Leaders in COVID Deposits
COVID-19 increased Money Supply 18.9% in a few months. Who got more in Fed stimulus in deposits and who got less. Answers below:
Aggressive Check Pricing Leads the Way
Lake Forest, IL (October 15, 2020) Driven by Fed stimulus deposits at banks, credit unions, savings banks and fintechs dramatically jumped $3.4 Trillion since COVID started. 30% or $1.1T went to checking.
Where the funds went by services and type is key and vital.
Vital because some financial institutions lead while others followed. Savings banks (SBs) and fintechs (FTs) came out on top while banks and credit unions missed the mark.
Key to the flow of money wasn’t banks and CUs doing badly, as much as SBs and FTs seizing the moment. Checking drove the massive influx of all new money supply. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 10/15/2020
Number of Views: 102