SALES, RENTALS & LAYAWAYS

PROTECTING EVERYTHING THAT HAS EVER BEEN OF VALUE TO YOU

Open 24/7/365

We Have A Life-Time Warranty /
Guarantee On All Products. (Includes Parts And Labor)

US Banks Have Seen A Record $2 Trillion Surge Of Deposits Since The Coronavirus Crisis Began

A record $2 trillion of cash has been piled into the deposit accounts of US banks since the coronavirus pandemic first hit the country in January, according to data from FDIC.  US Banks Have Seen A Record $2 Trillion Surge Of Deposits Since The Coronavirus Crisis Began


In the week ending June 10, deposits in US banks totaled $15.47 trillion, according to the FDIC. That’s nearly $2.2 trillion more than the $13.3 trillion that banks had in their deposit accounts at the end of February, the data showed.

The flow of money into US bank accounts peaked in April, when deposits grew by $865 billion. The one-month amount surpassed the previous record for an entire year of deposits. In May, deposits slowed slightly, with only $604.6 trillion added to accounts.

The surge in bank deposits has been driven by efforts to support the US economy amid the coronavirus pandemic, including expanded unemployment benefits, loans to small businesses, and direct checks to American households.

The uptick in deposits accelerated in March, when the US first imposed sweeping lockdowns to contain the spread of COVID-19 cases. In the same month, major companies such as Boeing and Ford drew billions of dollars from lines of credit to get through the shutdowns, and initially put the money in banks making the loans, CNBC reported.

Later, banks also saw an influx of cash through other government programs. Much of the funds from the $660 billion Paycheck Protection Program first ended up in the accounts of businesses that borrowed through existing banks, boosting total deposits.

In addition, retail customers contributed to the boost in deposits as consumers were encouraged to stay at home. In April, US consumer spending fell by a record amount as personal savings jumped, fueled by expanded unemployment benefits and the one-time $1,200 stimulus checks sent as coronavirus pandemic relief.

Much of that money ended up in bank accounts, boosting total deposits. In May, Bank of America CEO Brian Moynihan told CNBC in a TV interview that checking accounts with balances of less than $5,000 had increased 30% to 40% since the beginning of the coronavirus pandemic.

A majority of the gains — more than 66% — went to the 25 biggest banks, according to the FDIC.

US Banks Have Seen,US Banks Have Seen,US Banks Have Seen,US Banks Have Seen,US Banks Have Seen,US Banks Have Seen,

Related Articles:

Trump Gets KPOP’d And Tic Toc’d As Teens Mobilized To Derail Trump’s Tulsa Rally

The Dangerous Secrets Our Working-From-Home Photos Reveal

New Decentralized Cybersecurity Solution Enables Passwordless Logins (#GotBitcoin?)

CIA’s ‘Lax’ Security Led To Massive Theft of Hacking Tools, Internal Report Finds

Signal Is A Truly Private Chat App Ideal For Protestors (#GotBitcoin?)

Maintain Your Privacy And Security During A Protest (#GotBitcoin?)

Borrower, Beware: Credit-Card Fraud Attempts Rise During The Coronavirus Crisis

Senate Vote Allows FBI Access To Your Browsing History Without A Warrant And What You Can Do About It

Report Says Chinese And Iranian Hackers Seek To Steal Coronavirus Research

28,000 GoDaddy Hosting Accounts Compromised

Some States Dabble In Online Voting, Weighing Pandemic Against Cybersecurity Concerns

Antonopoulos: Chainalysis Is Helping World’s Worst Dictators & Regimes (#GotBitcoin?)

Survey Shows Many BTC Holders Use Hardware Wallet, Have Backup Keys (#GotBitcoin?)

Blockfolio Quietly Patches Years-Old Security Hole That Exposed Source Code (#GotBitcoin?)

Apple iPhone May Be Vulnerable To Email (Mail) Hack

Gates Foundation, WHO And Wuhan Institute of Virology All Hacked!

Google Hack Requires That You Updated Chrome Browser Now To Version: 81.0.4044.113

Privacy-Oriented Browsers Gain Traction (#GotBitcoin?)

Can Blockchain Technology Counter US Anti-Message Encryption Bill? (#GotBitcoin?)

Chinese Military Turns To U.S. University To Conduct Covert Research

CIA Has Had Keys To Global Communication Encryption Since WWII

Hostile Spies Target U.S. With Cyber, Encryption, Big Data, Report Finds

Hackers Stole And Encrypted Data of 5 U.S. Law Firms, Demand 2 Crypto Ransoms

Ex-CIA Engineer Goes On Trial For Massive Leak

Multi One Password (Portable App)

After He Fell For A $40K Phone Scam, His Bank Offered To Help—If He Stayed Quiet (#GotBitcoin?)

Your PGP Key? Make Sure It’s Up To Date

Bezos’ Phone Allegedly Hacked By Account Associated With Crown Prince

Major Companies Shared Vulnerability Used In Travelex Cyberattack (#GotBitcoin?)

Microsoft Releases Patch To Patch Windows Flaw Detected By NSA

VPN Tier List 2020 (Comparison Table)

SEC Market-Surveillance Project Hits Snag Over Hacker Fears

Inside China’s Major US Corporate Hack

Twitter Bug Exposed Millions of User Phone Numbers

U.S. Cyber Officials Give Holiday Shopping Advice For Consumers

Is Cayla The Toy Doll A Domestic Spy?

Google’s “Project Nightingale” Faces Government Inquiry Over Patient Privacy.

Which Password Managers Have Been Hacked?

DNS Over HTTPS Increases User Privacy And Security By Preventing Eavesdropping And Manipulation

Russia Steps Up Efforts To Shield Its Hackers From Extradition To U.S.

Barr Revives Debate Over ‘Warrant-Proof’ Encryption (#GotBitcoin?)

Should Consumers Be Able To Sell Their Own Personal Data?

Doordash Says Security Breach Affected Millions Of People (#GotBitcoin?)

Fraudsters Used AI To Mimic CEO’s Voice In Unusual Cybercrime Case (#GotBitcoin?)

Pearson Hack Exposed Details on Thousands of U.S. Students (#GotBitcoin?)

Cyber Hack Got Access To Over 700,000 IRS Accounts (#GotBitcoin?)

Take A Road Trip With Hotel Hackers (#GotBitcoin?)

Hackers Prove The Insecurity Of Trump’s Border Security By Stealing Photos Of Travelers’ Faces (#GotBitcoin?)

Hackers Target Loyalty Rewards Programs (#GotBitcoin?)

Taxpayer Money Finances IRS “Star Trek” Parody (#GotBitcoin?)

IRS Fails To Prevent $1.6 Billion In Tax Identity Theft (#GotBitcoin?)

IRS Workers Who Failed To Pay Taxes Got Bonuses (#GotBitcoin?)

Trump DOJ Declines To Charge Lois Lerner In IRS Scandal (#GotBitcoin?)

DMV Hacked! Your Personal Records Are Now Being Transmitted To Croatia (#GotBitcoin?)

Poor Cyber Practices Plague The Pentagon (#GotBitcoin?)

Tensions Flare As Hackers Root Out Flaws In Voting Machines (#GotBitcoin?)

3-29-2019 FBI Retools To Counter Cyber Threats, 4-12-2019 Thousands Of FBI Personal Data Is Stolen (#GotBitcoin?)

Overseas Traders Face Charges For Hacking SEC’s Public Filings Site (#GotBitcoin?)

Group Hacks FBI Websites, Posts Personal Info On Agents. Trump Can’t Protect You! (#GotBitcoin?)

SEC Hack Proves Bitcoin Has Better Data Security (#GotBitcoin?)

Hackers Prove The Insecurity Of Trump’s Border Security By Stealing Photos Of Travelers’ Faces (#GotBitcoin?)

Our Facebook Page

Your Questions And Comments Are Greatly Appreciated.

Monty H. & Carolyn A.

Go back

Leave a Reply