US banks have seen a record $2 trillion surge of deposits since the coronavirus crisis began
. That's nearly $2.2 trillion more than the $13.3 trillion that banks had in their deposit accounts at the end of February, the data showed.
The flow of money into US bank accounts peaked in April, when deposits grew by $865 billion. The one-month amount surpassed the previous record for an entire year of deposits. In May, deposits slowed slightly, with only $604.6 trillion added to accounts. The surge in bank deposits has been driven by efforts to support the US economy amid the coronavirus pandemic, including expanded unemployment benefits, loans to small businesses, and direct checks to American households.Jefferies created a 6-step process for finding companies that will keep paying strong dividends — and landed on these 20 global stocks as 'rock-solid' picks
The uptick in deposits accelerated in March, when the US first imposed sweeping lockdowns to contain the spread of COVID-19 cases. In the same month, major companies such as Boeing and Ford drew billions of dollars from lines of credit to get through the shutdowns, and initially put the money in banks making the loans,
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