via openforum.com
he 25 largest banks in the country had a rather exciting first week of January. According to data released by the Federal Reserve, depositors withdrew an astounding $114.1 billion during the week ending January 9. A significant portion of this withdrawal can be attributed to the expiration of the Transaction Account Guarantee (TAG) program.
The TAG program provided extra insurance protection for depositors, ensuring their balances, in case their bank becomes insolvent. Extending TAG was part of the fiscal cliff negotiations, but it didn’t make it into the final agreement.
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