Bank branch deposits declined for the first time in 18 years, according to a new study by Market Rates Insight in San Anselmo, Calif., from their peak of $7,697 billion in January to $7,668 billion in June.
The decrease of $29 billion is only a drop of 0.4%, and converting those numbers to trillions and rounding them up would look like no change at all, but Dan Geller, an executive vice president at MRI, said this reversal is significant because the decline that began in the first quarter accelerated in the second.
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