Before you choose one of these banks to become your financial institution, there are five in the US.
One of the most important things you must be aware of if you want to have a sustainable financial life is the banks within your country. That is necessary because, besides being the institutions that safeguard your money, banks are the places where you can get loans, deposit money or apply for credit cards , and pay bills. It is essential to know the banks so that you can choose which bank is best for you.
The number of US banks has increased substantially since the Great Recession in 2009. The assets of the 15 largest US banks total more than $13.44 trillion, which includes the securities, loans reserves, and securities. Five banks stand out among the fifteen US banks as having the highest amount of money and most powerful.
Let’s learn more about them!
JPMorgan Chase & Co.
JPMorgan Chase & Co. The bank, which is headquartered in New York and has branches throughout the US, is the largest US bank. It has $3.31 trillion in assets, the bank runs an individual consumer banking division known as Chase Bank that, right moment is expanding its operations on the market.
With more than half of United States residents being Chase customers, the financial institution has a total of 5,000 branches as well as 16,000 ATMs in the 50 states of the US and makes it easy to get new customers.
Bank of America
More than the 66 million clients of Bank of America are not only within the US but across the world. They can be connected to the bank through digital channels, including an app for mobiles that is versatile.
To attract new customers, Bank of America announced recently that they would be cutting the cost of overdrafts and elimination of the non-sufficient funds (NSF) fee. But, as the second-largest US bank they already have impressive results: Bank of America has $2.52 trillion in assets, almost one 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 on this list: founded in 1852. It is the only bank to have more branches across the country and the third richest bank in the US, with $1.78 trillion of assets.
Recently, it’s been a rebranding process to attempt to reach out to customers. Along with the main app Wells Fargo & Co. is attempting to appeal to new generations by releasing an app to save money and a mobile banking app with focus on the young people. To streamline and concentrate on the primary institution it is seeking to close branches.
The fourth biggest bank in the US has nearly as many assets as the 3rd largest bank: Citigroup Inc. has around $1.67 trillion in assets, mostly due to the fact that they are a worldwide financial institution, with more than 1,800 branches throughout the globe.
In the US there are around 700 branches. The company is famous by its retail bank division, Citibank. The majority of them are the number of ATMs available in the US. Citibank has over 65,000 ATMs which are free of charge and are located across the 50 states.
U.S. Bancorp was established in 1863 as First National Bank of Cincinnati. It is one of the longest-running U.S. banks. It is fascinating to know that, during the centuries of its existence, many of financial companies have merged to form the bank today known as the parent company of the U.S. Bank.
U.S. Bancorp has almost $564.16 billion in assets and is well known for its digital offerings that constantly improve and its vast branch network.