The report by RT states that $114 billion has been withdrawn from 25 of the biggest banks in the U.S. since 2013 began, according to Federal Financial Analysts. The probable cause for this, according to the analysts:
“It could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.“
This insurance program was instituted in 2008 to support the banking system, the article continues.
“It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves.”
But, the Federal Reserve Data has another explanation for recent withdrawals.
“Another set of data from the US Federal Reserve shows some deposits may have moved within the banking system from one type of account to another.”