On this day in 1782, the Bank of North America opened as the first commercial bank in the United States. Banking in America didn’t truly grow until after the Revolution. With English law no longer blocking the creation and operation of financial institutions, banks were able to become free market entities.
As a result, commercial banks were able to grant a significant volume of loans to the public and private sectors. The result was an infusion of monetary growth that has since fueled our economy for centuries. While the nitty-gritty of the financial market has evolved over time, banking is still an economic staple. It grants the public and private sectors the ability to grow assets and portfolios.
Our ancestors likely had no idea what the banking industry would become today, or maybe they did….
Being unbanked or underbanked is a common phenomenon, sometimes by choice, sometimes by circumstance, but it is almost always a disadvantage in personal finance. Did you know we offer a free course to our clients through FreedomU where you can learn how banking products and services can help you with your personal finances. Click the link below to learn more about this award-winning financial wellness program.