Women were not universally banned from having bank accounts, but restrictions and discrimination varied by time, place, and marital status.
- In the United States, women could have bank accounts in their own names as early as the mid-1800s. Some states, like California in 1862, explicitly allowed women to open bank accounts regardless of marital status. Single women, widows, and some married women could and did hold bank accounts before laws like the Equal Credit Opportunity Act (ECOA) of 1974. However, cultural practices and some banks often discriminated against women, sometimes requiring a husband's permission or co-signature for married women. Credit access was more restricted and financial discrimination prevalent before the 1970s.
- The Equal Credit Opportunity Act (ECOA) passed in 1974 in the U.S. was a significant legal milestone, making it illegal for banks to discriminate based on sex or marital status in lending and credit, which included holding bank accounts independently. This act effectively secured for women the right to open bank accounts, apply for credit cards, and loans without a husband's consent, though informal barriers persisted.
- In the UK, until the Married Women's Property Act of 1882, a married woman could not own property or hold financial assets independently, and banks typically required husband’s authorization to open accounts for married women. This restriction persisted with bank practices until as late as 1975 when women were broadly allowed to open bank accounts in their own names without husband’s permission.
In summary, while women could and did have bank accounts in some circumstances well before the 1960s, widespread legal protections and equal rights to hold bank accounts independently were secured mostly in the 1970s, especially marked by the U.S. Equal Credit Opportunity Act in 1974. Restrictions were harsher for married women, and banking culture and laws evolved gradually over many decades.
