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August 24, 1990 - Image 60

Resource type:
Text
Publication:
The Detroit Jewish News, 1990-08-24

Disclaimer: Computer generated plain text may have errors. Read more about this.

BUSINESS

Tired of all those fees on
your bank statement?

A business checking account option at Franklin
Savings Bank means no fee for deposits and
checks written, and a minimal charge for account
statements. Most major financial institutions in
metro Detroit wouldn't dream of such a thing.

Compare for yourself. You'll see what we mean
when we say that at Franklin Savings Bank, our
business is to help your business.

Per
Check
Drawn

Per
Deposit
Item

Manufacturers

Mich. National

Maryland Permanent on Reisterstown Road amends its bylaws to
become Baltimore's first "glatt kosher" bank.

Comerica

Franklin
Bank

S AVINGS

Glatt Kosher Bank
Opens In Baltimore

TZVI DOLE

Special to The Jewish News

For more information call

35 8 -5170

SOUTHFIELD ■ BIRMINGHAM
GROSSE POINTE WOODS
FDI(: in,ured

With the Volatility in
Today's Stock Market,
isn't it Time to
Consider the Stability
of Rare Coin Investing?

MICHAEL ZIPSER

Rare Coin Investment Specialist

Zip's Investment Pick of the Week:

1885 $20 Liberty Gold

Only 838 of these coins were originally minted and
this one fs one of the top four pieces ever graded.
Extremely rare gold piece sure to show solid returns
for the astute investor.

Current price $15,000.

IC

Richard Charles
Rare Coin Galleries

Michigan's Only Fully-Accredited Coin Dealer

4000 Prudential Town Center
Southfield, Michigan 48075
(313) 356-5252

60

FRIDAY, AUGUST_24, 1990

ashering a bank is
not what Va'ad
HaKashrus is most
well-known for. But with the
opening in June of a new
"glatt kosher" bank on
Reisterstown Road, that is
essentially what was done
by the Orthodox kosher cer-
tification agency.
Maryland Permanent
Bank and Trust Co. has in-
corporated clauses into its
bylaws to bring its practices
into conformity with Jewish
laws prohibiting the charg-
ing of interest on loans made
between Jews.
There are no Kosher banks
in Michigan.
The additions were pro-
posed almost a year ago to
Warren Klawans, the bank's
chairman of the board, by a
friend, Stanley Rochkind, a
local Orthodox real estate
owner. Klawans then agreed
to meet with Rabbi Moshe
Heinemann, rabbinic ad-
ministrator of Va'ad
HaKashrus, to consider the
feasibility of such a change.
Rabbi Heinemann of the
Park Heights Agudath
Israel Synagogue described
his views on the interest
problem in the Sukkot 1986
issue of Kashrus Kurrents
magazine.
"There is a question [in
Jewish law] as to whether
one may deposit money in a
bank whose owners are
either wholly or in part
[Jews]," since essentially the
Jewish depositor is lending
money to the bank to be

Tzvi Dole is a staff reporter for
our sister newspaper, the
Baltimore Jewish Times.

repaid with interest, Rabbi
Heinemann wrote.
To solve the problem, a
document called a heter
iskav is signed by both par-
ties, declaring their inten-
tion to be business partners
as opposed to borrower and
lender. Once the transaction
ceases to have the legal sta-
tus of a loan, the payment of

"There is a
question [in Jewish
law] as to whether
one may deposit
money in a bank
whose owners are
either wholly or in
part [Jews]."
M. Heinemann

interest is no longer a prob-
lem in Jewish law since it is
then merely an arrangement
between business partners,
according to Rabbi
Heinemann.
Rabbi Moshe Feinstein, a
respected Jewish scholar,
argued a few years ago that
bank deposits do not require
such a document because the
individual depositor would
be getting interest from a
corporate entity rather than
a single person. His position
is not universally accepted,
and even he acknowleged in
his responsa [Jewish legal
opinion] that bank loans re-
main a problem.
Since Rochkind's request
implied no change in the ac-
tual operation of Maryland
Permanent, and 17 of the 18
board members are Jewish,
the amendment to the
bank's bylaws was easily
approved. With additional

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