Independent Banker - June 2021 - 11

HISTORY LESSON
BANKER'S HOURS
BY CHRISTOPHER WEYANT
Wire to wire
While wire transfers are ubiquitous
today, they've come a long way
since their inception in the 1870s.
When a company decides to use
new technology to offer a service
that's never been available before,
things rarely stay the same. That's
what happened when Western
Union found a way for customers
to " send " each other money via
telegraph lines.
In 1861, the company built the
first transcontinental telegraph line,
revolutionizing communications.
Eleven years later, it introduced
wire transfers, forever changing the
landscape of financial services.
To initiate a wire transfer, a sender
would provide funds and a service
fee to a Western Union office, after
which the operator would transmit
the message to " wire " the money to
another office. Passwords and code
books provided the security needed
for the release of funds to the
person at the second location.
By 1877, almost $2.5 million was
sent via wire transfer each year.
These days, according to the Federal
Reserve, more than $3 trillion is
wired every day. -Julie Kendrick
" Your leader? No, we're looking for low mortgage rates. "
SMALL BUSINESSES SPEAK OUT
QUICK STAT
$3
trillion
on average is
transferred daily
via the Fedwire
Funds Service
Source: 2020 Federal Reserve report
" The community banking
difference is more personal;
that would probably be
the biggest thing. ... I feel
like there's a stronger
relationship there. It's a
little bit more first-name
basis. I feel like being a small
business owner as well,
sometimes at a larger bank,
you can be forgotten about
or not be that top [priority]. "
-STEPHANIE MOSS, OWNER OF STEPHANIE MOSS SALON IN OMAHA, NEB., ON
WHY SHE WAS INSPIRED TO SWITCH TO A COMMUNITY BANK.
See Stephanie Moss' video testimonial, and those of other small business
owners, at banklocally.org
independentbanker.org Q 11

http://www.banklocally.org http://www.independentbanker.org

Independent Banker - June 2021

Table of Contents for the Digital Edition of Independent Banker - June 2021

Table of Contents
Independent Banker - June 2021 - Intro
Independent Banker - June 2021 - Cover1
Independent Banker - June 2021 - Cover2
Independent Banker - June 2021 - Table of Contents
Independent Banker - June 2021 - 2
Independent Banker - June 2021 - 3
Independent Banker - June 2021 - 4
Independent Banker - June 2021 - 5
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Independent Banker - June 2021 - Cover3
Independent Banker - June 2021 - Cover4
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