Banks Of The United States

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The banking industry has transformed in numerous ways through the ages. Financial institutions now offer a broader assortment of products and services than ever before. The banking industry’s principal purpose remains the same. Financial institutions put the public 's excess monies (deposits and investments) to work by loaning them to individuals to purchase dwellings and automobiles, to open and grow businesses, college funds for families with children, and for countless other reasons. Banks are essential to the wellbeing of our country 's economy. For millions of people residing in the United States, financial institutions are the primary election for saving, borrowing, and investing funds.
The Initial Banks
The Bank of the United States, a central bank was established in 1791. This creation was the results of America’s first Secretary of the Treasury, Alexander Hamilton. In 1811 its Congressional charter terminated. Another Bank of the United States was created in 1816. It remained functional until 1832. Next during the early years, bankers exercised caution when establishing funds to borrowers. It was a common practice for bankers within cities to make short-term loans to ensure adequate funds were accessible to meet unforeseen demands from customers. For instance, manufacturers and shopkeepers utilized funds from these short-term loans to pay their suppliers and employees until they could sell the goods to patrons. The monies from the clients
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