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> Consumer deposits have an average account size of less than $200,000 Whoa! FRB has wealthy customers. US average cash in savings accounts is $41,600. And th
by ahzhou 4y ago
> Consumer deposits have an average account size of less than $200,000
Whoa! FRB has wealthy customers. US average cash in savings accounts is $41,600.
And this is pure cash too - not total net worth.
- xeromal 4y agoI'm a customer of FRB and they are definitely a "rich person's" bank (I'm probably their poorest customer" but their customer service is so flippen good. They assign you a banker that you can email day or night, weekend or weekday and they'll usually help you within a few hours. I've asked mine to set aside some currency for travel to a country or to wire some money and they handle it all with white glove service. I really hope they stick around. They're my favorite bank in the world. They also have delicious homemade cookies and free umbrellas for when you visit.
- auntienomen 4y agoFRB expanded their business by catering to the HENRY population (high earner, not rich yet). So they've got a lot more customers now with medium-large deposits. This should actually make them less vulnerable to bank runs. Some techie with $40k in their account is well protected by FDIC.
- welder 4y agoThey're HQ is San Francisco, the number 3 city with the most millionaires per capita in the world [0]. https://www.visualcapitalist.com/top-20-cities-ultra-wealthy/ https://www.visualcapitalist.com/top-20-cities-ultra-wealthy... I loved how they always had fresh cookies available for clients when you went in-person.