In the 1960s, women were granted the freedom to create a bank account for the first time. A few years later, in 1974, the Equal Credit Opportunity Act was created, which was intended to prevent credit discrimination based on a person’s sexual orientation.
Why can’t a woman own a bank account?
Women were unable to legally own a bank prior to the 1970s for a variety of reasons, one of which being their inability to lawfully open a bank account. The same way that women couldn’t acquire a credit card without getting their husband’s signature, they also couldn’t create a bank account without getting their husband’s approval.
When did women get the right to open bank accounts?
France provides women the freedom to possess bank accounts in 1881; five years later, the privilege is extended to married women, who are permitted to create accounts without the approval of their husbands. The United States does not follow suit until the 1960s, while the United Kingdom does not follow suit until 1975.
- Before they could create an account, several banks required married women to present a letter of authorization signed by their spouse before they could do so.
- Some banks went so far as to create by-laws prohibiting women from purchasing their stock.
- While women were underrepresented in the board of directors in some banks, they became significantly more numerous in others, particularly among widows and orphans of moderate means.
What is the history of women in the banking industry?
With a few exceptions, the history of women as bank clients and partners can be traced back to at least the 18th century, while the history of women as bank employees can only be traced back to more recent times. Women’s first involvement with our financial institutions was as clients.