Deposit balances in the nation’s banks experienced a decrease of $29 billion, or 0.4 percent, from January to June, according to a new analysis from Market Rates Insight (MRI).

This is the first time deposit balances have dipped after nearly two decades of continued growth, according to a statement. They had been increasing since the first quarter of 1992 when balances stood at $3.3 billion. Balances peaked in the fourth quarter of 2009 at $7.7 billion.

"Even inelasticity has its limits," said Dan Geller, executive vice president at MRI. "For nearly two decades, deposit balances as a whole were very inelastic, and kept on growing despite substantial fluctuation in the average rate paid on deposits. It looks like in 2010 the inelasticity reached it limit."