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Sirs,
At the commencement of the present War, the Directors, by circular letters, to which I refer to you, cautioned you and the other Agents of the Bank, against all Transactions, by which the Bank’s funds might be misemployed and wasted, in accommodating persons who speculated with their money, or with their credit, in the Stocks or otherwise, in-
IN FEBRUARY, 1933, the country’s banks began to close. Some 5,500 had already closed in the three years since the Crash. Few of the remaining 13,000 were healthy; they had a total of $6 billion in cash to meet $41 billion in deposits; should a wholesale run begin, they would have to cover the balance by selling securities and mortgages which had by
... See moreRobert A. Caro • The Path to Power: The Years of Lyndon Johnson I
By the early 1990s, only 5 percent did. Big banks grew bigger as community banks shuttered, and in 2019, the largest banks in America charged customers $11.68 billion in overdraft fees. Just 9 percent of account holders pay 84 percent of these types of fees. Who were the unlucky 9 percent? Customers who carried an average balance of less than $350.
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