Bank of AmericaCovid saw strong balance growth for account holders and they have not spent down the pandemic-era stimulus money. CEO Brian MoynihanCNBC.

Interview on “Squawk Box”Starting at The World Economic ForumBofA chairman in Davos (Switzerland) said that customers, who used to have between $1,000 and $2,000 prior to the pandemic, now own about $4,000 according to BofA. If they had an average balance of $2,000 to $5,000 pre-Covid, they now have around $13,000 as of April, he added.

Moynihan stated that bank balances have increased monthly since July and predicted that people won’t begin spending their stimulus-check-boosted funds right away.

To help mitigate the effects of the pandemic, the government offered Covid funds in 2020 and 2021. These funds were used to provide relief for people who are unemployed or have closed down businesses. However, most of these programs were canceled.

Inflation and its devastating effect on stock markets has raised doubts about Americans’ ability to save during times of crisis and their health.

Moynihan previously said in an interviewBrowse more information about “Mad MoneyConsumers spent 13% less in March this year than last year, according to a report.

However, consumers don’t appear to be affected by this increase in spending.

They have more money in the balances of their customers. Moynihan spoke Monday in Davos, stating that their balances rose over March.