One of the most clichéd money saving myths is the “latte factor”—the idea being that if you stop shelling out for a latte every morning, your savings would add up over time. As a money saving technique, it probably doesn’t add up, but there is still a lot of money swirling around the latte market. Consider this: Americans have over $1 billion saved up for future Starbucks purchases at this moment.
According to MarketWatch, as of the first quarter of 2016, Starbucks customers had a combined $1.2 billion loaded onto Starbucks cards and the Starbucks mobile app. By comparison, that’s more than the collective deposits of some financial institutions like California Republic Bancorp ($1.01 billion), Mercantile Bank Corp ($680 million) and Discover Financial Services ($470 million).