Play Meter

Check out checking with interest
Those whose business is moving
money should take a look at
"checking accounts that pay inte-
rest," says William E. Donoghue ,
executive director of the Cash
Management Institute , Holliston,
Massachusetts .
One approach is an A TS plan now
being offered by banks . The user
establishes both a checking and
savings account with the bank . Funds
are kept in the savings account and
transferred automatically to the
checking account to cover checks as
they clear.
But Donoghue prefers the systems
offered by money-market mutual
funds. Money funds invest in Trea-
sury bills , certificates of deposit ,
bankers acceptances , and the like .
There are no sales charges , no
redemption charges, and your mon -
ey is welcome for as short a period as
a week . With money funds the
uwon'tread
.. _ese 7 signals
of cancer ...
You probably have the 8th.
1. Change in bowel or bladder habits.
a.
A sore that does not heal.
3. Unusual bleeding or discharge.
4. Thickening or lump in breast or elsewhere.
8. Indigestion or difficulty in swallowing.
6. 0bviOUS change in wart or mole.
7. Nagging cough or hoarseness.
8. A you fear from of cancer
that can prevent
detecting cancer at an early stage.
A stage when it is highly curable.
Everyone's afraid of cancer, but don't let
it scare you to death.
~
10
American Cancer Society
checks need to be for $500 or more .
These checks are free while banks
are charging a service fee for the A TS
plans.
The greater advantage of the
money funds , however , according to
Donoghue, is that money funds gain
their users free -market rates while the
banks are limited to paying 5
percent. Donoghue , whose Money
Fund Report , publishes weekly re-
ports on earnings , notes that money
funds are now paying over 8 percent,
on an annualized basis .
"That yield ," Donoghue explains .
"can be increased through controlled
disbursement. "
"Controlled disbursement" is the
cash manager's system of establish-
ing checking accounts in distant
cities. The cash manager invests the
money while the check is traveling
around the country . Many tax
payments , to cite Donoghue's favor -
ite example , sometimes take two
weeks or more to clear .
A money fund user can duplicate
the corporate cash manager's system
by using a money fund with a
clearing bank in a distant city . One
money fund , Capital Preservation
Fund , Palo Alto , California , provides
users with a choice of clearing banks.
The most popular according to
James M. Benham , Chairman , if
First National Bank , Great Falls ,
Montana . Capital Preservation's
other clearing banks are in Miam i,
Providence , Rhode Island , and San
Francisco .
" By using the system judiciously,"
explains Benham , "one can take
advantage of 'postal float' and
increase annual yield by as much as 2
percent. "
Chicofsky resigns
MAA post
Ben Chicofsky has resigned as
executive director of the Music and
Amusement Association , Inc . of New
York .
Chicofsky , who has served in that
position since 1963, has worked in
various aspects of the coin machine
business for 22 years . He said that he
plans now to produce an interna-
tional coin machine exhibition in
New York City .
One of the individ uals responsible
for the legalization of pinball games in
New York City , he shocked many
industry members by his resignation
which became effective February 1.
PLAY METER , February, 1979