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Banks Between The 17th And The 19th Century
- London was where the biggest action was in the banking world, with the Goldsmiths of London being the first proper bank. Services like vaults, bank debts, deposits (made inside the bank) and loans became popular.
- Banknotes were first offered by the Bank Of England and were called promissory notes. Soon other services like cheques and overdrafts followed.
- The Rothschilds started their financing business in the 19th century, eventually becoming the richest family in history.
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MORE IDEAS FROM THE SAME ARTICLE
- The earliest banking systems date back to 8000 BCE when trade was recorded in a log, keeping a written note of the transactions.
- Mesopotamia was the home of the first proper banks, with lending activities in temples and palaces. As cash wasn’t in...
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...
- Post-WWII, banks started lending money to other countries (like World Bank) and retail banking flourished across the country.
- Technology started being a part of banking with SWIFT payments and ATM machines coming in the picture.
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- The concept of a multiple-establishment credit card came in the mind of Frank X. McNamara in 1949, when he had forgotten his wallet and was unable to pay for his dinner at a fancy restaurant, where he was dining with his relatives.
- Store-specific credit accounts were used at that t...
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People who bank offshore do so in a part of the world outside their home country. As such, the term offshore banking is generally used to describe international banks, companies, and investments. In short, you're banking offshore if you're an American who has a bank account in Ca...
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The instruments of trade and finance, like paper money, are groundbreaking inventions, put to use by collective acceptance using authority and seals of trust.
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