There are five banks in the US that you need to know before choosing one of them to be your financial institution.
One of the things you need to know if you want to have a sustainable financial life is the banks in your country. That is necessary because, besides being the institutions that will guard your money, the banks are the places where you can get loans, deposit money, apply for credit cards and pay bills. Also, getting to know them is necessary so you can know which one is the best bank to open an account according to your lifestyle.
Since the Great Recession of 2009, the number of banks in the US have been growing substantially. Together, the main fifteen US banks hold more than $13.44 trillion in assets such as reserves of money, securities and loans. But, in these fifteen banks, there are five banks that stand out as the bigger and richer US banks.
Let’s meet them now!
JPMorgan Chase & Co.
Located in New York, even with branches around the US, JPMorgan Chase & Co. is the biggest US bank. With $3.31 trillion in assets, the bank has a consumer banking division called Chase Bank that, right now, is expanding its business in the market.
With nearly half of the United States residents being Chase customers, the financial institution has nearly 5,000 branches and 16,000 ATMs spread around the 50 states of the US, making it easier to get new customers.
Bank of America
Bank of America has almost 66 million customers not only in the US, but around all the world, that are connected with the institution via digital ways, like a versatile app for mobile devices.
To try and conquer new customers, Bank of America announced recently that they are reducing their overdraft fees and eliminating its nonsufficient funds (NSF) fee. But, as the second biggest US bank, they already have great results: Bank of America has $2.52 trillion in assets, almost a trillion more than the third biggest US bank.
Wells Fargo & Co.
With headquarters in San Francisco, Wells Fargo & Co. is one of the oldest banks in this list: founded in 1852, it is the bank with more branches around the whole country and the third richest bank in the US, with $1.78 trillion in assets.
Recently, it has been a rebrand process to try to connect with the customer: along with the main app, Wells Fargo & Co. is trying to approach the new generations by releasing an app for savings and one mobile banking app with focus on the millennials. They are also trying to eliminate its branches to focus and consolidate the unity in the main institution.
The fourth biggest bank in the US has almost as many assets as the third biggest bank: Citigroup Inc. has around $1.67 trillion in assets, mostly due the fact that they are a worldwide financial institution, with more than 1,800 branches around the world.
In the US, it has about 700 branches, and it is known for its retail banking division, Citibank. Another important number is the number of ATMs around the US: Citibank has more than 65,000 fee-free ATMs spread into US’ fifty states.
Inaugurated in 1863 as the First National Bank of Cincinnati, U.S. Bancorp is one of the most traditional U.S. banks. But it is interesting to know that, during the centuries of its existence, lots of financial companies merged to form the bank that is now known as the parent company of the U.S. Bank.
U.S. Bancorp has almost $564.16 billion in assets and is known for its digital offerings that are always improving and for its extensive branch network.