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300
Ancient Civilization Banking
The earliest banks were used exclusively by rulers to fund the more important and larger festivals and for building expenses. -
Period: 300 to Nov 3, 1000
Ancient Civilization Banking
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Period: Nov 3, 1000 to Nov 3, 1500
Banking Middle Ages
Barter system -
Jan 1, 1066
Middle Ages Banking
(1066-1485) Many of the banking firms loaned money to royalty, at great risk, as some were bankrupted when kings defaulted on their loans. -
Jan 1, 1200
1200 Banking
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Jan 1, 1300
1300 Banking
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Jan 1, 1400
1400 Banking
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Jan 1, 1500
1500s Banking
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Colonial Settlement Banking
There were no commercial banks in 1775 in American colonies. There were only colonial institutions, both public and private. -
Banking in the Eighteenth century
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Free Banking Era
8,000 different state banks were circulating their own paper money. Currencies were different in each state. -
National Banking Era
The National Bank Act of 1863 was designed to create a national banking system and national currency. Banks only made loans that were to be repaid in 30 to 60 days and were mostly issues to business owners and manufactures to pay employees and and suppliers. -
1920s Banking
More than 600 banks failed each year between 1921 and 1929. Those failures led to the end of many state deposit insurance programs. The failed banks were primarily small, rural banks, and people in metropolitan areas were generally unconcerned. -
Great Depression
A series of crises among commercial banks turned what had been a typical recession into the beginning of the Great Depression. -
The Federal Deposit Insurance Act of 1950
This act revises and consolidates earlier FDIC legislation into one act, increases the insurance limit from $5,000 to $10,000
and gives the FDIC the authority to lend to any insured bank in danger of closing. -
Banking in 1980s
Bank failures eventually reached a post-Depression record of 279 in 1988. -
Present day Banking
