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Surety Building and Loan

December 13th, 2008 at 05:20 pm

I got a job working at Surety Building and Loan back in 1977. If you have ever seen the Jimmy Stewart movie, "It's a wonderful life" you would know what Surety Building and Loan was like.
Just like in the movie, we made mortgage loans only.
We had 3 types of savings accounts that we offered; DI's, OS's and CD's.
The DI was for daily interest. Those accounts had the interest paid daily and paid 5.25% interest.
The OS's were Optional shares. Those accounts had the interest figured monthly (if you deposited by the 10th you earned from the first) and paid 6% interest.
The CD's were, of course, certificates of deposit, and they paid 8%

All of the home mortgages had an interest rate of 9%. Of course, mortgages were much smaller 30 years ago.

But I sure wish we could get those saving rates now.

BTW, I was the bookkeeper (one of 3 employees) and I had to figure out all the interest by hand. We never had a computer.

6 Responses to “Surety Building and Loan”

  1. frugaltexan75 Says:

    Yes, those would be great savings rates now a days. Big Grin But I don't think people would like the mortgage rate! Big Grin

  2. Analise Says:

    I remember in 1981, getting a rate of ~16% on my CDs. It was great because I was a new single mom and used the interest to supplement my income while I was in school. Back then, I knew nothing about the stock market and investing to me just meant saving $$ that went into my IRA or CDs.

    I do remember my SIL and BIL buying a house and paying a HUGE rate ~14% for their mortgage. I was horrified because my mortgage then was around 5% (we'd had it a while and it was through the VA).

  3. lizajane Says:

    Brings back fond memories of a bank I worked at during my college summers. Account balances were kept on ledger cards, and when we ran a balance, we would take stacks of cards, add them on the adding machine - TWICE to be sure. Even back then, it was very old fashioned. I do remember people with mortgage payments like $120 per month, and thinking how quickly I would pay that off if it were mine!

  4. scfr Says:

    It's amazing that you still remember all the rates!

  5. whitestripe Says:

    lol - those are pretty much our interest rates now (in australia)!!!
    i am not 100% sure though - i'll check and get back to you.

  6. HelpMeFind Says:

    A lot of people were complaining about looking up annuity interest by chart. I asked them what they would do if their computers crashed and they actually had to think for once. My teacher loves me.

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