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First bank of the untied states is estabished
First Bank of the United States, was a central bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791 -
Second Bank in the US
Reestablishes stability in the banking world in the United States Of America -
Beginning of Free Banking Era
President Jackson vetoes recharter of Second Bank in 1832, giving rise to Free Banking Era -
Greenback monetary
Civil War makes clear the need for a better monetary and banking system -
Period: to
National Banking acts of 1863 and 1864
required banks to hold enough gold and silver reserves to cover their bank notes. -
Gold Standard
a monetary sytem in which paper money and coins are equal to ceratin amounts of gold. -
Time lock first used
In 1874 time locks were being introduced so that it would be harder for criminals to break into vaults. -
Bank of Italy became Bank of America
Amadeo Giannini It grew by a branch banking strategy to become the Bank of America, the world's largest commercial bank with 493 branches in California and assets of $5 billion in 1945 -
Panic of 1907
Panic of 1907 leads to creation of the federal Reseve System -
Federal Reserve Act
Presidont Wilson signs the Federal Reserve Act. -
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. it started in 1930 and lasted until the late 1930s or middle 1940s. -
FDIC is established
President Roosevelt helps restore confidence in the nation banks by establishing the FDIC -
ERMA Started
was a pioneering computer development project run at SRI International under contract to Bank of America in order to automate banking bookkeeping. The project ran from 1950 to 1955. -
Credit cards first being used
Credit cards came to life and it made it easier because people did not have to carry wads of cash with them. bank of american was the first bank to use credit cards
