Morning Report: Big banks see a deposit spike

The ripples of the Silicon Valley Bank collapse

Nervous bank customers have rushed to the safety of big banks in the wake of a pair of high-profile bank failures that have shaken confidence in the system. Bank of America, Wells Fargo and Citigroup have all gotten billions in extra deposits since the bank chaos began last week. Bank of America has raked in more than $15 billion in new deposits in the span of just days.

Gold is up 5 and a half percent since the beginning of the year and has gotten momentum as global banks have faltered. Glint Pay CEO Jason Cozens says the problem is that banks only have a fraction of what people keep in their accounts at any given moment. When too many customers are withdraw money at once, it causes chaos. Cozens also says that in the long run, gold keeps its purchasing power and can be a store.

Wall Street Bank stocks plunged after Credit Suisse chaos rattles the U.S. market. Only the NASDAQ squeezed out a positive day. Additionally, Americans pulled back on their spending last month after a
surprisingly spendy January.

Honda is recalling a half-million vehicles in the U.S. and Canada. Front seatbelts in the recalled cars belts may not latch properly. The recall covers some of the automaker’s top-selling models including the 2017 through
2020 CR-V, the 2018 and 2019 Accord, the 2018 through 2020 Odyssey and the 2019 Insight.

With the cost of housing and other things soaring, 3.2 million young Americans are living with unmarried partners. According to census data, that’s a record. A recent Realtor.com survey found that money was a main factor behind the decision to move in together for 80% of Gen Z couples.