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The nation does not have a reliable medium of exchange, which causes conflict between the Federalists (lead by Alexander Hamilton) and the Antifederalists (lead by Thomas Jefferson).
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Congress formed the First Bank of the United States in Philadelphia, Pennsylvania.
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By 1800, there were over 700 private banks in the United States and continued to record in longhand.
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Due to the expiration of the charter for the First Bank of the United States, a five year period of instability followed.
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President Andrew Jackson vetoed the reachertering of the Second National Bank, allowing the rise of the Free Banking Era.
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Gold was struck in California and became the basis of the Untied States' monetary system
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There are now over 1600 banks due to the California Gold Rush .
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Henry Wells and William G. Fargo offered banking, express services, and extended credit to pioneers in the west during the Gold Rush.
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There was no national currency because banks printed their own notes with varrying denominations from state to state.
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The Civil War demonstrates the need for a better monetary and banking system.
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The National Banking Act of 1863 esablished a system of natinally charters banks and a uniform currency
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The act created national banks and an active secondary market for Treasury in order to finance the Civil War on the Union side.
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By 1866, the currency was federally dictated and banks were no longer allowed to print their own money.
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James Sargent installed the first time lock on a bank vault.
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A.P. Giannini opens the Bank of Italy to offer services to immigrants who were denied by other banks.
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The Panic of 1907 lead to the creation of the Federal Reserve System.
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President Wilson signed the Federal Reserve Act which introduced the Central Bank and Federal Reserve System, which caused many customers to withdraw from their banks.
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A.P. Giannini expands his bank to Los Angeles and renames it Bank of America, along with his additional 262 banks.
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On Black Tuesday, the Stock Market crashed causing many banks to close in the nationwide depression and decrease consumer confidence, which negatively affected consumer goods.
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President Roosevelt restored confidence in banks by establishing the Federal Deposit Insurance Corporation (FDIC) which oversees insurance funds, savings, and loans.
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This act prohibited commercial banks from engaging in investment business.
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Governement regulation allows for a stable economy.
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Sponsored by the Bank of America, the Electronic Recording Machine, Accounting now processes checks to create a practical record keeping method.
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The first charge card!
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New laws define the rights and responsibilities of banks and consumers.
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The first Automated Teller Machine was used in the United States.
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Bank of America created their Credit Card, the Bank AmeriCard Visa.
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A period of deregulation along with the bankruptcy of the S&L.
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Stanford Federal Credit Union was the first financial institution to offer online banking.
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Congress repealed the Glass-Steagall Act, which many believe cause the financial crises of the early 2000s.
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After two decades of mergers, the banking system emerges stable and healthy.
