Deposits

On Sep. 30, 2021. Dollars in thousands.

The financial technology firm Chime said customers can now deposit cash at more than 8,500 Walgreens Boots Alliance locations, another example of nonbanks pushing deeper into consumer finance.

The company says that marketing its deposit products could help build deeper customer relationships, particularly with student loan borrowers. “We're not just a credit card issuer,” CEO Roger Hochschild told analysts.

Acting Comptroller Michael Hsu identified eight practices that he described as pro-consumer. While some banks have already acted on many of the reforms, they are by no means standard across the industry.

Current regulations barring out-of-state banks from siphoning deposits from local communities are effectively toothless, as the experience in Miami has shown.

Year to date Jun. 30, 2021. Dollars in thousands.

Goldman Sachs Group, in an effort to win more deposits and build out its transaction banking segment, is offering companies slightly higher interest on their accounts if they meet environmental or other socially responsible goals.

On Jun. 30, 2021. Dollars in thousands.

Robinhood Markets is working on a new feature that lets users receive their paychecks via direct deposit up to two days early, stepping up competition with companies like PayPal Holdings and Wealthfront.

Google has tied up with an Indian small lender to offer time deposits to users of its payments wallet, extending its presence in the nation’s lucrative digital banking space.

Year to date Mar. 31, 2021. Dollars in thousands.

The influx that began around the start of the pandemic has yet to subside, as loan demand remains weak even though consumers are again spending money. Some of the excess liquidity now seems likely to remain for a long time, forcing banks to make tough calls about how and when to deploy it.

The San Francisco company says it will "modify and strengthen" its filings with the Federal Deposit Insurance Corp. and Utah officials and "resubmit at a later date." It's the latest fintech to encounter such a setback, though some later secured approval.

The Rhode Island bank joins a small group of financial institutions offering corporate clients the chance to park their cash reserves in environmentally friendly projects.

While money market funds are flocking to the Federal Reserve’s overnight reverse repurchase agreement facility for the yield, large U.S. banks are using the program to shed unwanted deposits.

Cullen/Frost Bankers will allow customers to access deposits two days early as traditional lenders look to drum up business by mimicking their financial-technology rivals.

On Mar. 31, 2021. Dollars in thousands.

While the industry is facing greater pressure to scrutinize the environmental risks associated with its financing activities, many banks also sense opportunities in climate change. Here are some examples.

Year to date through Mar. 31, 2021. Dollars in thousands.

During the pandemic-induced lockdowns, the Federal Reserve loosened a rule requiring banks to cap certain savings withdrawals at six per month. Some banks have since dropped ceilings and associated fees, while others have stood pat.