Uninsured deposits at U.S. banks fell by $597 billion in Q1 2023: Chart of the Day

Uninsured deposits at U.S. banks fell by $597 billion in the first quarter of 2023. Yahoo Finance Live breaks down the chart of the day.

Video Transcript

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RACHELLE AKUFFO: Hi, shifting gears. Uninsured deposits in US banks fell $597 billion in the first quarter, which is a 7.8% sequential decline and a 15.2% drop year-over-year.

Now, bank deposits became a major focus for the markets back in March when Silicon Valley Bank and Signature Bank saw massive bank runs. Both banks had some of the largest number of uninsured deposits, 93.8% and 89.3%, respectively.

Only three other banks have estimated rates above 80% for uninsured domestic deposits. That's bank of New York Mellon, Northern Trust company, and State Street Bank and Trust Company.

Now, the fall in uninsured deposits can be seen in both dollar amounts, as well as the percentage of total deposits. Dropping to 42.2% from a high of 47% in the first quarter of 2022.