Bank manager

Major Events in the United States Banking System

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    Banking History

  • First Commerical Bank

    The first US Commerical bank, Bank of North America, is incorporated in Philadelphia.
  • FIrst Bank Charter

    The First Bank of the United States is chartered.
  • The Second Bank

    The Second Bank of the United States is charted after the first one failed.
  • No National Debt

    Andrew Jackson is the only president who has paid off the national debt. After closing The Second Bank, Jackson paid off all the debt and started with a clean slate.
  • The Gold Standard

    The United States adopts the gold standard. U.S. currency is backed by actual gold and can be exchanged for it at any time.
  • The Federal Reserve

    The Federal Reserve Act is signed into law. It created the 4th central bank of the United States government.
  • The Stockmarket Crash

    "Black Thursday" The stock market crashes, starting off the Great Depression.
  • Federal Deposit Insurace Corporation (FDIC)

    The FDIC is created to protect deposits against bank failure. This is a direct response to the Great Depression when over 10,000 banks failed. US currency is no longer equal to or exchangeable for gold.
  • First Credit Card

    Bank of America issued the BankAmericard (now Visa), the first bank credit card.
  • First ATM

    The first automatic teller machine (ATM) begins operating in Rockville Center, New York.
  • Savings and Loan Failure

    Massive failures of Savings and Loan Assocations begin. By the end of the decade, more than 500 are shut down.
  • 160,000 ATMS in operation

  • New Money

    New $20.00 bill featuring background colors and improved security features is issued. More changes for most bills and coins follow.