Banks Also See Record Amounts of Deposits
WASHINGTON – It isn’t just credit unions that are flush with deposits.
The FDIC reported that commercial banks in the U.S. saw an 11% increase in deposits during the second quarter, the largest such influx in more than two years. In the case of JPMorgan Chase & Co., it registered more than $53 billion in new deposits during Q2, which is more than the total assets of the largest credit union in the country.
Bankers have attributed the inflow to the same consumer sentiment as credit union leaders, calling it a “flight to safety.”