How did different branches of a bank reach a consensus on a user’s bank account value before phones and computers were invented?

Question

So we’ve all heard about SVB’s collapse, and I was reading about Louis Remme’s great run where he raced a boat to reach a branch of a bankrupted bank to withdraw his money before the branch got the news.

So doesn’t that mean that in the past it would be technically possible for a person to withdraw all the money from their bank account multiple times from different branches if they could travel fast enough? Or maybe have multiple people withdraw from the same bank account at the same time at different branches?

How did banks synchronise their clients’ accounts?

In: 7

Answer 1

Basically, customers had to bank at one branch. In the past, even if you were a customer of the bank in San Francisco, it did not mean that the same bank’s branch in New York would recognize you. Things needed personal introductions or letters of introduction.

In the past, you couldn’t even set up an account at a bank without personal recommendation.

In short, if they did not know who you were, you did not get access to bank services.