CONNECTICUT WEATHER 20 - MANCHESTER HERALD. Monday, Jan. 7, 1985 MANCHESTER Clear, cold tonight; Consumers rebel against banks’ escalating charges Zoners table plan The ‘other’ Cheney Committee wraps up “ ________________________ _____ I «<Aimrloae QV; banking industry has turned into a double-edged essential banking and checking services available to state police hearings sunny Wednesday From coast to coast, a drive is mounting among sword. Banks now offer higher interest rates for low-income consumers. Jack Gillis of the Consumer for Buckland condos didn’t live here long citizens' groups, individuals and state officials to stop certificates of deposit and interest on checking Federation of America compares this level of seirices ... page 9 ... page 2 the steady increases in charges for even the simplest NOW and SuperNOW accounts. <put they charge to those a utility provides — services everyone should ... page 3 ... page 11 banking services. Your higher fees for such routine services as safe-deposit be able to afford. u . k i Massachusetts recently passed a law that helps "This is more than the public's sensitivity to boxes and bounced checks. ever-rising bank charges," notes Fritz M. Elmendorf, Money's young and old bank customers. Those under age 18 or a spokesman for the American Bankers Association in The banks claim their costs have risen drastically. over 65 no longer have to pay banking fees for Washington, D C. "It's essential if bank charges are Worth This undoubtedly is true, but customers with large checking and savings accounts. • ,i. to be held within affordable limits." Sylvia Porter bank accounts don't feel much pain. Large balances This law has aroused great opposition in the You and 1 must develop new habits about shopping qualify consumers for special accounts at many banking industry. Revisions are expected — but none for bank services. As Elmendorf points out: "Banks institutions: waivers on monthly service charges; that will change the basic intent. u k o • are new to product creation because the job formerly minimum fees for withdrawals by cheek: automatic In most areas, you are on your own. Fight back in was done by the government. Now they have to figure teller machines. Cases you feel justified. You can always switch banks. As an illustration, many banks now charge for out what products to sell, and what a fair price is so Sheshunoff &Co., an Austin, Texas, consulting firm, they don't lose money." savings accounts if you maintain your balance below r found that of banks responding to its survey Dollar continues surge Even Congress has entered the potential conflict. a specified minimum. At an S&Lnear me in New York I UmlhTuesday, Jai , Jan. 8. 1985 — Single copy: 254 questionnaire admittedly a self-selected and City, you don't earn interest unless your minimum LONDON (UPI) — The dollar remained strong in Legislation introduced in the past session of Congress therefore not representative group — most plan to Manchester, Conn. — A City of Village Charm would have required banks, savings and loans and balance is $100. Cleariy this kind of requirement Europe today, opening at a 9-year high again^ the negates the goal of a savings account, especially for raise their charges in 1985. This is how charges five credit unions to provide written details'of the prices years ago compare with average bank charges in Swiss franc in Zurich and just above the record set and types of services offered, and to make this youngsters who may not ever achieve a three-digit Jan. 2 in Milan. balance. 1983' Gold fell slightly, opening at $295.25 in London information available to would-be customers. The bill Bounced check: $5.07 then; $9.46 in 1983. And if you're an unwary customer, you could spend compared to $301.50 at Friday's close. In Zurich, gold probably will be reintroduced this year by its sponsor. Stop-payment order; $3.15 then; $7.28 in 1983. well over $100 each year just to maintain an opened at $295.50, down $8 from Friday’s close of Rep. Cardiss Collins, D-Ill. Safe-deposit box; $7.06 then; $11.37 in 1983. The presumption is that if many of you, who are acceptable checking account. $303.50. , Reagan swaps While you personally may find these charges a mere Several states, dismayed at the trend of rising bank possible customers, knew what you would pay for a costs, are considering bills to provide so-called In Zurich, the dollar opened at 2.6412 Swiss francs checking or savings account, you might choose to go annoyance that prods you into better habits, they may compared to 2.6240 at Friday’s close. present a true hardship for others. Deregulation of the "lifeline banking." At a minimum, this would make elsewhere. iik : Execs get word out -College Courses In Vernon- through Manchester Community Collegs treasury chief Attend MCC’e Oll-Campue College at Vernon Center Middle i School. The following credit courses are available: Coleco ‘winding down’ with Adam Accounting U.S. History Business Law . Legal Ethics Business Environment Basic Algebra shareholders. generating $500 million of the total. WEST HARTFORD (UPI) - James Chanos of Deutsche Bank Selling Techniques Elementary Statistics The losses will come from The total sales are expected to with key aide Coleco Industries took the Adam Capital in New York City said Journalism Music Appreciation Coleco’s decision to write off all the earn in excess of $100 million home computer they are dumping Coleco has not told the full story Data Processing Organizational Behavior Adam inventory in 1984. The pretax, meaning a $75 million to to a weekend trade show, using the about the Adam writeoff and Introductory Composition Computers & Society writeoff will be against any profits $100 million wfriteoff of Adam opportunity to "keep in communi­ claims the company will eventu­ Contemporary Social Problems from the nearly $800 million in total inventory could result in losses in cation" with customers, company ally drop its ColecoVision home ‘After four grueling years in their sales Coleco said it had in 1984. the $50 million range for last year. executives say. video game as well. Coleco denied it has plans to The size of the writeoff has not Coleco will regain profitability in 7 Top executives of the West the first quarter of 1985, Arnold current positions a desire for change been announcedbut some analysts Hartford-based firm staffed an . cease production of its video game and said the Adam writeoff will estimate it might reach $100 Greenberg and his brother. Chair­ Evening Sessions, Onoe-a-Week Meeting? Adam booth again Sunday at a Las man Leonard E. Greenberg, is completely understandable’ Vegas trade show, even though the affect only 1984 results. million. Register at MCC The $800 million in total sales will claimed. ManchesierJM Community Colege company announced last week it Coleco stock, which jumped $2.25 January 7, 8, 9, 10, 16, 17,19 21, 22 to $14.38 a share after Wednesday ’s come mostly from toys, the com­ The Greenbergs said they will would abandon the costly failure, C ail 647-6242 for Mormaflon 60 Bktwetl street was surprising given his background as announcement about the discontin­ pany said, with the Cabbage Patch steer Coleco industries buck to Manchester, Connecticut 06040 WASHINGTON (UPI) - Presi­ officials said. an opponent of Reagan. uance of Adam, lost ground Kids line, especially the dolls. being a toy company. Arnold C. Greenberg, chief exec­ dent Reagan announced today a A Texan, Baker was chief delegate Thursday and closed Friday on the utive officer of Coleco. led the team swap in his leadershhip team, hunter for President Ford when he New York Slock Exchange at of executives to the four-day, nominating his chief of staff defeated Reagan for the .1976 GOP wintertime Consumer Electronics $13.25, up 25 cents. “I guess it’s the one presidential nomination and was cam­ Leading short-sellers say they James Baker to be secretary of Show because it had committed best bank for the both of me.” paign manager for George Bush when are maintaining their short posi­ itself to a booth. the treasury replacing Donald he challenged Reagan for the 1980 tions in Coleco shares in anticipa­ "We will tell our customers how Regan, who will take Baker's nomination. But he joined the 1980 tion of the stock dropping lower in we are winding down the Adam," place at the White House. general election campaign and was Coieco Executive Vice President price. instrumental in getting Reagan to UPI photo Investors "short" a stock profit Reagan appeared in the White House Morton E. Handel said Friday. debate Jimmy Carter, an event that "We have a lot of customers in the by selling at a market price and briefing room to make the surprise President Reagan motions to reporters this morning the White House. After the announcement, Reagan agreeing to buy the shares back “ Is the O r is it a announcement with both men at his locked up the election. electronics industry and we have Regan, an ex-Marine who came from reminded the press that they can ask questions at after a certain period. If the price side. after nominating his chief of staff, Jam es Baker to keep in communication.” Wall Street firm of Merrill Lynch to his press conference. The announcement that the goes down during the period, the (left), to be secretary of the treasury replacing Savings Bank bankfor niy He said the switch would occur as head the Treasury Department, rose remaining stock of Adam compu­ investor makes money. during the first term, through his Donald Regan (right), who will take Baker’s place in The company will experience soon as Baker is confirmed by the ters will be sold to an unnamed loyalty and ability to articulate the losses in both the fourth quarter Senate.