A shake-up in checking is underway

The word “checking” is “going the way of the word “slide rule,” according to a new analysis that offers a number of “startling” insights into how the checking account market is changing in the U.S.

There are 687.7 million checking accounts holding more than $2 trillion in checking deposits in the U.S., and that number is falling–except at credit unions and other providers such as Walmart–where total deposits are climbing, that analysis has found.

The new study by Moebs $ervices also reveals that big checking gains are being made by retail firms, such as Walmart, using fintech firms, and that this shift could someday even eliminate the term “checking.”

“Wells Fargo ranks number one, yet, has lost 19.1% of its checking since 2011, while Bank of America, ranked second, has gained 8%, and JP Morgan Chase, a distant third, has gained 15.9%,” explained Michael Moebs, economist and CEO at Moebs $ervices. “Wells Fargo’s checking loss is mostly due to its fake account scandal, yet it is still first in checking.”

 

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