Such Interest-ing Facts
Sunday
Banking is an old concept. Going back about 4,000 years to the temples of ancient Mesopotamia, priests, farmers, and merchants took part in well-documented lending, especially of crop seeds. About 600 BC, the ancient Greeks standardized coinage, further developing banking.
Monday
Italy is home to the world’s oldest continuously-operating bank, the Banca Monte dei Paschi di Siena, which has been operating every year since 1472.
Tuesday
These days, having a bank account is popular, but not universal. Globally, About 18% of people are “unbanked,” with no bank or credit union account at all.
Wednesday
Although big banks tend to dominate headlines, there are still over 4,000 small banks in the US, more than any other country and more than in all European Union nations combined. A distrust of big city banks among early rural Americans fueled an early small bank boom with remaining echoes today.
Thursday
In most countries, the government will reimburse you for lost accounts if your bank goes, well, bankrupt. But before institutions like the FDIC, you’d have no recourse if an insolvent bank lost all your money. This was a major contributor to the Great Depression in the US, when 9,000 banks failed, and with them $7 billion disappeared ($121B in 2024 dollars).
Friday
Not-for-profit by nature, credit unions are a common alternative to banks, with about 400 million members globally and about 1/3 of Americans belonging to one.
Saturday
Bank robberies had their heyday about a century ago, but in recent history they have been declining in frequency since 1991. In the US, there are still about 20 banks robbed every business day, but the thefts are far less dramatic and lucrative than Hollywood would suggest.