While the banking crisis has raised questions about whether the FDIC should guarantee higher deposit balances, some banks have already found ways to insure their customers’ deposits: the IntraFi Network and similar fintech solutions.
With another rate hike slated for December, banks in Massachusetts and New England appear to be experiencing more deposit pressure as customers seek higher returns in an economy currently on the upswing.
The strengthening economy has bank customers on the hunt for higher returns and is forcing banks to raise rates in order to protect deposits.
