Checking got more deposit dollars and new accounts than any other service. Is it more than the coronavirus? Answers follow . . .
Checking Accounts & Balances Highest Ever
Lake Forest, IL (October 6, 2020) Checking soared to 391.5 million accounts, a 9.4% annual increase in only a few months - the largest surge in U.S. history. Checking Balance hit $3.363 trillion - another new milestone. At the same time, the unbanked adult population fell to a low of 15 million as many sought financial shelter.
Fearful of the coronavirus and a very uncertain financial future, consumers increased dollars held in checking accounts, which offers greater liquidity and the ability to access funds quickly. The surge in checking balances Is comprised of both new dollars and a shift of funds from less liquid deposits such as CDs and MMDAs.
“The dread of the infectious disease created a panic with financial holdings,” states Michael Moebs, Economist & CEO of Moebs $ervices, an economic research firm doing this Checking Study. The unmatched rush to image003.jpgchecking rose rapidly upon Americans learning of the virus in China late in 2019. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 10/6/2020
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