May, 12 2023
How did banks keep track of your money before technology?
Before the advent of modern technology, banks relied on a paper-based system to keep track of their customers' money. Passbooks and ledgers were used to record all transactions, and these records were updated manually by bank employees. Customers would personally visit the bank to deposit or withdraw money, and their passbooks would be stamped and updated accordingly. The accuracy of these records was maintained through regular audits and reconciliations. While this system was far less efficient than today's digital banking, it laid the foundation for the complex financial institutions we rely on today.