THE PUBLIC MIND: BANKING RELIEF FOR U.S. SOLDIER, SAILORS IS NO `JOKE'

To The Editor:

I read with great dismay an article in your Wednesday, January 9, 1991 paper concerning interest rates on loans to reservists called to active duty. The article quoted a local attorney and reservist as saying this is "kind of a joke".

I wanted to assure everyone that Boatmen's National Bank of Cape Girardeau does not feel that this is a joke. The Soldiers and Sailors Relief Act of 1940, as amended, provides for certain rights afforded to soldiers and sailors called to active duty. This includes National Guardsmen as well as Reservists. Among these rights is a limitation to a 6 percent interest rate on all loans taken out prior to being called to active duty. The law does set forth certain criteria and does allow lending institutions certain rights.

However, as early as August 29, 1990 Boatmen's addressed this and determined to cooperate, as appropriate with any of our customers called to active duty. We initiated procedures to implement this law with as little inconvenience to our servicemen and women as possible.

As relief act coordinator for Boatmen's National Bank of Cape Girardeau I see all of these requests an initiate the implementation of it for our customers. We act immediately on all requests recalculating payments, obtaining necessary file documentation, reprinting payment coupons, etc. I might also add that in no way is Boatmen's compensated for the loss in interest or any of the other costs involved in implementing these changes.

We at Boatmen's support our country and our servicemen and women. We do not feel that the Soldiers and Sailors Relief Act is a joke. We feel it is our duty as well as our privilege to do our part in making these tough times a bit easier and less stressful for those called to serve.

Fred Higdon

Assistant Vice President

Soldiers & Sailors

Relief Act Coordinator

Boatmen's Bank

Cape Girardeau