Remember what banking was like back in the olden days, in the dark ages before computers? Neither do I. All my adult life, I’ve had access to Quicken, and for most of that time I’ve been able to check my balance online. I’ve never known a time without ATMs.
Here’s a video from 1947 that highlights bank procedure by tracking the transactions of one Mr. Frank Adams, a promising entrepreneur! Though this film is hilariously dated in parts, it’s also kind of interesting:
The bank offers us many services, and like Mr. Frank Adams, most of us use the bank. For one thing, the bank is a good place to keep money. Here is Mr. Adams filling out a deposit slip. He lists cash and checks separately. The total — sixty-two dollars and fifty-three cents — is the amount he’s going to deposit in his savings account.
He takes the cash, the check, the deposit slip, and his bankbook to the teller at the savings window. The teller places the bankbook in an adding-recording machine. Into the bankbook, she punches the amount of his deposit, and the new balance, which is the total amount that Mr. Adams now has in his savings account.
Ah, times were simpler then…
Actually, this video highlights some behind-the-scenes bank stuff that either I never learned or have long ago forgotten. Does the Federal Reserve Bank really process checks? Apparently so.
Visit Howstuffworks to learn more about how banks work.
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