Fed Restructures Deposits – Walmart Cashes In Created by host on 7/21/2021 9:21:26 PM
There is about $17 Trillion in deposits at banks, credit unions, fintechs and savings banks – 20% came in the past 18 months.
Alexander the Great was asked as he was dying who takes over his army. His last words were, “To the strongest.”
The Federal Reserve has re-defined depository deposits and Walmart is the first to start mining.
The following lays out a plan for every financial institution to lay claim and start mining Transaction Accounts quickly.
Consumers Have +$3T Deposit Gold Mine, Yet Banks & Credit Unions Aren’t Mining
Lake Forest, IL (July 20, 2021) Offering a full Transaction Account with a $15 overdraft fee, Walmart will be mining bank and credit union Savings and Money Market Deposit Accounts (MMDAs) for new Checking Accounts (T-Accts) and come out of the COVID induced economy with gold.
The impact will be a lot of money movement, a big drop in overdraft price, increased OD revenue, and the need to change and redesign deposit accounts.
Savings and Money Market Deposit Accounts are now Checking Accounts according to the Federal Reserve. READ FULL ARTICLE