Page 133 - Key to Social Studies 4

Let’s Connect

Banks in the Past

Banks in the past had a whole di erent

concept. Rich merchants, moneylenders, and

clergymen gave loans and accepted deposits

from people. These earlier forms of banking

were practiced in Europe, Asia, and Egypt.

This continued until the development of a

banking system in Italy in the Renaissance

period, which kept on developing until

reaching the modern system of banking we

have today.

Banks Today

Today, banks are whole entities, which hold

billions of dollars.

Banks now accept deposits from the public

and give loans to investors. Modern banks are

also internet-accessible and depend on

technology, which helps people access their

money whenever and wherever they want,

allowing people to pay for their needs and

wants without using physical currencies.

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