Page 6-Thursday, June 14, 1979-The Michigan Daily STARTS FRIDAY! The FIRST Certified Crazy Person's Comedy. Bank exec says bill may hurt small depositors WASHINGTON (AP) - Small banks and small savers would be the losers if Congress legalizes interest-bearing checking accounts nationwide, representatives of rural and suburban banks said yesterday. However, Rep. Fernand St. Germain, (D-R.I.), disputed the claim, arguing that experiments with so-called NOW accounts in New England and New York have earned consumers money and not led to bank failures. Raymond Campbell, president of the Independent Bankers of America, told a House Banking subcommittee that because NOW accounts are offered by banks at a financial loss, they could drive many small banks out of business. CAMPBELL also claimed that in- terest-paying checking accounts would force banks to assess high service charges, making the accounts expen- sive for small depositors who write lar- ge numbers of checks. St. Germain, subcommittee chair- man and sponsor of the NOW account bill, contended that Campbell's bleak predictions have not been borne out by the experience in New England and New York. St. Germain said New England con- sumers have received much more in in- terest on NOW accounts than they have paid in service charges and "there has been no rash of bank failures" "WE WOULD concede that the con- sumers in New England are benefitting from NOW accounts," responded Cam- pbell. But he added that those benefits result from a "competitive environ- ment that can't go on for long." Congress is considering legislation to permit interest-paying checking ac- counts nationwide in face of a court- imposed deadline of Jan. 1. Last April, a U.S. Appeals Court in Washington banned savings-to-checking automatic transfers and similar devices that ef- fectively offer consumers interest on checking accounts. However, the court delayed the effec- tive date of its ruling until Jan. 1ito give Congress time to decide whether such interest-paying checking accounts should be legal across the country. The court ruling did not affect New England and New York, where NOW accounts have been legal for several years. 5th Avenue at Libert St. 761-9700 Formedy Fift Forum Theater HURRY! FINAL WEEK! INGMAR BERGMAN'S THUR FR 7 10 9 00 SATTUN 130320520710900 PETER FALK . ALAN ARKIN While the Father of the Bride was extracting a molar from Mrs. Cohen, The Father of the Groom was extracting $20 Million from the U.S. Mint. And this was only the beginning. PETER FALK - ALAN ARKIN in An ARTHUR HILLER Film "THE IN-LAWS" Music by JOHN MORRIS - Executive Producer ALAN ARKIN -'Written by ANDREW BERGMAN Produced by ARTHUR HILLER and WILLIAM SACKHEIM - Directed by ARTHUR HILLER READ THE FAWCETT PAPERBACK PARENTALGUIIANCE SUGGESTED TECHNICOLOR From Warner Bros PG SO*lrMTRLMAY OT ESUITABLE FOR Ct!LW~N or Lovel Mon.-Tues.-Thurs. -Fri. 2 .oh - 7:35-9:55 3 Phone 6-624Sat.-Sun.-Wed. nay be delayed 1:05-3:15-5:25-7:35-9:55