🧵 1. US banks amassed over $1 trillion in deposits with high interest rates, but only paid savers a fraction of what the Fed paid them over two years. #crypto
🧵 1. US banks amassed over $1 trillion in deposits with high interest rates, but only paid savers a fraction of what the Fed paid them over two years. #crypto
🧵 2. JPMorgan Chase and Bank of America offered depositors minimal interest rates as they profited from the Fed's higher interest rate policy.
🧵 3. In Q2 2024, while the Fed paid banks 5.5% interest on deposits, average savers received a mere 2.2%, per regulatory data.
🧵 4. Despite expectations, banks did not pass on significant interest rate benefits to customers, leaving savers with lower returns.
🧵 5. When the Fed recently lowered rates, banks like JPMorgan and Citi swiftly reduced interest for wealthy depositors in alignment with the central bank's actions.
🧵 Read more at: https://dailyhodl.com/2024/09/28/1100000000000-pours-into-us-banks-amid-high-interest-rates-as-jpmorgan-chase-bank-of-america-pay-pittance-to-depositors-report/