Friday, May 16, 2014

Bank of America leads in consumer deposits

Bank of America has more deposits in personal or family accounts than any other bank, new federal filings show.

For the first time, banks of more than $1 billion in assets were required to disclose in the first quarter what portion of their deposits come from individuals and families, as opposed to commercial accounts. SNL Financial analysed the recent federal filings to compare how the biggest banks stack up.

Charlotte-based Bank of America came in with about $464 billion in deposits from accounts intended for individuals, households or families. That's more than a third of the $1.13 trillion in total deposits at the bank.

Wells Fargo was No. 2 with about $412 billion, SNL found. The bank has about $1.09 trillion in deposits

The data doesn't include time deposits, also known as CDs.

The new disclosures provide the clearest picture yet of how big banks are reaching Main Street consumers.

SNL and the Observer have tried to approximate the data in the past by stripping out deposits held at "megabranches" that typically house large corporate deposits. Bank of America has typically been the bank with the most overall deposits. But after taking out the megabranches, Wells Fargo regularly came in as having the most Main Street deposits. The same holds true in Mecklenburg County.


Kelly said...

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