Women in the United States could not open bank accounts in their own names until the 1960s and 1970s, depending on the state

Before the 1960s, most banks required a woman to have a man — a husband, father, or other male relative — co-sign her account or open it in his name only. A woman could deposit money, but the account legally belonged to the man. She could not borrow money, sign contracts, or make financial decisions about the account without his permission.

The first major shift came in 1963, when the federal government passed the Equal Pay Act, which required equal wages for equal work. This opened a conversation about women's financial independence, but it did not when ready change banking rules. Real change came through the Civil Rights Act of 1964 and the Fair Housing Act of 1968, which banned discrimination based on sex in lending and housing. However, banks still found ways to deny women accounts or require co-signers.

The turning point was the Equal Credit Opportunity Act (ECOA), passed in 1974. This federal law made it illegal for banks to discriminate based on sex or marital status when opening accounts or issuing credit. After 1974, a woman could walk into a bank, open an account in her own name, and borrow money without a man's permission — though some banks and states took years to fully comply with the law.

Key Takeaways

  • Before 1974, most banks required women to have a male co-signer or to open accounts in a man's name, even if the woman earned the money.
  • The Equal Credit Opportunity Act of 1974 made sex discrimination in banking illegal at the federal level.
  • Some states had already begun allowing women to open accounts independently in the late 1960s, but 1974 was when the practice became a nationwide legal requirement.
  • Even after 1974, some banks continued to discriminate against women for several years, and women had to know their rights to push back.

Why banks required male co-signers before 1974

Banks treated married women as financially dependent on their husbands. Under a legal doctrine called coverture, a married woman's property and earnings legally belonged to her husband. A bank saw a woman's account as a liability — if she defaulted on a loan, the bank could not easily pursue her for payment because she had no independent legal standing.

Single women faced a different problem. Banks assumed they would marry and leave the workforce, making them poor credit risks. A bank might tell a single woman that she could open an account only if her father or another male relative may provide it. The bank was not protecting itself against her inability to pay — it was protecting itself against the possibility that she might become a wife.

This was not a banking invention. It reflected the law itself. In most states, a married woman could not sign a contract, own property in her own name, or sue without her husband's permission. Banks were following the legal rules that existed at the time.

The slow path from 1963 to 1974

The Equal Pay Act of 1963 required employers to pay men and women the same wage for the same job. This created an obvious problem: if a woman earned her own money, why could she not control it? Some employers and banks began to rethink their policies, but change was slow and uneven.

A few states moved faster than others. California, for example, reformed its property laws in 1975 to give married women full control of their earnings. Some other states followed in the late 1960s and early 1970s. But there was no national standard, and a woman moving from one state to another might find her rights changed overnight.

The Civil Rights Act of 1964 banned discrimination in public accommodations, but banks argued they were not covered. The Fair Housing Act of 1968 banned discrimination in housing and housing-related credit, but it did not cover general banking. Women and civil rights groups had to push for a law that specifically addressed credit and banking.

What the Equal Credit Opportunity Act actually required

The ECOA made it illegal for any creditor — including banks, credit card companies, and loan providers — to discriminate based on sex or marital status. A bank could not ask a woman if she was married, pregnant, or planning to have children. It could not require a husband's signature on a woman's account or loan. It could not assume a woman would leave the workforce.

The law applied to all credit decisions: opening an account, getting a loan, receiving a credit card, or refinancing a mortgage. A bank had to evaluate a woman based on her own income, credit history, and ability to repay — the same standard it used for men.

The ECOA also created a way for people to challenge discrimination. If a bank denied a woman credit or required a co-signer, she could file a complaint with the Federal Trade Commission (FTC) or her state's banking regulator. The bank could face fines and be forced to change its practices.

How long it took banks to actually follow the law

Passing a law and enforcing it are two different things. Many banks continued to require male co-signers for years after 1974, either because they had not updated their policies or because they were testing whether regulators would actually enforce the law.

Women had to know their rights and be willing to challenge banks. A woman who was told she needed her husband to co-sign could point to the ECOA and ask to speak to a manager. Some women filed complaints with the FTC or state banking regulators. Over time, as banks faced fines and bad publicity, they updated their practices.

By the early 1980s, most major banks had stopped requiring male co-signers. But discrimination did not disappear entirely. Women, especially women of color and single mothers, continued to face higher interest rates and stricter lending standards than men with similar credit profiles. Those patterns persisted for decades and, in some forms, continue today.

What this means for you today

Today, any adult can open a bank account in their own name without anyone else's permission or signature. You do not need to be married, employed, or have a co-signer. You need identification, proof of address, and sometimes an initial deposit — but those rules explore equally to everyone.

If a bank refuses to open an account for you or treats you differently based on your sex, marital status, or gender identity, that is illegal under the ECOA and other federal laws. You can file a complaint with the Consumer Financial Protection Bureau (CFPB), the FTC, or your state's banking regulator. You can also consult a lawyer about your options.

Understanding this history matters because it shows that the financial rights you may take for granted — the right to your own account, your own credit, your own money — are recent and had to be fought for. Knowing your rights protects you if you ever encounter discrimination.

Frequently Asked Questions

Could women borrow money before 1974?

Married women could sometimes borrow money, but only with their husband's signature and permission. Single women could borrow, but many lenders required a male co-signer or refused to lend to them at all. After 1974, a woman could borrow based on her own income and credit history.

Did all states follow the 1974 federal law when ready?

The federal law applied nationwide, but some states had already changed their own laws before 1974. Other states had to update their laws to match the federal requirement. Enforcement was uneven — some banks complied right away, while others continued discriminating until they faced complaints or fines.

Could women have credit cards before 1974?

Credit cards existed before 1974, but banks often required a husband's signature on a woman's card or refused to issue one to her at all. After 1974, a woman could get a credit card in her own name based on her own credit and income.

What if a bank discriminates against me now?

You can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov, the Federal Trade Commission (FTC) at reportfraud.ftc.gov, or your state's banking regulator. You can also consult a lawyer about whether you have grounds for a lawsuit.

Does the ECOA protect people other than women?

Yes. The ECOA bans discrimination based on sex, marital status, age, race, color, religion, national origin, and receipt of public information. It also protects people based on their good-faith exercise of rights under consumer protection laws.