It is difficult to remember a time when credit cards and loans were not the norm, with daily news of the banking crisis and a recession looming.

At present, Shenley Road in Borehamwood boasts four banks and three building societies, all of which provide mortgages, overdrafts and credit services to customers.

Radlett has one bank and Shenley and Elstree have none, but this has not always been the case.

The earliest recorded bank in the area was Barclays Bank, in High Street, Elstree, in 1912, which opened on Tuesdays, Wednesdays and Thursdays from 11am to 1pm.

“It was very likely that somebody came down from the London head office to take charge of the bank as it opened for only a few hours in the week,” said Alan Lawrence, honorary curator at Elstree and Boreham Wood Museum. “It’s a completely different world to what it once was in Borehamwood. The road is absolutely filled with banks and building societies now.

“Years ago people from Borehamwood and Elstree would probably have ventured over to Barnet and to St Albans if they lived in Radlett or Shenley for any banking needs.

“After the Second World War, banks were around to handle people’s money for saving purposes and not really to give loans and overdrafts. There was a whole different attitude to saving, and people who were bank managers were respected and sometimes even feared.”

Mr Lawrence said the trend of saving has altered over the past two decades.

He said: “At the moment, the situation is fairly obscene as there are too many people in debt. It has been too easy in recent times to not worry about putting money on your credit cards.

“It used to be that the banks here would say you need a certain amount of income to get a loan and they were quite strict. Now anyone can get a credit card.”

Before people began to use banks, there were several other methods to save. Mr Lawrence said: “There were many ways the small saver was encouraged to put away money, especially after the war. There was the Christmas fund which was where people put in, say £10 a month, depending on how much they could afford and then they got a lump sum back to spend during the December period.

“Most small savers used the post offices in their area, which many believed was the most reliable way to save money. Also, possibly some shops or churches had a facility to help people save.

“People who were slightly poorer could become part of a co- operative and, after money was collected, they would receive a dividend at the end of the year.”

Museum volunteer David Taylor said many residents found it difficult to adjust to having a bank account.

He said: “In the early Seventies, everyone had to have a bank account mainly because it made it easier to receive wages. It was not something people were really used to and even now you can see elderly people often don’t want to receive their pensions in their bank account.

“They want a face-to-face meeting with a person who will hand them their money. How often will you see an 80-year-old woman using internet banking? That is the kind of banking that is being encouraged now.”