Banking Systems In The Medieval Period - Deepstash

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The History of Banks | How They've Changed through the Years

Banking Systems In The Medieval Period

Brokerage and loans started in an advanced form with merchant banks, though crop loan was still used for lending and credit activities.

Italy was the home of the earliest banks (which evolved into the modern banks), and even the word ‘bankrupt’ comes from the Italian word ‘Banca Rotta’.

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Convenience In The Pocket

The initial card offered by Diners Club didn’t involve revolving credit, and the dues were to be paid off in full by the end of the month. The credit cards that we see now came much later.

Initially targeted at salespeople, the company started charging a $3 annual fee and also charged the establishments 7 per cent for each transaction. The paper-based cards showed tremendous growth in a year, with 20,000 people using it.

Status Symbol

Eventually, the Diners Card became a status symbol and more and more establishments began to trust it. The company printed a list of participating merchants for the help of the members.

Innovative ideas, like associate cards for married women who wanted to shop in the afternoon using their husbands money became popular.