Posts Tagged ‘Park Avenue South NYC’

Stashing away cash at the city’s first savings bank

March 3, 2011

Before New York was flooded with neon-lit Citibank, Chase, Commerce, and Bank of America branches at every corner, the city had dozens of sober, stately neighborhood banks—like the appropriately named Bank for Savings.

I don’t know when this card dates to, but it had to be before 1959, the year Fourth Avenue was officially renamed Park Avenue South.

It may even predate 1933, when the FDIC was created. Notice there’s no “FDIC insured” line on the card.

$1000 must have been a princely sum for working stiffs back then. You can just imagine all the stamps on each customer’s passbook over five years.

The original Bank for Savings branch still exists on Park Avenue South and 22nd Street. But today, as you can see in the photo above, it’s a Morton Williams supermarket.