{"id":4262,"date":"2023-05-04T17:22:51","date_gmt":"2023-05-04T21:22:51","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/we-are-running-out-of-time-people-have-not-been-this-worried-about-their-bank-deposits-since-the-great-recession-gallup-says\/"},"modified":"2023-05-04T17:22:52","modified_gmt":"2023-05-04T21:22:52","slug":"we-are-running-out-of-time-people-have-not-been-this-worried-about-their-bank-deposits-since-the-great-recession-gallup-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4262","title":{"rendered":"\u2018We are running out of time\u2019: People have not been this worried about their bank deposits since the Great Recession, Gallup says"},"content":{"rendered":"
\n

The ongoing banking crisis is unnerving Americans in a way that hasn\u2019t been seen since the Great Recession, according to a new poll.<\/p>\n

Nearly half of people are worried about their money\u2019s safety in banks, Gallup pollsters said as a new round of regional bank anxiety swirled around more banks, including PacWest Bancorp
\n PACW,
\n -50.62%<\/bg-quote>
\n and Western Alliance Bancorp
\n WAL,
\n -38.45%<\/bg-quote>.<\/span>\n <\/p>\n

\n

In Gallup\u2019s poll, the 48% of people who said they were worried about their deposits consisted of 19% who said they were \u201cvery worried\u201d and 29% who said they were \u201cmoderately worried.\u201d<\/p>\n

Pollsters spoke to people in April, a month after a bank run pulled down Silicon Valley Bank, and Signature Bank failed shortly after that. On May 1, JPMorgan Chase & Co.
\n JPM,
\n -1.37%<\/bg-quote>
\n acquired all deposit accounts and most of the assets from the shuttered First Republic Bank.<\/p>\n

First Republic Bank had $213 billion in consolidated assets, making it the country\u2019s second largest bank failure, behind Washington Mutual, which had $307 billion in consolidated assets.<\/p>\n

Washington Mutual failed in September 2008, and JPMorgan acquired it as well.
In September 2008, 45% of people told Gallup they were \u201cvery\u201d or \u201cmoderately worried\u201d about their money. That\u2019s three percentage points lower<\/em> than the latest poll.<\/p>\n

The current moment puts jittery bank customers in an awkward spot. Even if more people are nervous about the safety of their money, interest rates that banks are offering on savings accounts and CDs might be at their peak.<\/p>\n

Deposits are insured up to $250,000<\/h2>\n

It\u2019s not clear how much of the worry comes from unfamiliarity with deposit-guarantee rules, or if it\u2019s worry about a deeper systemic risk for the banking system, Gallup notes.<\/p>\n

To be sure, other polls point to the latter. Nearly three in ten people (29%) said they were \u201cvery concerned\u201d about banking stability, according to a JD Power survey last month. At the same time, 19% said they were very concerned about the stability of their own primary bank.<\/p>\n

The Federal Insurance Deposit Corporation insures deposit accounts up to $250,000. The National Credit Union Administration offers the same coverage up to $250,000 on the deposit accounts offered by credit unions.<\/p>\n

This account coverage includes checking accounts, savings accounts and certificates of deposits (CDs).<\/p>\n

Deposit-account insurance temporarily climbed to $250,000 from $100,000 in October 2008. The $250,000 coverage limit became permanent in 2010.<\/p>\n

After Silicon Valley Bank and Signature Bank shuttered, depositors got access to all of their money, even the amounts above the $250,000 threshold.<\/p>\n

As the Federal Reserve increased interest rates to address skyrocketing inflation, Silicon Valley Bank was sitting on paper losses from the high quality, rate-sensitive investments while depositors wanted their money back in early March.<\/p>\n

As early as 2021, Federal Reserve regulators said they were cautioning Silicon Valley Bank management about the bank\u2019s exposure to rising interest-rate exposure.<\/p>\n

The banking sector is \u201csound and resilient\u201d and conditions have improved since early March, Federal Reserve Chairman Jerome Powell said Wednesday after announcing the 10th straight interest-rate increase.<\/p>\n

\u2018Running out of time\u2019 to fix problem<\/h2>\n

On the flip side, critics like hedge fund titan Bill Ackman, CEO of Pershing Square Capital Management, say \u201cwe are running out of time to fix this problem.\u201d<\/p>\n

There has to be \u201ca system-wide deposit guarantee regime now,\u201d he said.<\/p>\n

Earlier this week, the FDIC recommended that lawmakers should raise the account-coverage cap on business payroll accounts.<\/p>\n

On Thursday morning, investors were gauging what\u2019s next for banks. Western Alliance said in a statement it was \u201ccategorically false\u201d that it was eyeing a sale, denying a report from the Financial Times.<\/p>\n

As a whole, regional bank stocks remained under pressure. The SPDR S&P Regional Banking ETF
\n KRE,
\n -5.45%<\/bg-quote>
\n was off more than 5%, while the Dow Jones Industrial Average
\n DJIA,
\n -0.86%<\/bg-quote>
\n was down by more than 300 points, or 0.9%. The S&P 500
\n SPX,
\n -0.72%<\/bg-quote>
\n and the Nasdaq Composite
\n COMP,
\n -0.49%<\/bg-quote>
\n were lower by 0.6% and 0.3%, respectively.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The ongoing banking crisis is unnerving Americans in a way that hasn\u2019t been seen since the Great Recession, according to a new poll. Nearly half of people are worried about their money\u2019s safety in banks, Gallup pollsters said as a new round of regional bank anxiety swirled around more banks, including PacWest Bancorp PACW, -50.62% […]<\/p>\n","protected":false},"author":1,"featured_media":4263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-4262","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n\u2018We are running out of time\u2019: People have not been this worried about their bank deposits since the Great Recession, Gallup says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The ongoing banking crisis is unnerving Americans in a way that hasn\u2019t been seen since the Great Recession, according to a new poll. 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