Ford Enrollment Plan??

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Model T Ford Forum: Forum 2009: Ford Enrollment Plan??
Top of pagePrevious messageNext messageBottom of page Link to this message  By Richard Van Wy on Tuesday, March 24, 2009 - 02:39 pm:

Anyone know the history on this Bank?? The bank measures about 3" by 4" with an embossed leather cover with the model T coupe and Ford Enrollment Plan on the front cover. The back cover says "Bank a Coin a Day" and the spine reads "Own a Ford, the First Step" The interior is five pages surrounding a sheet copper bank with a coin slot.
Inside the front cover are five pages of text about the Ford easy purchase plan and the back five pages are the images of the different models and the last page being the one with pencilled in amounts for the price of the cars.The dealers stamp on the front page reads "E.C.Welsh Moter Co., 34th and Main Sts., Kansas City Mo." The manufacturers engraving on the copper part reads Bankers Thrift Book Co. Minneapolis Minn. Patented Oct. 31 1922. The pictures are of what appears to me to be 26-27 years Any thoughts on the history of these Banks and were they Put out by ford and any more of them out there?? Thanks Richard Van Wy.


Top of pagePrevious messageNext messageBottom of page Link to this message  By DAREL J. LEIPOLD on Tuesday, March 24, 2009 - 02:44 pm:

They are part of the time payment plan by Ford that dates from about 1925. I have literature by Ford from that time that tells about the plan. The bank and book are not common. I have only seen a few of them and do not own one.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Warren Mortensen on Tuesday, March 24, 2009 - 03:04 pm:

Unlike some car companies at the time who extended credit and took monthly payments (like they currently do), Ford had you commit a set amount of cash each week for a year or two to this bank account. At the end of that period of time you'd have enough to buy the car at which time Ford would deliver it to you. Either the amount of the weekly installment or the length of the plan was determined by the model you wanted (sedans being more expensive than a stripped runabout). So you didn't get a car until Ford had all the money.

Henry didn't believe in extending credit to consumers.


Top of pagePrevious messageNext messageBottom of page Link to this message  By John Stokes on Tuesday, March 24, 2009 - 04:59 pm:

This subject is quite timely. Warren is quite right that Henry Ford didn't believe in credit - he would prefer people did not buy one of his cars, which were cheap enough anyway, if they had to borrow to do it. But it should also be remembered that Henry didn't really like banks and financiers - they were "parasites".

But other car companies were offering credit. This savings scheme was his answer to that. He provided interest on savings, just as the banks did, and refunds in full if the saver changed their minds.

Of course, this did not stop Ford dealers from offering finance, or buyers securing their funds directly from a financier. It's just that The Ford Motor Company would not be the lender.

Given the current state of the world's financial affairs - the credit crisis - one can be forgiven thinking that Henry's philosophy might just have been the right one!

Richard - I and I'm sure others would really like to see a scan of the pages of the book? Would that be possible please?

John


Top of pagePrevious messageNext messageBottom of page Link to this message  By Art on Tuesday, March 24, 2009 - 05:25 pm:

Hi Richard

These banks were patented by Harold Royse of Minneapolis,
with no mention of or assignment to Bankers Thrift Book.
Royce however was issued 2 patents, with the first issued
on the date shown on your bank, and the second was applied
for on Oct 26, 1922 and issued Sept 25, 1923.
Patent #1434226 - http://tinyurl.com/c3ultn
Patent # 1468836 - http://tinyurl.com/cnzy2u
These banks are often for sale on eBay, with various advertising
names or as baby gift banks, but I have never seen one with a
Ford logo or dealer name on it.
Great find!!
Regards
Art


Top of pagePrevious messageNext messageBottom of page Link to this message  By Norman T. Kling on Tuesday, March 24, 2009 - 05:46 pm:

Warren,
Sounds like Henry Ford was ahead of the times! If we had that plan in operation today, the economy wouldn't be in the trouble it is.
Norm


Top of pagePrevious messageNext messageBottom of page Link to this message  By Rishard Van Wy on Wednesday, March 25, 2009 - 12:05 am:

Thanks for the enfo. The bank belongs to a friend of mine, i will see if she can post pics as web tv does not cut it. Thanks again Richard


Top of pagePrevious messageNext messageBottom of page Link to this message  By Richard Van Wy on Wednesday, March 25, 2009 - 12:16 am:

PS The bank also gives the paint colos for the cars. Richard


Top of pagePrevious messageNext messageBottom of page Link to this message  By Warwick Grant Landy on Wednesday, March 25, 2009 - 04:30 am:

I have one of these. Mine seems to have bee used by the 'Bailey Motor Co. Piano Texas'. They must have used a few as thier name is printed on the first page. The patent date on the key side of the money box is Oct. 31 1922.
It includes such quotes as-
'Anyone able to earn a comfortable living has need and a use for a Ford'
'Every coin banked here will grow into a Ford'.
'In buying a Ford you are incdreasing your capacity to work, to learn to live and to save'
Does anyone have a key with thiers?? I understand that the dealers held the keys and unlocked your deposit box when you went to purchase your new Ford.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Brent Mize on Wednesday, March 25, 2009 - 08:58 am:

I have one of the banks along with the literature regarding the Enrollment Plan. The book shows the current year models and has a small ledger in the back for record keeping. If anyone is interested, I will photograph it tonight and post the photo. I have no key with mine either. I found it on Ebay about a year ago. Ford stuff is so addictive.
Regards,
Brent


Top of pagePrevious messageNext messageBottom of page Link to this message  By Diana in Idaho on Wednesday, March 25, 2009 - 09:14 am:

Thank you everyone! I'd searched ebay, google and yahoo and could find a few similar banks, but none that said Ford. Richard suggested that you all might know about it and I really appreciate the information. I'm going try posting scans of the pages, but I'm on a dial-up so it may take a couple of tries to get them all up.

As you'll see the poor thing has been bouncing around drawers here and at some point someone drilled out the lock, but I hope you all enjoy the photos!

Thanks so much,
Dianacoverpage 1page 2 & 3page 4 & 5page 6 & 7page 8 & 9page 12 & 13page 14 & 15page 16 & 17page 18 & 19last page


Top of pagePrevious messageNext messageBottom of page Link to this message  By John Stokes on Wednesday, March 25, 2009 - 03:41 pm:

To Diana and Richard
Thank you both for posting those scans of the book. The effort is really appreciated. It's the first I've ever seen. Perhaps the Model T Museum may be interested to see these scans too?
John


Top of pagePrevious messageNext messageBottom of page Link to this message  By Diana in Idaho on Wednesday, March 25, 2009 - 05:22 pm:

Wonderful idea John, but I wouldn't have the first idea about how to do anything like that, so if any of you want to pass along the scans to them, it's fine with me. As you have probably figured out what little I know about Model T is just what I learned from Richard (and Donna) with the one he is working on. I just think the little book-bank is a fascinating piece of history and much appreciate the information that you all have shared about it.
Diana


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