Five banks are in the US that you need to know before choosing one to be your financial institution.
If you are looking to lead a financially sustainable life it is essential to be acquainted with the banks that are in your local area. That is necessary as, in addition to being the banks that guard your money, the banks are the places where you can take out loans, deposit money or apply for credit cards and pay off bills. Additionally, knowing these institutions is crucial so you know which is the most suitable bank to open an account in accordance to your needs.
The amount of US banks has grown significantly since the Great Recession in 2009. Together, the major fifteen US banks have more than $13.44 trillion of assets, including reserves of money as well as loans, securities and other assets. Five banks stand out of the fifteen US banks as being the most affluent and most powerful.
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Let’s learn more about them!
JPMorgan Chase & Co.
JPMorgan Chase & Co., 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 operates a consumer bank division named Chase Bank that, right now expanding its activities within the market.
The majority of Americans are Chase customers. The bank has almost 5,000 branches and 16,000 ATMs throughout the US. This helps in attracting 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 to the institution through digital channels, such as a versatile app for mobile devices.
In an effort 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. They are the second-largest bank in the United States and have already achieved great results. Bank of America now has nearly one trillion dollars of assets than the third-largest.
Wells Fargo & Co.
With headquarters with its headquarters 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 across the nation and is the third-richest bank in the US with $1.78 trillion of assets.
The brand has been rebranded in a process to reconnect customers. In addition to the main app Wells Fargo & Co. is trying to connect with the new generation by offering the savings app and a mobile banking app which is geared towards millennials. They are also trying to close its branches in order to streamline and increase the unity in the main institution.
Citigroup Inc.
The fourth biggest bank in the US has about the same amount of assets as the 3rd largest bank. Citigroup Inc. has about $1.67 trillion in assets, mostly due the fact that they are a global bank having more than 1 800 branches around the world.
In the US there are around 700 branches. It is well-known for its retail banking division, Citibank. It is also a significant part of the amount of ATMs that are available in the US. Citibank has over 65,000 ATMs, which are totally free and are available across the 50 states.
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U.S. Bancorp
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 learn that during the centuries of its existence, many of financial firms merged to form the bank now called the parent company of the U.S. Bank.
U.S. Bancorp owns assets of nearly $564.16 trillion. The company is famous for its digital offerings, that are continuously improving, and its extensive branch network.
