If you are trying to decide which bank should serve as your financial institution in the US, there are five choices.
If you want a life that is financially secure, becoming familiar with your local banks is key. These institutions not only store cash securely but are also where applications for credit cards, loans and payments can be made. Knowing which bank works best for you depends on which one is closest to home.
Since the Great Recession of 2009, US bank assets have seen a meteoric rise. The combined assets of the top 15 US banks amount total over $13.44 trillion, including securities, loans reserves and investments. Five banks stand out among them as being both highly affluent and powerful.
Let’s meet them!
JPMorgan Chase & Co.
JPMorgan Chase & Co. are the largest US bank with headquarters in New York and branches around the US, boasting assets of $3.31 trillion. Their Consumer Banking division – Chase Bank – continues to expand their market share steadily.
About half of Americans are Chase customers. With almost 5,000 branches and 16,000 ATMs throughout the US, Chase continues to attract new customers.
Bank of America
The 66 million clients of Bank of America span not just America but around the globe. They connect to their bank through digital channels like an app for mobiles that is versatile and user-friendly.
Bank of America recently announced they would reduce fees for overdrafts and eliminate the fee for non-sufficient funds (NSF). The move is designed to attract new customers. As the second-largest American bank, Bank of America has already seen impressive results; their assets now surpass those of their third largest rival by nearly one trillion dollars.
Wells Fargo & Co.
Headquartered in San Francisco, Wells Fargo & Co. has been around since 1852 and boasts the third-highest credit rating among US banks with assets totaling $1.78 trillion.
Rebranding Wells Fargo & Co. in an effort to reconnect with customers. In addition to their main application, Wells Fargo & Co. also wants to reach out to younger generations with an app for savings and mobile banking apps tailored towards millennials. In order to streamline operations and focus on their primary institution, Wells Fargo & Co. plans on closing down branches.
Citigroup Inc., the fourth-largest American bank, boasts almost as much assets as its third-place rival: $1.67 trillion. This impressive figure comes largely from Citigroup Inc.’s global reach – it has over 1,800 branches around the world.
Citibank boasts 700 branches throughout the US and is renowned for its retail banking division, Citibank. Perhaps most noteworthy of all, though, are their free ATMs which can be found across 50 states – over 65,000 of them are operated at no charge to customers.
Established in 1863 as First National Bank of Cincinnati, U.S. Bancorp is one of the longest-standing U.S. banks. It’s amazing that over these many years several financial institutions have joined to form what is today U.S. Bancorp’s parent company.
U.S. Bancorp boasts assets of nearly $564.16 trillion. It’s renowned for its digital offerings which are continually developing as well as its extensive branch network.