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Banking Industry by Micah Patterson
Transcript of Banking Industry by Micah Patterson
In the early 1800s, savings banks were created in the Northeast.
The first bank of the United States was established in 1791 by the federal government. The second one was established in 1816.
It made sure that state banks couldn't print more paper money than their assets could cover.
The banks back then could make loans, issue currency, safeguard deposits, and could perform a varieties of services for the government.
There are Commercial Banks, which are the largest number of Banks in the US. They offer checking and savings accounts, loans, trust services.
Savings and loan associations are the 2nd largest deposit institutions group in the United States.
The bank type most found in the Northeast is savings banks.
Savings Banks provide safe places for poor working people to save for retirement.
One of the important types of savings institutes in the United States is the credit union.
It distributes earnings that belong to it to their members. They can't lend money to businesses.
Interest Rates Loans
Interest rates loans are the rates that you earn interest for the money you deposit.
How much interest you earn depends on the amount of how much money you deposited in the bank.
If your bank pays 2% annual percentage yield(APY) on your savings and if you have $100 in it you will get $2 in interest over 1 yr.
Book Keeping System
The book keeping system is basically what the banks use to write down how much money goes in, out.
We used to write entries into journals for the book keeping system.
Now we use documents and have columns that say dates, times, money in, money out.
Now the book keeping system is much more efficient because back then all the money calculations were done manually so they were sometimes incorrect.
We also have calculators and programs like google spreadsheet that sort the numbers and balances out better and right.
Safety Deposit Boxes
Safety deposit boxes are little vaults that are used to store valuables in.
They usually are stored in rooms with a 3 ton door, heat, vibration, and motion detectors.
They can be used to store jewels, important documents, and other things that you care about.
They are much more safe than keeping valuables in your home.
Banker Micah Patterson
It affects it today because we have much more advanced equipment than earlier in time. We used to have to use all papers and things like that. That made people think of more advanced tech. If they didnt, we would still be writing on documents and papers not all this technology.