US banks have seen a record $2 trillion surge of deposits since the coronavirus crisis began

• US bank deposits have grown by a record $2 trillion since January, when the coronavirus pandemic first hit the country, according to FDIC data.
• In April alone, bank deposits grew by $865 million, more than the previous record for an entire year of inflows.
• Bank deposits have been boosted by unprecedented fiscal stimulus amid the pandemic, including one-time checks to households and the Paycheck Protection Program.
• Read more on Business Insider.

A record $2 trillion of cash has been piled into the deposit accounts of US banks since the coronavirus pandemic first hit the country in January, according to data from FDIC.

In the week ending June 10, deposits in US banks totaled $15.47 trillion, according to the FDIC. That's nearly $2.2 trillion more than the $13.3 trillion that banks had in their deposit accounts at the end of February, the data showed.

The flow of money into US bank accounts peaked in April, when deposits grew by $865 billion. The one-month amount surpassed the previous record for an entire year of deposits. In May, deposits slowed slightly, with only $604.6 trillion added to accounts.

The surge in bank deposits has been driven by efforts to support the US economy amid the coronavirus pandemic, including expanded unemployment benefits, loans to small businesses, and direct checks to American households.

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The uptick in deposits accelerated in March, when the US first imposed sweeping lockdowns to contain the spread of COVID-19 cases. In the same month, major companies such as Boeing and Ford drew billions of dollars from lines of credit to get through the shutdowns, and initially put the money in banks making the loans, CNBC reported.

Later, banks also saw an influx of cash through other government programs. Much of the funds from the $660 billion Paycheck Protection Program first ended up in the accounts of businesses that borrowed through existing banks, boosting total deposits.

In addition, retail customers contributed to the boost in deposits as consumers were encouraged to stay at home. In April, US consumer spending fell by a record amount as personal savings jumped, fueled by expanded unemployment benefits and the one-time $1,200 stimulus checks sent as coronavirus pandemic relief.

Much of that money ended up in bank accounts, boosting total deposits. In May, Bank of America CEO Brian Moynihan told CNBC in a TV interview that checking accounts with balances of less than $5,000 had increased 30% to 40% since the beginning of the coronavirus pandemic.

A majority of the gains — more than 66% — went to the 25 biggest banks, according to the FDIC.