SAN ANSELMO, Calif. — For the first time, the total deposits in FDIC-insured institutions has surpassed the $10-trillion threshold.
Analysis released by Market Rates Insight shows that as of Sept. 30 total deposits increased by $235 billion in Q3 and $577 billion increase since the beginning of the year. About $8.5 trillion of total deposits is sitting in domestic branches of insured banks, and the remaining $1.5 trillion is in overseas branches of US banks according to the latest report from the FDIC.
The increase in domestic deposits occurred in accounts that can be accessed and withdrawn immediately, such as checking, savings and money market, which increased $316 billion in the 3rd quarter and $762 billion since the beginning of the year. On the other hand, Certificates of Deposits, which require time commitment, decreased by $36 billion in the 3rd quarter, and $130 billion since the beginning of the year.
