Savings & Retirement
Americans Run Down Checking Accounts as Aid Cutoff Approaches
- Low-income families saw more rapid fall in account balances
- Balances still higher than year ago: JPMorgan Chase Institute
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Americans’ cash cushions have been declining for months, most acutely among low-income households, underscoring the already-precarious financial situation of the millions of people who may soon lose their jobless benefits.
The median household checking account balance surged by 65% after the arrival of stimulus checks in April, formally known as Economic Impact Payments, but balances have steadily declined since May, according to a report published Wednesday by the JPMorgan Chase Institute.