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Currency
The nation has no reliable medium of exchange. Federalists and Antifederalists disagree about a banking system. -
1st bank
First bank of the US is established -
Instability
Period of instability follows expiration of First Bank's charter. -
2nd Bank Established
Second Bank of USA restablishes stability. -
Start of Free Banking Era
President Jackson vetoes recharter of Second Bank in 1832, giving rise to Free Banking Era. -
Death of Greenbacks
Civil War makes clear the need for a better monetary and banking system. -
First Time Vault
First time vaults could only be opened at certain times a day to prevent bank robberies. -
Famous Bank Holdup
James-Younger Gang held up the First National Bank of Northfield, Minnesota. -
Bank of America
Amedeo Giannini founded Bank of America formerly of Bank of Italy. -
San Francisco Earthquake
The earthquake made it too hot to open the vaults due to fires created by the disaster. The vaults survived, and the money inside was still intact. -
PANIC ATTACK!!!
Panic of 1907 leads to the creation of the Federal Reserve System. -
President Wilson's Contribution
President Wilson signs the Federal Reserve Act. -
Reason of Great Depression: Daleks
The Great Depression Begins. -
Federal Deposite Insurance Corporation- FDIC
President Roosevelt helps restore confidence in the nation's banks by establishing the FDIC. -
Checks
Bank checks revolutionized how banks operated. -
Responsibilities
New laws make clear the rights and responsibilities of banks and consumers. -
1960s Bank Acts
National Banking Act of 1864 established the national banking system and uniform national cuurrency. -
First ATM opens for business
First ATM was for the Chemical Bank in New York. -
Deregulation + Bankruptcies
Period of deregulation; S&Ls face bankruptcies -
Mergers: good, bad?
After two decades of mergers, the banking system emerges stable and healthy. -
Terrorism hits the USA in a big way.
September 11, 2001 the twin towers and half the pentagon are no more. -
Nationwide is on your... Bank of America?
BoA purchased Fleetboston Financial Corporation and became first true nationwide bank. -
Check 21, forget catch 22!
Check Clearing for the 21st Century Act makes it easier to deal with checks: instead of handling actual checks, the computer scans them and uses that data instead. -
Mobile Banking
Mobile Banking started to get popular in the mid 2000s when banks offered their service on a wider range of the growing smart phone market. -
Raising the bar
Federal Reserve makes loans and adjustable rate mortgages more expensive. -
Credit cards out the yin-yang!
BoA buyes MBNA and becomes largest distributor of credit cards in the current business. -
Stock Crash
Stock Market crash happened from home financing scandals. -
Washington Mutual
Largest bank failure in US history. -
Grab your bank by the horns
BoA buyes Merrill Lynch. -
Mobile card readers
Mobile card readers make mobile businesses easier to run.
