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Americans have saved up to 70% of their latest stimulus checks, Bank of America’s CEO says, potentially leaving hundreds of billions unspent in checking accounts

BM   Photo by John Lamparski:Getty Images

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Americans have collectively saved billions from the last two rounds of stimulus checks, Bank of America CEO Brian Moynihan told CBS in an interview on Sunday. 

“Our consumers have lots of money in their checking accounts,” Moynihan told CBS. “They have not spent about 65-70% of the last couple of rounds of stimulus.”

The second and third rounds of federal government stimulus checks totaled an estimated $575 billion, according to the Peter G. Peterson Foundation, an economic think tank. If the US population at large have saved as much as Bank of America’s customers, this details ⇒

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