The time is NOW

On December 31, all commercial banks, savings-and-Ioan associations and mutual savings banks will be able to offer interestbearing checking accounts. These accounts, called N OW (Negotiable Order of Withd raw a I) accou nts, cou Id change the natu re of banking in this country and affectthe conduct of monetary policy. With the advent of nationwide N OW accounts, commercial banks and credit unions will no longer be the only depository institutions capable of offering interest -beari ng checki ng-type accou nts nationwide. Henceforth, S&L's and mutuals will take the opportunity to compete headto-head with banks as one-stop family financial centers.