Jake Miller
Women's access to financial services in the 19th century was dependent on several factors, including their marital status, class, and geographical location. While there are some rare examples of women with access to bank accounts before the 19th century, for the most part, women were excluded from the financial system due to legal and cultural barriers. In the 19th century, single women and widows generally had the legal right to open bank accounts in their own names, but societal norms and economic realities often made this difficult in practice. Most working-class women, for example, did not earn enough to maintain a bank account. Widows and women of moderate means were often encouraged to invest in bank shares as a stable source of income. The first US bank for women was opened in 1879, but it was founded by a fraudster. It wasn't until 1920 that the First Woman's Bank, founded by Brenda Vineyard Runyon, opened in Clarksville, Tennessee, serving women primarily.
| Characteristics | Values |
|---|---|
| Women having bank accounts in the 19th century | Women could have bank accounts in their own name in the 19th century, though most working-class women didn't earn enough to justify a bank account. |
| Women's economic rights in the 19th century | Women in the 19th century learned about money and managed their finances, despite social and legal restrictions. |
| Women's suffrage and economic rights | The right to vote was the primary goal of 19th-century suffragists, but economic rights were also important. |
| First US bank for women | The first US bank for women was opened by a fraudster in 1879, and it took 40 years for a reputable women's bank to be founded in Tennessee. |
| Women as bank staff | The history of women as bank employees begins in the 20th century, with some exceptions like Fanny Hopkins, who ran a bank agency from 1859 to 1905. |
| Women's financial services access | Women, especially those from minority communities, faced discrimination when accessing financial services and credit. |
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What You'll Learn
- Women could open bank accounts in their own name since at least the mid-1800s
- Married women needed their husband's permission to open an account
- Women with access to financial services were often widows or women who had inherited money
- Women also worked in banks, but only in administrative departments and without contact with customers
- Women's economic rights were a key concern for 19th-century suffragists
Women could open bank accounts in their own name since at least the mid-1800s
Women have had a long and difficult history with the financial system. While noblewomen like the Countess of Castlemaine appear in the earliest surviving bank records in Britain dating back to the 17th century, these are exceptions. For most women, it was challenging to access financial services due to a lack of legal protections.
However, since at least the mid-1800s, women could open bank accounts in their own name. This was the case in the United States, and there is evidence of female bank account holders in the archives of The Royal Bank of Scotland dating back to 1686. Nell Gwyn, actress and mistress to Charles II, deposited £73 into her bank account that year, despite being practically illiterate and only signing with her initials.
The ability for women to open bank accounts varied depending on their marital status and the state or country they lived in. In the US, even after women gained the right to open accounts, there were cultural practices and discrimination that made it difficult for them to do so. Single women faced assumptions about future marriage and their potential loss of income, while married women were often considered one legal body with their husbands, requiring the husband's signature and assets to be considered on the application.
It is important to note that the discourse around women's rights in American history primarily revolves around white women's rights, and that the financial barriers faced by women of colour were even more significant. Despite the challenges, some women took financial risks and became effective managers of their finances, demonstrating their agency and resilience in navigating the constraints of the time.
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Married women needed their husband's permission to open an account
In the 19th century, women did manage their finances, despite social and legal restrictions. While single women and widows had the freedom to open a bank account in their own name, married women needed their husband's permission to open an account. This was due to coverture laws, which meant that married women were considered one legal body with their husbands. As such, married women were often subject to discrimination in banking and credit, with banks requiring the husband's signature and assets to be considered on the application.
The ability of married women to open bank accounts varied by state and country. For example, in the US, it was not until the 1960s that married women were granted the right to open bank accounts without their husband's permission. Similarly, in the UK, this right was not extended to married women until 1975.
In some cases, women were able to become effective managers of their finances and even took financial risks to increase their profits. However, for the most part, women faced barriers to accessing financial services due to a lack of legal protections. This was especially true for working-class women, who often did not earn enough to justify a bank account.
Despite these challenges, there were rare exceptions of noblewomen who had access to financial services even before such access was guaranteed by law. Additionally, some women became financial business partners through inheritance, either from their husbands or other relatives. These women played active roles in the banking business and used their fortunes for philanthropic purposes.
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Women with access to financial services were often widows or women who had inherited money
Women in the 19th century faced significant barriers to accessing financial services and managing their finances independently. Social and legal restrictions limited their financial autonomy, and most women were locked out of the financial system. However, there were rare exceptions, and some women, particularly widows or those who had inherited money, had more opportunities to engage with financial services.
Widows and women with inherited wealth often had greater financial freedom and were encouraged to consider investment options. For example, they might buy bank shares, which were seen as a stable source of income. In some cases, widows inherited control of their late husband's shares in financial institutions, becoming business partners or even senior partners in banking firms. This was a way for them to maintain financial stability and potentially increase their wealth.
Single women and widows generally had the freedom to open bank accounts in their own names during the 19th century. However, there were financial thresholds to consider. Most working-class women didn't earn enough to maintain a bank account, as their income was typically spent as soon as it was received. Women with access to larger amounts of capital, whether through inheritance or other means, were more likely to meet the financial requirements for opening an account.
Despite these opportunities for a select few, the broader context of the time period is essential to understand. Women's suffrage and economic rights were significant issues during the 19th century. While the right to vote was a primary goal, leading suffragists like Susan B. Anthony in 1853 also recognised the importance of economic equality. She wrote, "Woman must have a purse of her own, & how can this be, so long as the wife is denied the right to her individual and joint earnings". This highlights that even for widows and women with inherited wealth, true financial independence was still a challenge.
It is worth noting that the experience of women with access to financial services varied depending on their location and cultural context. While some regions allowed single women to open accounts freely, others discriminated against them, assuming they would stop working and rely on their future husband's income. Married women often needed their husband's permission to open an account, and this remained a requirement in some places until the latter part of the 20th century.
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Women also worked in banks, but only in administrative departments and without contact with customers
Women have had a long history of working in banks and other financial institutions. However, their roles and responsibilities have often been limited to administrative tasks, and they were typically segregated from male colleagues and customers. This trend of employing women in banks began in the late 19th century, primarily in Paris.
Before the 1880s, bank employees were exclusively male. However, as new administrative departments were created, banks started hiring women for the first time. This shift coincided with a wider movement towards the feminisation of clerical work. Women were deemed more "competent", "conscientious", and "honest", making them ideal candidates for jobs in head offices and administrative departments like collections, accounts, securities, and coupons offices.
For example, at the Crédit Lyonnais, Société Générale, Banque de France, and Rothschild Frères, women worked diligently in these back-office roles. They were often tasked with handling bonds and coupons, pasting them into the bank's ledgers, and recording relevant details. Notably, women in these positions did not interact directly with customers or their male colleagues. They even entered the bank through a separate entrance and dined in segregated spaces.
While women had started working in banks before the First World War, their presence in the industry remained limited. It wasn't until the outbreak of the war that a staffing crisis emerged, once again drawing women into the vacancies left by men. Even after the war, staff shortages continued, and in 1950, the National Provincial Bank took a significant step by becoming the first British bank to remove the marriage bar, allowing women to continue their careers in banking after marriage.
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Women's economic rights were a key concern for 19th-century suffragists
During the 19th century, women's economic rights were limited by social and legal restrictions. Middle and upper-class social norms reinforced the idea that women should not work outside the home. However, poor white women, immigrant women, and women of colour often had to work to support themselves and their families. Despite the restrictions, some women in the 19th century did manage their own finances and took financial risks to increase their profits. Single women and widows were generally allowed to open bank accounts in their own names, although most working-class women didn't earn enough to justify a bank account.
In the 18th century, there were small but significant advances in women's economic rights. For example, the 1771 "Act to Confirm Certain Conveyances and Directing the Manner of Proving Deeds to Be Recorded" required men in the colony of New York to obtain signed permission from their wives to sell property that she brought into the marriage. The Patent Act of 1790 explicitly allowed women to hold patents, and a growing number of women during the 19th century earned wages, held a wider variety of jobs, and exercised economic freedoms.
The late 19th and early 20th centuries saw further advancements in women's economic rights. Women and women's organizations worked not only for the right to vote but also for broad-based economic and political equality and social reforms. By 1896, women had gained the right to vote in four states: Wyoming, Colorado, Idaho, and Utah. Women gained the right to control their earnings, own property, and, in the case of divorce, take custody of their children. However, most better-paying positions continued to go to men, and 60% of working women in 1900 were employed as domestic servants.
The early 20th century saw the continued advancement of women's economic rights, with laws protecting certain classes of working women. In 1908, the Supreme Court upheld the constitutionality of laws restricting women's hours and working conditions to protect their health and ability to bear children. During World War II, women joined the labour force in large numbers, and policies slowly began to change to accommodate them. In 1963, the Equal Pay Act was passed, outlawing sex-based wage discrimination for the same work. The Civil Rights Act of 1964 prohibited discrimination in hiring, wages, employment contracts, and terms of employment based on sex.
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Frequently asked questions
Yes, women in the 19th century did have bank accounts in their own names. However, this was more common for single women and widows, who were usually encouraged to buy bank shares as a stable source of income. Most working-class women did not earn enough to justify a bank account.
In the US, it was previously thought that women could not open bank accounts until the 1960s. However, this is not true. While there were financial barriers and discrimination in banking, there were banks that offered accounts to women before this time. In 1920, banks began advertising more directly to women. The First Women's Bank opened in Clarksville, Tennessee, in 1919, and was the first bank in the US managed entirely by women.
In France, women were granted the right to own bank accounts in 1881, and this right was extended to married women in 1886. In the UK, women could not own bank accounts until 1975.
Yes, women faced discrimination in many other areas of finance. For much of history, middle-class women were not allowed to handle money, and having a job was seen as a sign of financial desperation. Women also faced discrimination when it came to credit, especially if they were young and of marrying age.
