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BANKER, BANKING
A person who engages in loaning, exchanging, and issuing money. The development of interstate and international trade made it imperative to devise a method of banking to facilitate the transfer of funds. The appearance of coinage in the seventh century BC brought the money changer into being. The royal monopoly in commerce (2 Sm 5:11; 1 Kgs 10:14-29) gave place to a system that resembled modern banking.
In NT times money changers represented one aspect of the banking system. They spent their time converting Roman money into orthodox coinage for the temple half-shekel (Mt 17:24; 21:12; 25:27; Mk 11:15; Lk 19:23; Jn 2:14-15).
Those who lent money (lenders) and those who gave credit in financial transactions (creditors) were protected by a system of guarantees such as pieces of movable property or a pledge of some kind. Interest was theoretically forbidden by Israelite law (Ex 22:25; Dt 15:1-18), although the law was not always observed and exorbitant rates of interest were sometimes charged. Prophets and some national leaders deplored the practice (Neh 5:6-13; Ez 18:8, 13, 17; 22:12). Often, the people of Israel were afraid of their creditors (2 Kgs 4:1; Ps 109:11; Is 24:2; 50:1), who might invade their homes to recover a debt, even carrying off children as slaves (2 Kgs 4:1; Is 50:1). The parable of the creditor and the two debtors in Luke 7:41-42 represents a kindly creditor (cf. Mt 25:14-30; Lk 19:11-27).
See also Money; Money Changer.