US bank deposits fall most in nearly a year after SVB collapse

Washington: Deposits at US lenders posted the biggest decline in nearly a year during the week when multiple bank failures triggered the latest bout of global financial turmoil.

Bank deposits fell by $98.4 billion to $17.5 trillion in the week ended March 15, according to unadjusted data released Friday by the Federal Reserve.

So-called “other” deposits, which exclude accounts with maturity dates such as certificates of deposit, declined by $78.2 billion to $15.7 trillion. Compared with a year ago, these more liquid deposits such as savings and checking accounts have declined by 6.1 per cent, the most in data back to the early 1970s.