Can You Confront BiG Checking? Created by m.moebs on 4/16/2023 9:54:10 AM 29 Depositories control 74% of all consumer checking in the USA.
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Semper, Mike
Type & Number of Checking Accounts Matter BIG
Does Wall Street Understand This?
"The number of checking accounts offered is vital for profitability. 29 depositories control 74% of all checking. 33% is controlled by Non-Banks."
Michael Mobs, Economist & Chair of Mobs Services, LLC (MS) a Financial Service Research Firm.
Lake Forest IL (April 16, 2023) 36.4 million new consumer checking accounts were opened in 2022. This is a 6.5% increase, which ironically mirrors the period's inflation. "More importantly, 95.5% of new checking went to just 29 financial institutions (FIs) who currently have 74.0% of the national consumer checking market.
These 29 Financial Institutions (Fls) represent all Fis >1M checking and is up from 72.6% in 2021," notes Moebs. "These 29 FIs dominate consumer checking. Can the cars starting in the last rows of the field in the Indianapolis 500 race - those Fis with <$1m checking - overtake the pole position cars?" READ FULL ARTICLE
