1. Benches & Money Lenders:
* Medieval Italy: In the early days of banking, money lenders would set up shop on benches (Italian: "banchi") in the marketplace. This gave rise to the term "bank" as a place to exchange money.
* Early English usage: In England, the term "bank" was first used in the 14th century to describe a table or counter where money changers worked.
2. Riverbanks & Storage:
* Ancient times: In ancient civilizations, riverbanks were often used for storing valuables and goods due to their natural protection. This association with safekeeping and storage likely contributed to the use of "bank" to describe a financial institution.
3. The Bank of England:
* 1694: The establishment of the Bank of England as the central bank of the country solidified the connection between "bank" and financial institutions.
In essence, the word "bank" evolved from its original association with benches and money lenders, incorporating the idea of safekeeping and storage, ultimately becoming synonymous with financial institutions.