The task forces that were created as part of the Fed’s payment system improvement effort bring together a wide range of payment system participants to sit at the drafting table to create a blueprint for a safer and more efficient payment system. Complacency is everyone’s enemy.
It may be that we see a broader move to these types of accounts or changes in terms and conditions on existing accounts through the course of next year. We have also seen a fall in the growth of term deposits relative to transaction and at-call deposits over the past few years.