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SAVINGS-BANKS.
1039
in the fact that the savings-bank system in Sweden, as in other
countries, practically embraces — besides the saving-up of smaller sums to
form a capital, or savings-bank business proper — also two (if not three)
other branches of banking. It includes namely also the investment of
already formed capital (or what we in the banks generally term deposit),
and, besides, a kind of cash business for the household, corresponding to
the cheque-account of the business-world at large (and finally and
exceptionally cheque-account business proper). As already formed capital we
ought at least to consider a large number of the savings-bank deposits
of 2,000 kronor and upwards; in 1902 the deposits of this size amounted
altogether to a sum no less than 193,196,247 kronor, or 38-9 % of the
whole sum on deposit.1 For household account (eventually
cheque-account), we principally use the savings-bank divisions of the ordinary
banks, less frequently the savings-banks proper and the P. O.
savings-bank, which are encumbered by regulations for giving long notice (that
being seen from the relation of the sums taken out to the sums left on
deposit, in 1902 constituting no more than 18*6 % in the savings-banks,
and 27-o in the P. O. savings-bank).
In order to prevent the use of savings-banks for investment of capital, the
regulations of most among them include stipulations for a certain maximum
sum of deposit on which interest may be reckoned, and the limit is usually placed
at 2,000, 3,000, or 5,000 kronor; but even 10,000 kronor and still higher sums,
up to 50,000 kronor, occur, especially in the southern Lftns. For the P. O.
savings-bank, the corresponding maximum is (since 1891) fixed at 2,000 kronor
and, from 1900 inclusive, the banks proper are forbidden to receive on interest,
on savings-bank or other similar account, a higher sum than 3,000 kronor, — a
stipulation which is doubtless partly aimed against the bad practice of depositing
on savings-bank account means which properly ought to be classified under
cheque-account. — The use of the savings-banks as cash institutions for deposits of a
more temporary nature is rendered difficult by the provision of the savings-bank
law that a savings-bank is not in duty bound to make itself liable to pay back
deposited means except at a certain time after due notice having been given (it
being left open for the Boards of Directors, though, to grant repayment without
awaiting the expiration of the notice-time when this can be done without
inconvenience to the bank). The said proviso, with the addition that the time of notice
shall be at least a week, is (with the same right for the Boards concerned, of
granting exceptions) in force from 1900 inclusive also for the savings-bank
accounts of the banks; but the praxis may be considered still generally prevalent
in the banks that money deposited on savings-bank account, as a rule, is paid on
demand. As to the P. 0. savings-bank, its pass-books may be used for deposits
and drawings at any office of the P. 0. savings-bank in the whole Kingdom, and
consequently no money, deposited in the P. 0. savings-bank can be drawn without
notice and order of payment from the central office.
About the nature itself of the varieties described of the savings-bank system,
it may, however, safely be said that none of them (except the cheque-account
business) is in itself illegitimate for the savings-banks. What is unsuitable is
1 In Malmöhus Län, the percentage of such sums left on deposit was 54 4, in that of
Jemtland, 47’5; in the Län of Stockholm, 46’6: in the City of Stockholm, 45 8; in the Län
of Kristianstad, 45 2; and in that of Göteborg och Bohus, 44’I.
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