Question

in 1968 the worcester five cent savings bank hired ronald haselton to be its new president and chief executive officer. one thing that haselton did was change the name of the bank to consumers savings bank. what else did haselton do that later was considered one of the biggest innovations in the banking industry in the 20th century?

Answer 1

Ronald Haselton did the biggest innovations in the banking industry in the 20th century by developing and putting into effect the Negotiable Order of Withdrawal account.

Negotiable Order of Withdrawal account or NOW account is a demand deposit account. It was created in response to the Banking Act of 1933 during the Great Depression period.

It served as an option for interest earning in liquid funds. Customers with a NOW account can write drafts, like checks, against deposit money.

In the United States, mutual savings banks, commercial banks, and lending associations are allowed to offer NOW accounts to people. Some individual government entities and non-profit organizations can also offer NOW account to customers.

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