The Daily HODL writes "JPMorgan Chase, Wells Fargo and Bank of America Customers Holding $2,620,000,000,000 in Uninsured Deposits As Americans Pour Cash Into Unprotected Accounts." They explain, "New numbers show customers at JPMorgan Chase, Wells Fargo and Bank of America are piling money into unprotected accounts. The lenders' quarterly Call Reports, submitted to the Federal Financial Institutions Examination Council (FFIEC), show the banks' customers now collectively hold $2.62 trillion in uninsured cash." The piece continues, "That breaks down to $1.15 trillion in uninsured deposits at JPMorgan Chase, $652.7 billion at Wells Fargo and $821.9 billion at Bank of America. US banks and the FDIC promise customers that deposits up to the amount of $250,000 will always be covered in the event of a collapse -- but anything in excess is not insured. That leaves a serious pile of cash at risk -- money from businesses, retirees, and families that could vanish overnight if a bank fails. According to the Federal Deposit Insurance Corporation (FDIC), uninsured deposits at US banks grew across all asset size groups in the fourth quarter of 2024, based on reports from 4,487 FDIC-insured institutions. Uninsured deposits surged by $126.6 billion, significantly outpacing the $43.7 billion rise in insured deposits during the same period." They add, "In 2023, the FDIC protected all uninsured depositors at the disastrous, sudden failure of Silicon Valley Bank (SVB) by invoking a systemic risk exception, ensuring no losses despite $100 billion-plus in uninsured funds. In contrast, at smaller banks like Republic First Bank, which failed in July of last year, uninsured depositors faced losses and received only partial recovery from asset sales since no systemic risk was declared."

Email This Article




Use a comma or a semicolon to separate

captcha image

Daily Link Archive

2025 2024 2023
June December December
May November November
April October October
March September September
February August August
January July July
June June
May May
April April
March March
February February
January January
2022 2021 2020
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2019 2018 2017
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2016 2015 2014
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2013 2012 2011
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2010 2009 2008
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2007 2006
December December
November November
October October
September September
August
July
June
May
April
March
February
January