It has been just revealed the fact that a lot of cash has exited three of the most important banks in the US. Check out the latest reports about this below.
Loads of money exit three important banks
In a single quarter, three major US financial institutions have experienced a significant decrease in deposits, totaling $44.354 billion.
Bank of America’s most recent quarterly earnings press release indicates that their average deposits dropped from $1.0063 trillion on June 30th to $980.1 billion by September 30th, translating to a reduction of about $26.2 billion over the period of three months.
Also, it is important to note the fact that BNY Mellon also reported a drop in deposits by $15.101 billion during the same time frame, from $277.209 billion to $262.108 billion.
During Q3, Morgan Stanley saw a $3.0534 billion decline in deposits, dropping from $348.511 billion at the end of Q2 to $345.458 billion.
It’s not just Morgan Stanley, as other financial giants like BofA, BNY Mellon, JPMorgan Chase, Wells Fargo, and Citi also experienced significant drops in deposit amounts, totaling $84.5 billion from Q2 to Q3 of this year.
To retain customers, JPMorgan, Wells Fargo, and Citigroup are reportedly investing billions of dollars, according to the reports coming from the online publication the Daily Hodl.
In other recent news, the online publication the Daily Hodl noted the fact that America’s biggest bank is being sued for allegedly terminating several accounts and failing to ensure more than a million dollars was returned to its rightful owners.
A mother-son duo, Rui Wang and Hengchen Qu, have recently filed a lawsuit against JPMorgan Chase Bank on the grounds of unjust enrichment and breach of contract concerning certificates of deposit (CDs).
It is important to note the fact that the report by Think Advisor notes that the two had purchased three nine-month CDs worth $1.16 million at a Chase branch located in Arcadia, California back in 2019. Check out our previous article in order to learn more details about the matter.