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First bank opened up in Philidelphia
First bank opened up in Philidelphia in 1782, and now its a museum. -
Period: to
Period of instability
The period of instability follows expiration of First Bank's Charter. -
Congress passed Bankruptcy Law in 1867 because of the Civil War
The economic tragedy of the Civil War caused Congress to pass another bankruptcy law in 1867 because when the country broke up, they started to make many different currencys which claimed to be the dollar -
Began to install Timelocks
In 1874 timelocks were being installed in safes to make it more safer so that burglers could not break into them. -
Creation of Federal Reserve System
The Panic of 1907 was the last and most severe of the bank panics that led to the creation of the Federal Reserve system. -
Federal Reserve Act
In 1913 president Wilson signs the Federal Reserve Act. It was the most comprehensive overhaul of the nation's banking system since the Civil War and represented one of the crowning achievements of President Wilson's New Freedom program. -
Banks in the US reach high number
By 1920 there were almost 30,000 small banks that were very efficient. -
The Great Depression begins
The Great Depression was an economic downturn in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression in history. -
FDIC
President Roosevelt helps restore confidence in the nation"s banks by establishing the FDIC. It helped maintain public confiedence for banks. -
ERMA began
ERMA began which made it easier to process checks because it did them electronically -
Credit and Debit cards started
Credit cards came to life and it made it easier because people did not have to carry much cash with them. Bank of America was the first bank to produce credit cards. -
Second bank of the United States is established.
The Second Bank of the United States was chartered in 1816 with the same responsibilities and powers as the First Bank.
