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June 06, 1978 - Image 1

Resource type:
Text
Publication:
Michigan Daily, 1978-06-06

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

Vol. LXXXVIII, No. 24-S
- ~iiiChigafl E)A
A b gT Sixteen Pages
Ann Arbor, Michigan 9 Ten Cents

UNIVERSITY GRANTS MA TCHED
Federal student aid
By R. J.SMIT
With'wire reportH maximum amount awardable to a followed by Texas and Illinois with over
More than 250,000 college students student at $1,500. In Michigan however, $3 million each. Michigan is one of 15
will share $64 million of federal funds a state statute fixes the figure at $1,200. states receivbing over $1 million.
under a new plan unveiled by the The average grant size is figured at While not altering the amount of
government yesterday. $500. money individual students already
The money will be distributed in mat- The funds are awarded to each state receive, the awards will enable states
ching funds. paralleling the amount of or U.S. territory in accordance with the to give money to more students.
money states allocate for student number of students attending college in Actually, this is no bold new
scholarships. The matching fund that state. In Michigan, this means the program," said Aaron Hall, state
system will insure to undergraduate state will receive more than $2.7 supervisor of scholarships and tuition
students this fall a combined total of at million, benefitting about 320 college grants. "In Michigan, we give a man up
least $128 million in federal and state students, to $1,200 for tuition expenses. Now,
money. CALIFORNIA WILL Sgrab the lion's (with the federal matching sums) he
YESTERDAY'S announcement by share of the grants-$10.2 million. Next receives $600 each way-from us and.
the federal Office of Education set the in line is New York with $6.2 million, from the federal government.

raised
"The dollar amount a student
receives is not affected," Hall added.
"They don't recognize they're getting
federal dollars . . . but now more
students are getting funds."
THE MATCHING grants increase the
number of students who can win the
Competitive Scholarship Award (CSA).
Qualification for CSAs is based upon
perfomance on the American College
Test. If-a student's score qualifies, a
statement of financial need ultimately
determines whether a scholarship will
be awarded.
In Michigan, the new plan will in-
crease last year's federal funding of
$2.5 million by $200,000. This raise will
allow approximately 225 more students
this year to receive the CSA.
Actually, the new matching funds
program is only a tiny part of the
massive system of federal financial
aid. This year, the government is
providing some $2.5 billion in direct and
supplemental student grants.
"BUT THIS matching grant program
is important," said an Office of
Education spokesperson. "It gives the
states incentive to keep their own
scholarship ororams soine."
See STUDENTS, Page 11
Moro's
alleged
assasins
captured
ROME (AP)-Six persons, all
believed to be members of the terrorist
Red Brigades, were charged formally
yesterday with kidnapping and mur-
dering former Premier Aldo Moro.
One of them, Mario Moretti, is
at large and was arraigned in absentia.
The other five-Enrico Triaca, Teodoro
Spadaccini, Giovanni Lugnini, Antonio
Marini and Gabriella Mariana-have
been in custody since discovery of a
terrorist hideout three weeks ago.
THEY WERE specifically charged
with "kidnapping, multiple homicide of
Moro's guards and homicide of the
Honorable Moro."
Nine other Red Brigades suspects
against whom 35 warrants have been
issued are still at large.
Gunmen snatched the 61-year-old
former premier March 16 after killinh
five of his bodyguards. His body was
found in a carin downtown Rome May
9. The government had refused to meet
Brigades' demands that jailed
terrorists be released in exchange for
Moro.
The sus ets were rounded up when
plice raided a printing shop in north-
western Rome a few days after Moro's
body was found.

Automatic teller machines like this one require the customer to use a card and an ID number. If a thief gets ahold
of the card and number, he can withdraw large sums of money.
Bis to cut card theft liablity

By ELIZABETH SLOWIK
With AP Reports
Bank customers who use automatic tellers will have
their liability for withdrawals on a stolen card curtailed if
either of two bills passes in Congress or the Michigan
legislature.
A bill to be introduced in Congress this month would
limita customer's liability on stolen to $50, the same limit
that applies to credit cards.
Another bill, introduced to the Michigan House by Rep.
William Keith (D-Garden City) would completely erase
customer liability for transactions on stolen cards.
AN EMPLOYEE at Ann Arbor Bank and Trust Co. said
banks now set their own policies on liability.
The 24-hour automatic tellers allow a person to make
transactions through a machine by using a card similar to
a credit card and an identification number. The way most
automatic tellers now operate, a customer has no way to
prove he did not make every withdrawas. Generally, only
an identification number is required, not a signature.
Courts have found that financial institutions are not liable
for unauthorized use of the cards.
Under the bill pending in the Michigan House, banks
would have to prove in court that the customer had been
negligent in losing his card.

"From a consumer standpoint, the Michigan bill is
stronger," said Charles Chandler, administrative vicep-
president of the Michigan Bankers Association. "You
don't lose nickel one."
Chandler estimates there are "a couple hundred" teller
machines in Michigan. Close to 8,000 automatic tellers
handle nearly 2,000 transactions a month.
"I DON'T SEE that that kind of legislation has much ef-
fect on the bank or the customer," said Richard French,
operations officer at Huron Valley National Bank, about
the proposed bill in Washington.
French said that disputes sometimes occur when a
customer has used the card and forgotten the transaction,
or when the card is actually stolen and the customer has
been negligent in reporting the theft.
Huron Valley and -Ann Arbor Bank and Trust have
similar policies: the customer is liable for withdrawals on
a stolen card until the time he notifies the bank and the
bank has sufficient time to record the theft.
REP. FRANK ANNUNZIO (D-Ill.), sponsor of the
House bill, said it would be the bank legislation "dealing
with the so-called checkless, cashless society."
"There are no federal regulations protecting consumers
from losing their life's savings in electronic funds tran-
See BANK, Page 6

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