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World Savings and Loan Association Correspondence with Sam Zolotow

Files

Title

World Savings and Loan Association Correspondence with Sam Zolotow

Description

Marion O. Sandler responds to Sam Zolotow's inquiry about interest rates at the World Savings and Loan Association

Subject

Interest rates

Creator

Sandler, Marion O.

Source

Benjamin Rosenthal Collection

Publisher

Queens College Department of Special Collections and Archives (New York, N.Y.)

Date

1980-11-07

Rights

This material may be protected by the U.S. Copyright Law (Title 17, U.S.C.). We welcome you to make fair use of the content accessible on this website as defined by copyright law. Please note that you are responsible for determining whether your use is fair and for responding to any claims that may arise from your use.

Format

Image
JPEG
135318 bytes

Language

English

Type

Text

Coverage

Oakland (Calif.)

Text

WORLD SAVINGS AND LOAN ASSOCIATION

[handwritten:] Memo: Here's another example how Savings & Load Banks take advantage of the small depositor with sly reckoning. Sam Zolotow

November 7, 1980

Mr. Sam Zolotow
1115 - 5th Street
Santa Monica, California 90403

Dear Mr. Zolotow:

Thank you for taking the time to write such a gracious letter concerning the excellent service you have received at our Los Angeles-Brentwood office.

I am, of course, delighted to receive your commendation of Ms. Sylvia Nickel. We believe that all of our customers are entitled to high-quality service, and it is gratifying to hear that Ms. Nickel has done an outstanding job in this regard. A copy of your letter has been forwarded to our Los Angeles-Brentwood office and I have added my personal commendation to Ms. Nickel.

You are absolutely correct that the annual yield on 2-1/2 year savings certificates varies. The maximum annual interest rate which may be paid is limited by federal regulations. Although financial institutions are not required to pay the maximum rate, World Savings does pay the highest rate allowed by law. And our rate is 1/4% higher than the maximum a commercial bank may pay. However, the annual yield may vary for a number of reasons. For example, associations may pay simple interest or interest which is compounded either daily or continuously. In addition, interest may be paid for 360 or 365 days per year. Each of these factors causes the annual yield to be different from one association to the next.

Thank you again for writing. It has been my pleasure to answer your questions, and I would like to take this opportunity to welcome you to World Savings. We are grateful for your business and we look forward to serving you for many years to come.

Very truly yours,

(Mrs.) Marion O. Sandler
President

MOS:mb

cc: S. Voss, Senior Vice President, Employee Relations
G. Carter, Southern Region Manager
J. Fair, District 9 Manager
S. Nickel, Branch Manager, Los Angeles-Brentwood

CONGRESSMAN BEN ROSENTHAL
RECEIVED
NOV 17 1980

Original Format

Paper
Correspondence
8.5 x 11 inches (216 x 279 mm)

Citation

Sandler, Marion O., “World Savings and Loan Association Correspondence with Sam Zolotow,” Queens College Archives and Special Collections, accessed November 25, 2017, http://archives.qc.cuny.edu/queenscollege/items/show/436.