If you are deciding which of these banks to become your bank, you can choose from five in the US.
If you want to live a financially sustainable life, you must be familiar with the banks that are in your local area. This is as, in addition to being the institutions that safeguard your money, banks are also the ones where you can take out loans, deposit money, request credit cards, and pay your bills. It is essential familiar with the banks to be able to decide which one is the best for you.
Since the Great Recession of 2009, the amount of banks operating in the US have been growing substantially. Together, the top fifteen US banks have over $13.44 trillion of assets, including stocks of money in the form of securities, loans and securities. But, in these fifteen banks, there five banks that are the largest and wealthier US banks.
Let’s meet them now!
JPMorgan Chase & Co.
JPMorgan Chase & Co. The bank, which is headquartered in New York and has branches throughout the US it is the biggest US bank. With $3.31 trillion of assets, it has a consumer banking division called Chase Bank that, right moment, is expanding its business on the market.
With nearly half of the 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 find new customers.
Bank of America
Bank of America has almost 66 million customers, not just in the US and around the globe, who are connected to the institution through digital means, for example, an app that is flexible for mobile devices.
To attract new customers, Bank of America announced recently that they would be cutting the cost of overdrafts and eliminating its nonsufficient funds (NSF) fee. They are the second-largest US-based bank and have already seen great outcomes. Bank of America now has nearly a trillion dollars more assets than the third-largest.
Wells Fargo & Co.
The headquarters is located in San Francisco, Wells Fargo & Co. is one of the oldest banks in this list. Founded in 1852. It is the largest bank with branches around the whole nation and is the third-richest bank in the US with $1.78 trillion in assets.
The brand has been rebranded in a process in order to reconnect with customers: Along with the main app Wells Fargo & Co. is trying to connect with the new generation by offering an app for savings, as well as a mobile banking application specifically designed for young people. They are also trying to close its branches in order to focus and consolidate the unified nature of the institution.
The fourth biggest bank in the US has nearly as many assets as the third largest bank. Citigroup Inc. has approximately $1.67 trillion in assets, mostly due the fact that they are a global financial institution having more than 1 800 branches around the globe.
It has 700 branches across the US and is well-known for its retail banking department, Citibank. Another important number is the number of ATMs across the US: Citibank has more than 65,000 ATMs that are fee-free and located across the US fifty states.
It was established in 1863 as the First National Bank of Cincinnati, U.S. Bancorp is one of the most traditional U.S. banks. It is fascinating to know that, during the course of its existence, lots of financial firms joined to create the bank that is now called the parent company of the U.S. Bank.
U.S. Bancorp owns assets that exceed $564.16 trillion. The company is famous for its digital offerings that are continually expanding, and its extensive branch network.