Nice memories. Love those deposits..
ddgm
Loc: Hamilton, Ontario & Fort Myers, FL
Lens Cap wrote:
I remember mine being hand written....
Me too, I married in 1966 at 19 years of age and got involved with the whole banking, groceries, rent business which I handled for about 3 weeks and turned everything over to my wife who is still doing it!
I remember going to the bank with my Mom so she could have the interest posted.
And the people that worked at the banks back then were also differant especially the top management .
I guess I’m a lot older than you folks. I remember when bank books were hand written.
bobbyjohn wrote:
Does anyone remember how banks functioned before the age of computers? I was going through an old cardboard box and found my Bank Account booklet from 1973, some 50 years ago. I recall that I had a banking booklet associated with the account. When I went in to make a deposit or withdrawal, the teller would take the booklet, open to the next available page, insert the booklet into a machine, tell the machine what line number on that page was next to be used, and then record the date, deposit or withdrawal, and the account balance. My, how times have changed!
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My first accounting job in 1967, was to update the way we reconciled our bank accounts. Every bank (six), save one, was already using computers, the holdout was a bank which still used NCR and Burroughs accounting machines. They had no compunction about stapling, spindling, etc., the card checks we used.
I had computer programming in business college and I could write COBOL programs, so it was a no brainer to create the programs. My predecessor was a functioning alcoholic who was absent more than on the job. After the task was done, the reconciliations took about two hours to prepare, opposed to 24 hours previously.
The holdout bank finally got computers installed in early 1968. And it was amazing how disciplined they became when it came to card checks and MICR codes. Our reconciliation process dropped to one hour monthly.
However, the smaller S&L's and commercial banks really didn't catch up until the mid-70's.
Shellback wrote:
Actually, the first ATM became operational September 2, 1969 at Chemical Bank in Rockville Centre, New York. ATMs went on to revolutionize the banking industry, eliminating the need to visit a bank to conduct basic financial transactions. By the 1980s, these money machines had become widely popular and handled many of the functions previously performed by human tellers, such as check deposits and money transfers between accounts. Today, ATMs are as indispensable to most people as cell phones and e-mail.
Several inventors worked on early versions of a cash-dispensing machine, and some existed as early as 1967 in other countries. Don Wetzel, an executive at Docutel, a Dallas company that developed automated baggage-handling equipment, is generally credited as coming up with the idea for the modern ATM. Wetzel reportedly conceived of the concept while waiting on line at a bank. The ATM that debuted in New York in 1969 was only able to give out cash, but in 1971, an ATM that could handle multiple functions, including providing customers’ account balances, was introduced.
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There was a Drydock Savings Bank, on 59th street in NYC. One of the first ATM machines in the city.
It would dispense change as well as bills!
If you wanted to withdraw $43.76, there was a brass “chute,” where the coins were dispensed. It gave you singles, fives, tens, and twenties. No hundreds at the time.
bobbyjohn wrote:
Does anyone remember how banks functioned before the age of computers? I was going through an old cardboard box and found my Bank Account booklet from 1973, some 50 years ago. I recall that I had a banking booklet associated with the account. When I went in to make a deposit or withdrawal, the teller would take the booklet, open to the next available page, insert the booklet into a machine, tell the machine what line number on that page was next to be used, and then record the date, deposit or withdrawal, and the account balance. My, how times have changed!
Does anyone remember how banks functioned before t... (
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You used to have some money until you got into Photography. Just kidding!
Shellback
Loc: North of Cheyenne Bottoms Wetlands - Kansas
I stand corrected - my research was based on US machines - thanks for the link
I remember these bank books for savings accounts. That was a very good balance in 1973.
I also recall a bank savings account program during my grade school years in Spokane, WA. Every Tuesday or Wednesday we could bring an envelope to school with a deposit. Typically, a dime was a big deposit amount for my siblings and me.
Businesses were using computers in the 1950s. I was working at Rexall Drug Company's world headquarters in Los Angeles in 1957 and they had a huge room filled with banks of flashing vacuum tubes. I think it was an IBM computer.
bobbyjohn wrote:
Does anyone remember how banks functioned before the age of computers? I was going through an old cardboard box and found my Bank Account booklet from 1973, some 50 years ago. I recall that I had a banking booklet associated with the account. When I went in to make a deposit or withdrawal, the teller would take the booklet, open to the next available page, insert the booklet into a machine, tell the machine what line number on that page was next to be used, and then record the date, deposit or withdrawal, and the account balance. My, how times have changed!
Does anyone remember how banks functioned before t... (
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I grew up in the Bronx, the northernmost borough of NYC, a neighborhood bank, I forget the name began to open on Saturdays, so I opened a savings account to be able to access cash for the weekend.
Remember the term, "Bankers Hours?" Monday to Friday, 9 AM to 3 PM! Closed on weekends!
And now ATMs are ubiquitous, every store and restaurant, at least here in NYC has one, small independent ones in a corner of stores, terminals, etc. while major banks have their own system of kiosks and small stores.
Be well! Ed
Yep! I still have one or two of those.
cliff Hilbert wrote:
I remember well. The only place you could get cash was at the bank, no ATMs.
"That's where the money is" - Willie Sutton
I remember ‘account books’ well, but only on savings accounts and all the transactions were manual pen entries.
Our checking accounts did not have them as best I remember.
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