US banks have seen a record $2 trillion surge of deposits since the coronavirus crisis began
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US bank deposits have grown by a record $2 trillion since January, when the coronavirus pandemic first hit the country, according to FDIC data.
In April alone, bank deposits grew by $865 million, more than the previous record for an entire year of inflows.
Bank deposits have been boosted by unprecedented fiscal stimulus amid the pandemic, including one-time checks to households and the Paycheck Protection Program.
Read more on Business Insider.
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.
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. See the rest of the story at Business Insider
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