Officials are now discovering the true disruption happening with checking accounts.

The number of checking accounts has fallen by almost 100 million in the last six years, thanks to competition from fintech products and companies such as Walmart, Starbucks and Apple, according to new research from financial institutions analytics company Moebs Services.

Using bank, thrift and credit union data from the NCUA, FDIC and the Federal Reserve, Moebs Services reported that the total number of checking accounts dropped from about 690 million to just over 600 million from 2011 to 2017 — a 12% decline over six years, or about 2.2% per year.

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