Home Finance & Fintech $30,000,000,000 Exits US Banking System in One Week As Deposit Flight Grows

$30,000,000,000 Exits US Banking System in One Week As Deposit Flight Grows

by delta
0 comment

New numbers from the Federal Reserve show the amount of money people are pulling out of their bank accounts is once again on the rise.

According to stats compiled by the Federal Reserve Economic Data (FRED) system, depositors yanked $30 billion out of American bank accounts from May 10th through May 17th.

That represents an increase of more than $4 billion over the previous week.

The US banking system now has a total of $17.15 trillion in deposits, compared to $18.03 trillion one year ago.

The deposit flight follows the failures of three large regional banks – Signature Bank, Silicon Valley Bank and First Republic.

The Los-Angeles based PacWest, which has been in the spotlight as the latest bank trying to keep afloat, is selling $2.6 billion in real estate construction loans in a bid to improve its balance sheet.

According to a Federal Reserve report, more than 700 American banks are considered to be facing “significant safety and soundness risk” due to unrealized losses that exceed 50% of their capital.

In the report, the Fed calls out its own interest rate hikes as the core reason those banks are now in a precarious position.

According to CME Group’s FedWatch tool at time of publishing, 35.8% of traders think the Fed will again raise rates next month.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

You may also like

Leave a Comment


Delta-Compliance.com is a premier news website that provides in-depth coverage of the latest developments in finance, startups, compliance, business, science, and job markets.

Editors' Picks

Latest Posts

This Website is operated by the Company DELTA Data Protection & Compliance, Inc., located in Lewes, DE 19958, Delaware, USA.
All feedback, comments, notices of copyright infringement claims or requests for technical support, and other communications relating to this website should be directed to: info@delta-compliance.com. The imprint also applies to the social media profiles of DELTA Data Protection & Compliance.

Copyright ©️ 2023  Delta Compliance. All Rights Reserved