A Short History of Bank Checks

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Home \| Finance \| Others \| A Short History of B ... A Short History of Bank Checks Submitted by William on 2008-04-10 and viewed 93 times.

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Though it has evolved much over the years, the banking system’s bank checks have always been a part of the system. Bank checks have been used as promissory notes here in the present and even as far back as the ancient Roman Empire and the practice of ordering the checks still goes on today.

Though it has evolved much over the years, the banking system’s bank checks have always been a part of the system. Bank checks have been used as promissory notes here in the present and even as far back as the ancient Roman Empire and the practice of ordering the checks still goes on today.

Earliest use of bank checks

The Ancient Romans used the earliest form of bank checks although it was much simpler than the method used today. There is recorded evidence that they used what were called praescriptiones as early as 100B.C. After about four hundred years, bankers in the Persian Empire started using a similar system of credit.

The Medieval Period

During the middle ages, Europeans also made use of their own bank check system. To prevent theft, the Knights Templar was developed. This banking system would keep a person’s money for them while that person traveled cross-country. The person was responsible for holding a proof of claim draft, which would allow them to retrieve their money. This proof of c

laim draft was the earliest known form of a paper check, similar to that of today. It is believed that this was inspired from the Muslims that had utilized this method a few hundred years before.

Bill of Exchange System

Today’s check system is derived from the "bill of exchange" which was developed in earlier times by the bankers of that period. This system allowed bankers to receive bill payments by making use of bank mandated orders. People were then able to buy and sell goods without handling gold or other currency, making trade much easier and safer for the merchants.

Bank checks in the United States

In the U.S., bank checks were brought over during the Colonial period by European individuals. The system became prevalent and popular in Europe during the early 1700s, so it was natural that the colonists would pick up on the system. As banks have become more complicated in the last 100 years, more and more systems of control and security have been added to bank checks in order to protect the consumer.

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William Gordon compares check designer company offerings to provide independent buying recommendations and help consumers find the best online check purchase retailers.

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