Banks-Modern Marvels [VHS]

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Banks-Modern Marvels [VHS] Review

"Banks" begins by reminding viewers of the impressive structure of older bank headquarter - imposing architectures to imply stability. Central to their safekeeping function were vaults made with steel-reinforced concrete covered with a steel shell. Today's vaults are thinner-walled than those of the 1920s, but stronger due to new materials. Modern vaults also contain ventilation systems, and multiple alarms - the most modern are protected with time locks.

Very early banking history is briefly covered by mentioning that ancient Greeks had vaults, and that the deposit system began in the 1300s in Italy.

Early U.S. banking was hobbled by multiple currencies - each bank had its own. Most credit, however, was outside the banking system - store credit. The end of the Civil War brought about standardization of American currency.

The Great Depression saw America's banks decrease from 25,000 to about 14,000. The FDIC arose during the New Deal.

Check processing has not changed much in 30-40 years - facilitated by magnetic recording that is machine readable and replaced hand processing. Credit cards (first in 1959) revolutionized credit, and ATMs (1968), revolutionized "branch" banking.

"Banks" ends with a brief reference to Internet-assisted banking, and the security of banks vs. robberies. However, it does not take up the rise of credit-card and banking fraud (including identify theft) - much bigger issues today.

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