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Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness / Xu Lu, Yang Song, Yao Zeng.
- Format:
- Book
- Author/Creator:
- Lu, Xu.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w35638.
- NBER working paper series no. w35638
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2026.
- Summary:
- How slow are bank transfers, and how do transfer delays affect deposit demand? Using transaction-level data from millions of depositors, we measure transfer delays by matching debits and credits across accounts held by the same depositor. Shorter delays correlate with more transfers and lower balances. Exploiting county-level exposure to Zelle's staggered rollout, we find that faster payments reduce delays and deposit growth. Calibrating a deposit-management model, we find that transfer delays raise deposit demand, and the magnitude of this effect varies with interest rates and consumption volatility. Payment frictions therefore shape transactional deposit demand and monetary transmission.
- Notes:
- August 2026.
- Print version record
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