OLDWICK, N.J.–(BUSINESS WIRE)– The U.S. banking industry has seen an 8% year-on-year surge in deposits, based on recent federal data, despite sharply lower rates offered by banks on all types of deposits. But U.S. bank deposits took some unexpected turns over the past three years amid turbulent financial markets and numerous actions by the U.S. Treasury and banking regulators in response to the financial crisis. Individual components of total deposits respond to various factors in distinct and sometimes surprising ways.
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Khanh Vuong, 908-439-2200, ext. 5633
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Source: A.M. Best Company