3 ms·
FYI, this happened in 1966. §5225. Discontinuance of Postal Savings System " (a) The closing date for the Postal Savings System is the thirtieth day immediate
by Corrado 5y ago
FYI, this happened in 1966.
§5225. Discontinuance of Postal Savings System
" (a) The closing date for the Postal Savings System is the thirtieth
day immediately following the date of the enactment of this Act. On
and after the closing date no deposits shall be accepted in existing
postal savings account and no new postal savings account shall be
opened. After the closing date the Board of Trustees of the Postal
Savings System shall not be required to maintain the 5 per centum
reserve of postal savings funds otherwise required to be maintained by
section 5214 of this title nor to apportion deposits in banks in accordance with sections 5215 and 5219 of this title.
"(b) Interest on deposits in the Postal Savings System shall cease to accrue on the anniversary dates of the respective certificates occurring in the twelve-month period starting with the closing date