SAN ANSELMO, Calif. Total bank deposits at FDIC insured institutions in Q1 were virtually unchanged at $10.8 trillion, according to analysis from Market Rates Insight.
MRI said a decrease or slowdown in bank deposits during the first quarter is not uncommon, and has occurred in four of the last five years. Some of the cyclical reasons for lower deposits levels during the first three months of the year involve paying holiday-season bills, paying higher premiums for services that increased at the beginning of the year and paying higher taxes.
A similar decrease or slow down in bank deposits in the first quarter occurred in 2009, when total deposits increased only 2.1%, down from 3.5% increase in the fourth quarter of 2008. Similarly, in the first quarter of 2010, total deposits decreased 0.3% after increasing 1.4% in the fourth quarter of 2009.
In the first quarter of 2012, total deposits increased only 0.8% after an increase of 1.8% in the fourth quarter of 2011. Iin the first quarter of 2013, total deposits were virtually flat after an increase of 3.0% in the forth quarter of 2012.
