Banking as we know it today is a lot different from when it first saw the light of day all those centuries ago.
It was around the third millennium B.C when banking first started to appear in the world. But back then people used to go to temples to store their worldly goods. It was not money that people deposited back then but different types of grain. Later on people started to deposit such things as their cattle, agricultural implements and precious metals.
The temples were thought at the time to be the safest place for people to keep their precious commodities. Priests would also offer loans to certain people.
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Evidence has shown that the ancient Greeks and Romans used sophisticated banking systems implemented by not just temples but also civic societies and private institutes. These systems included loans, deposits, currency exchanges and coin validation.
There was a much greater regulation of financial institutions and banking practices back then and money lenders of the day kept records of their transactions. As the hostility of the church and the fall of the Roman Empire came upon us the need for bankers was less important to people.
Later on the church prohibited interest charging. This led to the rise of religions such as the Jews and the Knights of templar practicing banking.
It was a family of Italians called the Lombard's that first introduced us to double entry bookkeeping. The Italians seemed to replace the Jews in banking. Another Italian family called the Medici family later succumbed to a German family called Fugger. The Fugger dynasty later went on to become the bankers of great princesses and the papacy.
The start of the 16th century brought us the system where merchants were allowed to access their money from other places without transferring any physical money, and also the development of the cheques. Throughout the 17th century this system started to get more accepted in society. This system gradually grew into the system that we now use today.
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