"Banks of old" had no insured deposits. Regular financial panics meant that runs on banks meant most depositors sometimes lost all their money. https://en.wiki

"Banks of old" had no insured deposits. Regular financial panics meant that runs on banks meant most depositors sometimes lost all their money. https://en.wikipedia.org/wiki/List_of_banking_crises https://en.wikipedia.org/wiki/List_of_banking_crises