Checking Explodes During COVID
It is a whole new world for checking – see why below.
Checking Surpasses 400 Million Accounts Lead by Credit Unions
Lake Forest, IL (April 6, 2021) Consumer checking topped 408 Million accounts in 2020. This is an increase of 6.3% or 24.1 Million new accounts added.
Credit unions lead the way gaining 1.7% market share from savings banks and banks.
“This is unprecedented for any financial institution group to gain this amount of market share,” states Michael Moebs, Economist & CEO of Moebs Services an economic research firm doing the Checking Study. “Driven by fear brought upon by lockdowns and stay-at-home restrictions, the consumer has been warehousing funds since the onset of the pandemic. Deposits have expanded significantly with stimulus payments and the consumer has been diversifying the deposits by opening more checking accounts.” READ FULL ARTICLE
Written By: m.moebs
Date Posted: 4/6/2021
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