Bank Deposits Drop Year-Over-Year for First Time Ever, S&P Says

The US banking industry’s total deposits declined year-over-year for the first time in data going back to 1994 following a tumultuous period for the banking sector.

Total deposits at US banks ended the year around $17.3 trillion, a 4.8% decrease from the prior period ending June 30, S&P Global Market Intelligence said in a report published Tuesday. S&P’s findings are based on an annual survey conducted by the Federal Deposit Insurance Corp. The latest survey results were published last week.