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Interest on business checking bill could stimulate economy
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Community Banker
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April 1, 2003
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Copyright informationCopyright America's Community Bankers Apr 2003. Provided by ProQuest LLC. (Hide copyright information)
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On March 5, America's Community Bankers urged Congress to give community banks the option of paying interest on the checking accounts of their business customers. The House of Representatives passed the bill, H.R. 859, on March 13.
"The interest on business checking option would provide a stimulus for America's small businesses and the economy as a whole," said Edwin R. "Bud" Maus in testimony before the House Financial Institutions Subcommittee. Maus is president and chief executive officer of Laurel Savings Bank in Allison Park, Pa., a $270 million-asset ACB member institution.
"Many small businesses do not earn interest on their demand deposits because they cannot afford to maintain ...
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