This section is from the book "Banking And Business", by H. Parker Willis, George W. Edwards. Also available from Amazon: Banking and Business .
Savings banks carry single-name, joint, trustee, and society accounts. Most important is the single-name account, opened by an individual in his own name, and he alone has control over deposits and withdrawals. A joint account is owned by two persons, and either one may draw the funds. A trustee account is opened by one person in favor of another, but it is payable solely to the trustee himself, and only after his death are the rights of the beneficiary recognized by the bank. A treasurer may deposit the funds of a lodge or church organization in what is known as a society account, and from it he can withdraw money as the official representative. All accounts are usually restricted to a maximum limit, which in New York State amounts to five thousand dollars, since savings banks are intended only for persons of moderate means.
An account with a savings bank is opened in a manner somewhat different from that in a commercial bank. As the former bank will not extend loans to the prospective customer, there is little need of an introduction or of an investigation into his credit standing. The only relations between customer and savings bank will consist of leaving and withdrawing deposits, and to enable the entering of these transactions several records must be compiled. The new customer fills out a signature card which requires such information as his age, date of birth, residence, occupation, name of parents, and general facts relating to his family history. This card supplies the paying teller with test questions which will later be used in identifying the depositor when he wishes to withdraw money.
 
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