-
The nation has no reliable medium of exchange. Federalists and Antifederalists disagree about a banking system.
-
First bank of the US is established
-
Period of instability follows expiration of First Bank's charter.
-
Second Bank of USA restablishes stability.
-
President Jackson vetoes recharter of Second Bank in 1832, giving rise to Free Banking Era.
-
Civil War makes clear the need for a better monetary and banking system.
-
First time vaults could only be opened at certain times a day to prevent bank robberies.
-
James-Younger Gang held up the First National Bank of Northfield, Minnesota.
-
Amedeo Giannini founded Bank of America formerly of Bank of Italy.
-
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 of 1907 leads to the creation of the Federal Reserve System.
-
President Wilson signs the Federal Reserve Act.
-
The Great Depression Begins.
-
President Roosevelt helps restore confidence in the nation's banks by establishing the FDIC.
-
Bank checks revolutionized how banks operated.
-
New laws make clear the rights and responsibilities of banks and consumers.
-
National Banking Act of 1864 established the national banking system and uniform national cuurrency.
-
First ATM was for the Chemical Bank in New York.
-
Period of deregulation; S&Ls face bankruptcies
-
After two decades of mergers, the banking system emerges stable and healthy.
-
September 11, 2001 the twin towers and half the pentagon are no more.
-
BoA purchased Fleetboston Financial Corporation and became first true nationwide bank.
-
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 started to get popular in the mid 2000s when banks offered their service on a wider range of the growing smart phone market.
-
Federal Reserve makes loans and adjustable rate mortgages more expensive.
-
BoA buyes MBNA and becomes largest distributor of credit cards in the current business.
-
Stock Market crash happened from home financing scandals.
-
Largest bank failure in US history.
-
BoA buyes Merrill Lynch.
-
Mobile card readers make mobile businesses easier to run.
