Big banks in the US are boosting the amount of cash they’re handing to new customers as the fight for deposits intensifies for the first time in years. JPMorgan Chase and Wells Fargo in particular are battling it out to curb deposit flight triggered by the Federal Reserve’s interest rate hikes, reports the Wall Street […]
The post JPMorgan Chase and Wells Fargo Offering $300 Cash As Banks’ Battle for New Deposits Intensifies for First Time in Years: Report appeared first on The Daily Hodl.
Americans are increasingly moving their hard-earned cash into higher-yielding financial products as US banks battle to stop deposit flight. People have increasingly grown weary of the low interest on deposits offered by banks and have now poured a record $6.15 trillion into money market funds, reports the Financial Times, citing data from the Investment Company […]
The post Investors Move $2,450,000,000,000 in Push for Easy Money As Wells Fargo, Bank of America and Citi Fight To Defend Their Deposit Base: Report appeared first on The Daily Hodl.
Hundreds of billions of dollars in deposits have exited US banks this year as consumers and institutions flock to money market funds to take advantage of the high interest rate environment. New data from the Federal Reserve Economic Data (FRED) system shows deposits in all US commercial banks plunged from $17.736 trillion at the start […]
The post $397,000,000 in Deposits Exit US Banking System in One Year As Money Market Funds Witness Historic Inflows appeared first on The Daily Hodl.
Three US financial titans just witnessed the flight of $44.354 billion in deposits in a single quarter. According to Bank of America’s (BofA) most recent quarterly earnings press release, the lender’s average deposits fell from $1.0063 trillion on June 30th to $980.1 billion by September 30th – a reduction of about $26.2 billion in three […]
The post $44,354,000,000 Exits Bank of America, Morgan Stanley and BNY Mellon in Three Months As Deposit Flight Refuses to Relent appeared first on The Daily Hodl.
America’s biggest banks are witnessing a contraction of customer deposits as another regional bank is forced to close its doors. The Federal Deposit Insurance Corporation (FDIC) says Heartland Tri-State Bank of Elkhart, Kansas, failed on July 28th. All customer deposits have been transferred to Dream First Bank, National Association (N.A.), also based in Kansas. The […]
The post $262,000,000,000 Exits JPMorgan, Wells Fargo, BofA and Citi in One Year As Government Reveals Collapse of Another US Bank appeared first on The Daily Hodl.
Nearly $47 billion has entered the US banking system in just one week as banks deploy new strategies to bring customers back. Depositors added exactly $46.95 billion to American bank accounts in the week ending June 21st, according to new stats compiled by the Federal Reserve Economic Data (FRED) system. The multibillion-dollar jump is thanks, in […]
The post $46,950,000,000 Enters US Banking System in One Week As Banks Deploy ‘Expensive Fix’ For Deposit Flight appeared first on The Daily Hodl.
New numbers from the Federal Deposit Insurance Corporation (FDIC) show Americans are pulling their money at a pace not seen in yearly four decades. According to the FDIC’s newly-released quarterly report, depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record. […]
The post Americans Pull $472,000,000,000 Out of US Banks in Three Months As Depositors Exit in Historic Numbers appeared first on The Daily Hodl.
New numbers from the Federal Reserve show the amount of money people are pulling out of their bank accounts is once again on the rise. According to stats compiled by the Federal Reserve Economic Data (FRED) system, depositors yanked $30 billion out of American bank accounts from May 10th through May 17th. That represents an […]
The post $30,000,000,000 Exits US Banking System in One Week As Deposit Flight Grows appeared first on The Daily Hodl.
