by their husbands, according to a rule of the bank.

It is explained that the women like the security of a government postal bank and that they also like the idea of being able to withdraw any part of their deposits at any time without being forced to give previous notice.

It Is said also that many of the women depositors are planning to purchase government bunds with their savings in the postal bank.

It was at first thought that the postal bank would interfere with the system of savings in force in the public schools here conducted by the women’s club. So far, however, there has been no decrease In the school bank deposits.

Mrs Frank G. Allen of the women’s club said today she believed that when the children of the foreign element were educated to the uses of the postal bank their savings would gradually be transferred to the government bank by their parents.

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