In earlier banking practices, transactions were conducted without the use of cheques, relying instead on oral instructions and written records in the bank's ledgers. This approach reflected a more informal and trust-based system of banking, where trust between depositors and the bank was integral to financial operations.

Instead of paying interest, depositors were compensated through a system called discrezione, where returns were allocated based on the firm's annual profits. This arrangement incentivized depositors to accept the risks associated with their investments, aligning their interests with the financial performance of the bank.