U.S. banking deposits were already falling in the week before the collapse of three banks triggered global financial turmoil. Data released by the Federal Reserve on Friday showed that bank deposits fell by $54.4 billion to $17.6 trillion in the week ended March 8. Deposits are down about $500 billion from a high reached in April last year, adding to pressure on the financial system. In the wake of the collapse of Silicon Valley Bank and two other banks, the Federal Reserve's weekly report on the funding position of U.S. banks has suddenly become a key data point for markets and the economy. There are concerns that depositors moving their deposits or seeking higher-yielding products could cause more banks to get into trouble. Another concern is that banks will tighten lending standards while improving their financial health, which would curb economic growth momentum. There have been signs of a slowdown in credit growth over the past few weeks. (Financial Associated Press)