New numbers from the Federal Deposit Insurance Corporation (FDIC) show Americans are pulling their money at a pace not seen in yearly four decades.
According to the FDIC's newly-released quarterly report, depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record.
"The quarterly decline is the largest reduction reported in the QBP since data collection began in 1984.
This was the fourth consecutive quarter that the industry reported lower levels of total deposits."
The "primary driver" of deposit flight came from uninsured deposits, says the FDIC, as people moved to protect capital that is above the $250,000 FDIC insured maximum.