My first experience with banks was in 1952-53. I opened a savings account. I do not remember anyone signing for me to do that. But we had studied that in 7th grade and our teacher encouraged us to open a savings account and save our money. I got the account up to $17.00 + or – a little.
(You coulda bought me something)
The next year in school I needed a ‘white sport coat, shirt and tie for some special event’. I am positive mom and dad would have bought what I needed, but I felt grown up going to MY bank . I drew it all out except 50¢. I never went back to the bank.
That was in Valdese, NC. I read in my deposit book later that if I had left a $1 in the account it would have accumulated interest. But less than a $1 was charged off to maintenance. I would like to know what 60+ years of interest would be for a dollar. Probably be up to $25.
Anyway our local bank in Belmont was, “The Bank of Belmont”. There was a time having a local bank was a thing of pride, and they stuck around for years. I learned later that Bankers, even the ones in a ‘home town bank’, get a little hungry when the biggies (Bank of America, Wells Fargo, etc) come calling with offers to buy them out. In the early years the local bankers would not sell, but now I understand ‘Home Town Banks’ are started with the intent to sell.
(I am about to get upset!)
Once sold, then they seem to become a commodity. The Bank of Belmont sold to Wachovia, and in a short time Wells Fargo bought Wachovia. I didn’t fuss about that because I always wanted to be a cowboy and Wells Fargo has a Stage coach and I feel like I am part Cowboy.
Now our money is in the Stage coach, I hope it is protected by Roy, Gene and Tom Mix.
Thanks for visiting…
How did this happen?
Henry J convertible.