History of Banks

Definition of Bank:
Banking is described as the business carried on by an individual at a bank. It usually includes the following: depositing money, withdrawing money, investing money, acquiring loans and paying bills. oday, several forms of banking e!ist, giving consumers a choice in the way they manage their money. "ost people do a combination of at least two banking types. However, the type of banking a consumer uses is normally based on convenience.

History of Banks:
#or decades, there was only one type of banking. It was walk$in banking and involved a consumer walking into a bank and dealing face$to$face with a bank teller and other speciali%ed bank officers. Bank tellers normally were able to deposit and withdraw money for a consumer. hey could also answer basic questions about a bank account. &peciali%ed bank officers were the ones who could negotiate a loan or invest money into special accounts like I'(s.

)volution:
he *+,-s marked the beginning of a new way of looking at banking with the invention of the ( ". .eaders in the world of commerce reali%ed that consumers couldn/t always make it to the bank during operating hours. (lso, certain branches were flooded with customers. (s a result, the 0ity Bank of 1ew 2ork was the first bank to offer consumers a cash dispenser. 3nfortunately, bankers were not ready to accept this early version of the ( ". &o, in 4 months, it no longer was available to the public due to lack of use. However, this failure only marked the beginning for banks, and a few decades later things began to change. It started with the drive$ thru, followed later with the re$emergence of the ( " and finally online banking. 1ow, consumers have more opportunities than ever to handle their banking in a variety of different venues.

ypes of Banking:
5alk$in banking is still a popular type of banking. (s in the past, it still involves bank tellers and speciali%ed bank officers. 0onsumers must

walk into a bank to use this service. 1ormally, in order to withdraw money or deposit it, a person must fill out a slip of paper with the account and specific monetary amount and show a form of identification to a bank teller. he advantage of walk$in banking is the face$to$face connection between the banker and a teller. (lso, unlike drive$thru and ( " banking, a person can apply for a loan and invest money during a walk$in. ype Drive$thru banking is probably the least popular form of banking today, but is still used enough by consumers to create a need for it. It allows consumers to stay in their vehicle and drive up to a machine equipped with a container, chute and intercom. his machine is connected to a bank and is run by one or two bank tellers. ( person can withdraw or deposit money at a drive$thru. He must fill out a slip with his account and specific monetary amount and put it in the container. he container travels through the chute to the bank teller, who will complete the banker/s request. his is where the intercom comes into play. he bank teller and banker use it to communicate and discuss the specific banking request. ype ( " banking is very popular because it gives a person 67$hour access to his bank account. 5alk$in and drive$thru banking do not offer this perk. In order to use an ( ", a person must have an ( ", card with personal identification number 89I1: number and access to an ( " machine. (ny ( " machine can be used, but charges apply if the ( " machine is not affiliated with the bank listed on the ( " card. his charge varies from bank to bank. By sliding an ( " card into an ( " machine, it is activated and then through touching buttons on the machine, a consumer is able to withdraw or deposit money. ype ;nline banking allows a person to get on the Internet and sign into their bank. his process is achieved with the use of a 9I1, different from the one used for the ( " card. By going to the website of a bank and entering it, a consumer can get into his account, withdraw money, deposit money, pay bills, request loans and invest money. ;nline banking is growing in popularity because of its convenience.