<P> In the 18th century, services offered by banks increased . Clearing facilities, security investments, cheques and overdraft protections were introduced . Cheques were invented in the 1600s in England and banks settled payments by direct courier to the issuing bank . Around 1770, they began meeting in a central location, and by the 1800s a dedicated space was established, known as a bankers' clearing house . The London clearing house used a method where each bank paid cash to and then was paid cash by an inspector at the end of each day . The first overdraft facility was set up in 1728 by the Royal Bank of Scotland . </P> <P> The Industrial Revolution and growing international trade increased the number of banks, especially in London . At the same time, new types of financial activities broadened the scope of banking far beyond its origins . The merchant - banking families dealt in everything from underwriting bonds to originating foreign loans . These new "merchant banks" facilitated trade growth, profiting from England's emerging dominance in seaborne shipping . Two immigrant families, Rothschild and Baring, established merchant banking firms in London in the late 18th century and came to dominate world banking in the next century . </P> <P> A great impetus to country banking came in 1797 when, with England threatened by war, the Bank of England suspended cash payments . A handful of Frenchmen landed in Pembrokeshire, causing a panic . Shortly after this incident, Parliament authorised the Bank of England and country bankers to issue notes of low denomination . </P> <P> 1868 marked the year of the beginning of the Meiji government's attempts at formulating a functioning banking system, which continued until some time during 1881 . They emulated French models . The Imperial mint was begun using imported machines from Britain during the early years of the Meiji period . </P>

Where did the last name banks come from