Bad news: 1Q23 bank deposits fell record $472b. Good news: Insured deposits grew.

U.S. banks saw 1Q23 deposits decline by 2.5% ($472b), most since 1984 and led by uninsured funds, whereas insured deposits actually rose $255b, or 2.5%.

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Check It Out:

– U.S. banks saw record deposit declines in Q1 as profits remained steady: FDIC