Denton Record-Chronicle (Denton, Tex.), Vol. 73, No. 292, Ed. 1 Wednesday, July 7, 1976 Page: 13 of 28
twenty eight pages : ill. ; page 21 x 15 in. Digitized from 35 mm. microfilm.View a full description of this newspaper.
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Page 5B
1976
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. Wednesday, July 7, 1976
- - F— ===
THE DEMON ^RECORD-CHRONICLE
Checking Banking Moves To T
Electronic Funds Transfer Hottest Thing In Industry
By BILL KIDD
Austin News Bureau
AUSTIN - Checking
banking is well on its way to
being a reality in Texas.
The Southwestern
recurring items, such as
mortgage payments, in
surance premiums, in-
stallment loans, etc., without
the use of paper checks.
The thing that makes that.
Automated Clearing House as they say, a big deal, is
Association began operation that it is the first phase in
with 430 member banks in electronic funds transfer
the 11th (Dallas) Federal
Reserve District, including
Texas and parts of
Louisiana, Oklahoma, New
Mexico and Arizona
SWACHA President
systems, which is the hottest
thing going in the banking
That could strain the deposit service to its em-
capability of the present ployees.
clearing system, SWACHA President Ernest Baugh
says, as well as driving up man says it was felt that "it
costs, would be a definite benefit to
Use of the automated our employees to have im-
system will cut down on mediate access to their
costs — and eliminate money on payday morning,
"float” in the system, rather than having to deposit
making it difficult or im- it by mail or at the bank."
McAuley reports "many
possible to, beat that check
industry at this time, and 1
also a means to cut back on bank Monday morning
the cost of processing ac-
counts.'
George McAulay says the, SWACHA reports that
system "will allow bank
customers to have their pay
deposited directly to their
personal bank accounts" and
will allow payment of
nationally, the number of
paper checks in the clearing
process is expected to go
from 26 billion last year to 44
billion in 1980.
an
***********
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SEARS, ROEBUCK AND co.
written Saturday night to the
All the 1.300 banks in the
nth Federal Reserve
District have been invited to
join the system
One of the first par-
ticipants is the Dallas
reserve headquarters —
which is offering automatic
other companies" have
committed themselves to
using the system, too
The House Financial
Institutions Committee is
taking a look at the whole
issue of electronic funds
transfer systems, of which
SWACHA is an offshoot, as
well as the questions of bank
holding; companies, and
consumer loans ...
All three areas came in for
discussion during the last
session of the legislature,
and will be back again.
Turning to another area in
the financial community, the
Credit Union Commission
has gone on record of
favoring creation of more
than one central type credit
union.
The Texas Share Guaranty
Credit Union has been
functioning smoothly, and
xas
Most of. Texas financial
institutions, on a. non-
scientific reading, appear to
be enjoying fairly good
times *
Savings and - loan
associations are continuing
to have good inflows of
savings and no major
problems, and banks are
holding their own.
Most Texas bankers seem
pleased with the apparent
failure this session in
Washington of the financial
institutions reform bill —
the commissioners are
pleased with its success in ’ and the savings and loan
handling the first liquidation industry was reported far
that has come up under the from unanimous on the
new system legislation.
;—Oklahoma Businessmen
Go On Trial In Fraud Case
TULSA, Okla (UPD - For 10 years Home-Stake .
Production Co. incorporated new oil and gas drilling
programs and invited rich investors seeking tax shelters
to participate.---------------------------__-----------------------------
Agents seeking tax shelters for wealthy celebrities
invested heavily and other rich businessmen and
political figures followed.
This week six officials of the firm go to trial In federal
court on charges of bilking investors out of >40 million.
A seventh defendant had his trial separated from the
others and he will be tried later in New York. Two other
men were tried in California and found innocent.
The six Tulsa defendants are charged with conspiracy
to defraud investors through the mails or specific acts of
mail fraud from 1968-70. Their trial is expected to last
several months
The Home-Stake officials and their associates were
indicted three times after the firm began to crumble
with investigations by the IRS Two of the indictments
were returned in California. The final indictment was
returned in Tulsa The case has been transferred four
times between Los Angeles and Tulsa. t
. The firm itself is now undergoing reorganization in
bankruptcy court
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Denton Record-Chronicle (Denton, Tex.), Vol. 73, No. 292, Ed. 1 Wednesday, July 7, 1976, newspaper, July 7, 1976; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1703278/m1/13/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Denton Public Library.