History of banking in canada essay

Banks provide their customers with a number of services . With a checking account you can pay your bills. A check is a slip of paper that tells the bank how much money it should withdraw from your account and pay to someone else. Today, more and more people use the internet , also a banking service, to pay their bills . Banks also give their customers plastic cards with which they can get money from their account everywhere and whenever they want. They can also use them to pay without cash at shops, gas stations and other stores. Checking accounts are a comfortable way for customers to handle their money.

Morgan initially was widely commended for leading Wall Street out of the 1907 financial crisis; however, in the ensuing years the portly banker with the handlebar mustache and gruff manner faced increasing criticism from muckraking journalists, progressive politicians and others that he had too much power and could manipulate the financial system for his own gain. In 1912, Morgan was called to testify before a congressional committee chaired by . Representative Arsene Pujo (1861-1939) of Louisiana that was investigating the existence of a “money trust,” a small cabal of elite Wall Street financiers, including Morgan, who allegedly colluded to control American banking and industry. The Pujo Committee hearings helped bring about the creation of the Federal Reserve System in December 1913 and spurred passage of the Clayton Antitrust Act of 1914.

According to Verhoef: ‘Volkskas' character differed fundamentally from the Trust Bank approach to banking and it was regarded as unacceptable that Sanlam should effectively control Trust Bank, and retain an interest in Volkskas. Volkskas could not accept that its partner, Sanlam, should control one of its competitors, Trust Bank. This lead Volkskas to break its ties with Sanlam: Volkskas sold its shares in Bankorp to Sanlam and simultaneously bought out the Sanlam holding in Bonuskor, thereby gaining a majority shareholding in Bonuskor. The Rembrandt Tobacco Group acquired Sanlam’s shares in Volkskas, giving it a 20 percent interest in Volkskas, while Sanlam’s reduced shareholding fell to per cent.’

History of banking in canada essay

history of banking in canada essay


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