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Old 08-19-2008, 01:11 PM   #11
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I was so proud of my shiny blue passbook! That said, I do love the convenience of handling my accounts online.

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Old 08-19-2008, 01:15 PM   #12
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It's funny, you think with all of the technology present in the world.. banks would be the first to update.

They aren't! The way they do business has been the same for a very long time.

Processing of account information is still done in batch, overnight. Ledgers are still sent from bank to bank manually, checks still require manual processing, etc.
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Old 08-19-2008, 01:25 PM   #13
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Technology aside, I'm just glad that my local branch allows me to roll my bike inside the bank right up to the merchant teller window every week. (I keep a spare errand bike at work)
The bank is only a mile away from my place of work and it's a heck of alot quicker than driving there, parking 2 levels beneath, taking the elevator up to the banking floor, completing the transaction, taking the elevator back down, getting back in the car, and driving a mile back to work.

Therefore, you can say that I do my banking the old fashioned way, by bicycle.

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Old 08-19-2008, 01:57 PM   #14
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Originally Posted by stinemates View Post
It's funny, you think with all of the technology present in the world.. banks would be the first to update.

They aren't! The way they do business has been the same for a very long time.

Processing of account information is still done in batch, overnight. Ledgers are still sent from bank to bank manually, checks still require manual processing, etc.

I don't know where you bank but that's certainly not true at my bank. I can go out on a Saturday morning and make a deposit at any branch, from there go to Costco and pay with a debit card, go to the supermarket and buy groceries on my VISA.

When I get home and go online to my bank, all the transactions are listed and the account balances are updated on a weekend day. Only the VISA is delayed on occasion because of the more convoluted path the transaction has to follow.

Not to mention the online bill payer function...
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Old 08-19-2008, 03:14 PM   #15
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Well I guess I did not go far enough back then since you are still talking about data being sent to a mainframe. before banks had computers of any kind, how did they share information from branch to branch to keep everything straight?
Before banks had computers, you could only go to your "branch" to withdrawal money. There was no "interbranch" banking. You went to one place and one place only. Then again, before before banks had computers, people didn't have cars either and long distance travel was pretty much unheard of. A trip from New York to New Jersey would take days, not an hour or two.
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Old 08-19-2008, 03:29 PM   #16
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Then again, before banks had computers, people didn't have cars either....
Are you sure about that?

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Old 08-19-2008, 03:45 PM   #17
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Are you sure about that?

Fine. Every house hold didn't have cars. Happy now?
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Old 08-19-2008, 03:55 PM   #18
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Whoa there Callisto! Lighten up - Roadfix is correct.

There's an awfully big difference between saying "before banks had computers, people didn't have cars either" - which is totally wrong - and "every household didn't have cars".

And frankly, by the time computers came into existence, nearly every household DID have a car.
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Old 08-19-2008, 04:03 PM   #19
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Fine. Every house hold didn't have cars. Happy now?
I don't know the history behind the use of computing and data transporting devices in financial institutions. Your post made me think perhaps they were using some 'high tech' system during the early 1900's. That's all.

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Old 08-19-2008, 04:43 PM   #20
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I can hardly remember banking before computers, it certainly was a lot more time consuming. I'm glad we have the ease of use now.
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