Portland observer., April 15, 1971, Image 6

PORTLAND/OBSERVER Thursday A pril 15, 1971
Freedom Bonk explains check charge
RSU
Prexy
speaks
By Tony M arshall
O fte n th e question has been
asked, “ W hy charge 50^ to cash
a check?" This being the policy
of the F reedom Bank of F mance,
there is a need fo r some expla -
nation.
F irs t o f a l l , a b a n k is in
business fo r two reasons: One is
to be able to make a p ro fit: and
two, to serve the financial needs
of its customers. The account
bearing customer is the most
important person to the bank. It
is
his money deposited
in
savings accounts that is put to
use making more money
fo r
him self and the bank.
Ihe
customer who has a checking
account with the bank also
has
his needsmet. His money is safe
yet always available
at
a
moments notice.
Each time the bank handles a
a transaction fo r an account
bearing customer, there is
a
cost to be paid.
This cost
includes the labor in processing
the transaction, the cost of the
machines used and the cost of
the actual money involved. This
cost about$1.00 per transaction.
The account bearing customer
helps to m«?et these cost through
fees paid on the use of the banks
services.
B u t w h a t o f th e non -
customer? He has no account
but s till he needs the service of
a bank. Should he receive the
same services as an account
bearing customer? Each tim e a
non-customer cashes a check it
s till costs the bank about$ 1. 00
to process it. The la rge r bank’ s
A Portland State University
f.
committee of faculty and staff
compliance with an affirm ative
action on equality of opportunity
1 B
in U niversity employment.
Nearly two years
ago
President Gregroy B. Wolfe told
The Freedom Bank of Finance
Portland
State deans
and
Avenue. M r. V. F. Booker is
department heads that
’ * the
academic community can
ill
can absorb this cost. However,
afford
discrim ination
on
the sm aller bank actually loses
grounds of race or sex” and he
money
on each check it cashes.
added: ” A metropolitan uni-
The
fee
charged is small com­
versity should be leading, not
pared
to
the actual cost. Many
following, the tides of change in
people do not understand this
such m a tte rs."
As was stated before, the
Last month Wolfe named M rs.
money which we use as operat­
O re illia Forbes, assistant di­
ing
capitol cost us a fee when
rector of the U niversity Health
we purchase it from other banks
Service,
as chairman of an
In other words the bank buys
ad- hoc Committee onEquality
m
o n e y . E a c h t im e the bank
in Employment. He said
the
cashes
a check at even exchange
committee w ill assist him in
without
a fee, the bank loses
e v a lu a t in g th e c u r r e n t
money.
Therefore,
it could be
employment situation at
the
said that the fee only pays for the
U niversity and the planning of
money used to cash a non-
compliance with the insti -
customers check.
tution’ s
equal opportunity
A large number of people do
policies.
The fir s t job of the committee
not realize that a bank ope rates
is to compile an inventory of
on paper work. Each tim e there
academic
and
classified
is a transaction, the customer
or non-customer receives his
positions in the U niversity, with
cash and goes on their way, but
a comparison by race, sex job
classification, salary and other
data. The purpose, he said, is
to identify potential o r existing
problem
areas by organi­
zational unit and job cla ssifi­
cation.
The Committee expects
to
D r.
Julio
Bortolazzo,
scientific and social advances to
come up with a recommended
nationally famed as a " builder
plan fo r affirm ative action by
be expected by the year 2000,
of colleges," fo r his leading role
June 1, and the president has al­
and
the dangers the world and
in the development of outstand­
ready assigned Adm inistrative
its
societies face during that
ing community col leges, w ill be
Vice President R orbert
Low
period, w ill be his theme in
a
a visiting le ctu re r at Portland
responsibility fo r its enforce -
presentation to students and
Community College Tuesday,
ment.
staff in the College Center
A p ril 20.
In his le tte r today to uni­
Commons
area at 1:30 pun.
He is a form er superintendent
ve rsity adm inistrators Wolfe
D
r.
Bortolazzo,
who holds
of the San Mateo, Santa Barbara
declared: ” I tru s t you agree
degrees
from
Santa
Barbara
and San J oaquin Delta ju n io r
with me that there is no more
State College, UCLA
and
college d is tric ts in C alifornia.
im portant task facing us as in­
Harvard U niversity, was
a
Each d is tric t is noted fo r its
dividuals and as members of
Naval Training Section officer
innovative and creative campus
the University community than
in W orld War 11. He moved into
planning and for new curriculum
the prompt acceptance and ap­
college
administration in 1952
and program design. A t one time
plication of both the le tte r and
a
fte
r
years
of service
as
he served as principal of P o rt­
the
s p irit of the equal oppor­
teacher,
principal,
and
school
land’ s Jefferson High.
tunity policy.”
superintendent in C alifornia
D r. Bortolazzo has . been
points in thePSL' policy on equal
and
Oregon.
personally
responsible
fo r
opportunity, which are to:
His
programs
for
successful completion of nearly
1. Provide equality of oppor­
economically
and
educationally
> 80 m illio n in college
con­
tunity fo r all students in all
disadvantaged were among the
struction.
University
fir s t college developments of
Community College trends
2. O ffer equal opportunity in
a
their type in the nation. Tutorial
today and the development
of
a ll aspects of U niversity
em­
and
learning
s
k
ills
programs
career programs in vocational
ployment to all qualified
or
learning laboratories, and re­
education w ill be this topic in a
qualifiable persons regardless
source centers utilizing s e lf­
luncheon meeting with PCC ad­
of race, sex, age, religion,
teaching
fa cilitie s were de­
m inistrators.
color, or national origin.
veloped in each of the colleges
"T h e Best of Tim es,
The
3. Guarantee the prompt,
he has administered.
Worst of Tim es,” a review of
complete
and
im partial
consideration of all complaints
M E E T M E AT
of discrim ination against the
U niversity on the basis of race,
3 6 2 « I ' E U N IO N A V E
sex. age, religion, color, o r
a r t P o t t s ,
prompt and equitable resolution
P ho ne 2 8 4 8 9 8 4
of those found m eritorious.
4.
Assure that U niversity
The p i ace w h e re y o u r d o lla r buys
construction,
goods
and
services w ill be provided only
m o re . H a p p y H o u r 6 - 8 p . m . d a ily .
by contractors, suppliers and
D o n ’t D o d g e th e D r a f t , D rin k it.
vendors who comply with non­
discrim ination requirements of
A n d cash in on th e chip S. T H E F R I E N D L Y Ih
federal
and
state laws and
T h s P l a c c W m e r k F h i i n d s M « T a g a in a a g a in
regulations.
PPI
■n
"Builder of colleges”
to visit PCC
is located at 2737 N E Union
president.
the bank receive the
paper
work.
An average day would
go
something like this: The tellers
a rriv e
and prepare
their
windows fo r the days business,
this cost the bank in the form of
salaries. During the day, the
te lle rs
are busy operating
machines used to keep records
of each transaction, this cost the
bank in the form of purchase and
maintanence. At the close of
the day, the checks received
during the day are then photo­
graphed and processed through
another machine called a proof
machine. This also cost
the
bank
once again
through
purchase price, maintenance
and salary of the operator. Next
the checks are then picked up by
an armored car and transported
Cash and Maxey's
Barber Shop
4 6 0 ? N. William» Avenue
Phone 284-5188
to the computer. This is possi­
bly the greatest cost the bank
pays: computer fees. A bank
acctually buys time to use the
computer. Computers are very
expensive to lease, operate and
maintain. They require highly
skilled
personnel to operate
them and special fa cilitie s
in
order to run successfully. This
charge is also passed on to
the bank.
A fter the checks have been
posted
by the computer, an
armored car then returns those
checks that were written on the
bank to that hank. This, again,
is charged to the bank.
From the time a check is re­
ceived t ill it is returned to the
person, business or agency that
wrote it, it has cost the bank a
certain
d o lla r amount
to
process it. The non-customer
is not aware of this. He sees
only that he Is being charged his
money to receive cash for a
check issued to him. He does not
realize that the actual cost to the
bank is more than the 50y he
pays.
It is our hope that this artlcal
has given some insight to the
question, "W hy charge SCy to
cash a check,"
A s time goes on, it is hoped
that by your use of Freedom
Bank of Finance, we w ill
not
have to have the necessity of a
check cashing charge. But only
by your supporting us by becom­
ing a customer of our bank win
we be able to accomplish this.
V\e at Freedom Bank
of
Finance invite you to come in
and v is it at either of our two
branches.
WewlU be more
than
happy to answer
any
questions you may have in re­
gard to this article or any other
facette of banking you may have
^ e are here to be of service
to you.
**00 CHAPBE
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2. NO C R E D IT
CHECKED. A LL
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Q U A L IF Y IS TH E
A B IL IT Y TO PA Y .
3. WE C A R R Y OUR
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S ta r r in g .
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