Page 35 - 1920 February - To Dragma

118 TO DRAG MA OF ALPHA 0M1CR0N PI

THE VALUE O F A CHECKING ACCOUNT F O R
COLLEGE STUDENTS

B y F R A N C I S H . S I S S O N , Vice President

Guaranty Trust Company of New York

Guaranty Trust Company of New York,
140 Broadway, New York.
November 6, 1919.

Mrs. E. I . MacPhie,
49 Daniels Street,
Lowell, Massachusetts.
Dear Madam:

Mr. Sabin, to whom your letter of the 27th is addressed, has referred your
request for an article on the use and advantages of a commercial bank account
to college students to Mr. Francis H . Sisson.

Mr. Sisson has, accordingly, taken pleasure in preparing a brief article on
this subject, which is enclosed herewith, in the hope that it may prove of value
in the columns of your good publication, To DRAGMA.

Yours very truly,

R. W . BIRDSEYE,

Assistant to Mr. Sisson.

/ I A H E R E are advantages in having a checking account w i t h a
A commercial bank which apply equally to practically all sorts of

persons.
A checking account provides a means of having ready purchasing

power without keeping on hand a sum of money which may be lost
or stolen. The check has become such a universal medium of pay-
ment i n this country that it seldom occurs that a merchant refuses to
accept a check i f he is acquainted w i t h the person who has made out
the check. I n a college community, merchants frequently have a
personal acquaintance with a large part of the student body and
even where this does not obtain the mere f a c t o f the student's con-
nection with the local college or university, makes i t worth while
for merchants to accept such checks.

Another general advantage of the check is the fact that a can-
celled check is virtually a receipt f o r the payment f o r which the
check was tendered. I f a person owes a m o n t h l y b i l l , say o f $10.00,
and pays it by check, the cancelled check w i t h the merchant's en-
dorsement constitutes virtual proof that the payee has received the
check and made use o f i t i n settlement o f the debt owed to him.

I t is especially w o r t h while f o r a young man or woman to possess
a checking account f o r the education i t gives i n banking and finan-
cial matters. Most people who have no dealings with banks unfor-
tunately have little or no knowledge of what constitutes banking and
of what a bank does f o r the community. T h e possession of a