In addition, higher short-term interest rates increase the opportunity cost of holding currency and checking accounts, and therefore will lead to an increase in the turnover or velocity of money.

FORBES: Higher Inflation Is On The Way

The high net interest margins at Wells Fargo have, in large part, been attributed to its large low cost average core deposits (which include noninterest-bearing deposits, interest-bearing checking, savings certificates, market rate and other savings, and certain foreign deposits).

FORBES: Three Ways To Tell If Pain Or Pleasure Ahead For Wells Fargo