Business: Now for NOW?

A bill for small savers

Finally, some relief may be on the way for the inflation-battered small saver. Last week the Senate Banking Committee reported out a bill co-sponsored by Chairman William Proxmire of Wisconsin and Alan Cranston of California that aims at helping little depositors get a better return on their money.

The measure, which the full Senate is expected to vote on this month, would authorize interest-bearing checking accounts as of Sept. 30, 1980. Then the so-called NOW (for negotiable order of withdrawal) accounts, which savings and commercial banks have been offering in New England since 1972 and in New York...

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