Top 7 Banks in America

US Bank

Banks are considered very crucial entities and the safest institutions to keep an individual’s cash money, money for a company or different other corporations. The American economy is growing at a rapid pace when compared to other states thus consisting of the one of the biggest banks in the world to safeguard the diverse economic fruits.

Usually, when thinking about where to position one’s money for safekeeping, the listing of financial institution and credit score union alternatives seems limitless. There are small neighborhoods and nearby monetary establishments that may be entrusted along with one’s hard-earned cash, of direction, but for full service and far-achieving banking, the biggest national banks reign ideally suited.

In coming up with the list of the top seven leading banks in America, the Federal Reserve provides the following banks:

  • JPMorgan-Chase

The bank is headquartered in Manhattan, New York City. It’s as a result of the merging of the older banks namely J.P. Morgan and Company and Chase Manhattan Corporation. In a worldwide perspective, the bank stands sixth and still the largest in America.

The bank is largely known for its huge bonuses to its customers than any other bank in the US. Its capital market has also increased significantly with the total assets of about $2.53 trillion. The bank is among the leading employers in the globe and has extended its branches to many other countries.

Chase Bank has a very standard and fixed time schedule that allocates the longest working hours for the week days than it is for the weekends. In fact, it is normally closed on Sundays and in other destinations, it is also closed on Saturdays. Normally, all the branches open from 9 AM and runs through 6 PM excluding Saturdays when it closes at exactly 2 PM.

  • Bank of America

Bank of America is the second largest in America. It’s headquartered in Charlotte, North Carolina. The bank has a humble beginning history but apparently has about 50 million potential retail customers. The bank started in the 1900s as a very small financial center serving the immigrants in San Francisco.

Bank of America affords its services and products via 4600 retail monetary facilities, about 15,900 automatic teller machines, call centers, and mobile banking platforms. The financial institution’s customer actual estate services section gives client real estate merchandise comprising each fixed and adjustable-charge first-lien mortgage loans for domestic purchase and refinancing desires, home fairness lines of credit score, and home fairness loans.

Bank of America has been the concern of many lawsuits and investigations concerning both mortgages and financial disclosures courting again to the financial crisis, consisting of a document agreement of $16.65 billion on August 21, 2014.

According to Hoursopentoclose.com Bank of America hours for opening is usually 9 AM in most locations, but some will open an hours later at 10 AM, particularly in-store branches. Weekdays will usually close at 5 PM, although some Bank of America locations will close at 6 PM instead.

  • Wells Fargo

The bank is headquartered in San Francisco and remains the biggest bank in the world in terms of market capitalization. The company has about $1.9 trillion assets and provides a variety of services including banking, investments, mortgage, and consumer and commercial finance through 8,200 locations.

In the year 2017, the company was ranked third in terms of the total deposits according to the Federal Deposit Insurance Corporation (FDIC), third in terms of total assets by S&P Global Market Intelligence (a financial industry research firm), seventh as the biggest public company in the world by Forbes.

The Fortune also ranked it 26th as the biggest company by revenue in the United States based on sales, profits, assets, and market value of the America’s largest corporations.

  • Citi

Citi bank was formerly called City Bank of New York. It became the first bank in the whole US to open a banking office in a foreign country in 1914, Argentina.

The bank was founded in the year 1812 and later became the First National City Bank of New York. The company’s several branches are found in Poland, Russia, Pakistan, India and the United Arab Emirates and also those in the United States and Mexico.

In the United States only about 26% of the Citi branch offices are located there however this generates much of its revenues approximately 51% or more

  • US Bancorp/U.S. Bank

It has combinations of banks from the West and Midwest. According to the existing records, the bank was prohibited in 1913 by the US law to use the (United States) in their naming.

The bank is ranked fifth on the list of the largest banks in the United States and has several branches and ATMS: about 3, 106 and 4, 842 respectively – most of them found in the Midwestern United States.

The company also provides a number of services like: banking, trust, mortgages, among others to several financial institutions, governmental facilities and even to its individual customers.

  • PNC

Its name came from the two historical meanings, that is, “Pittsburgh National Corporation and Providence National Corporation”. The bank has about $380.77 billion total assets and with its known financial tools, the bank has become one of the best in the nation.

  • Bank of New York Mellon

It is the oldest bank in America having been founded in the year 1784. It is also the largest custodian bank in the world with about $27.9 trillion assets in custody. It has its headquarters in New York and regarded one of the oldest banks in the world and among the three oldest banking corporations in the US. Its total assets are estimated to be about $371.76 billion.

References:

(1) Galindo, A. J., Izquierdo, A., & Rojas-Suarez, L. (2013). Financial integration and foreign banks in Latin America: How do they impact the transmission of external financial shocks? In Global Banking, Financial Markets and Crises (pp. 305-339). Emerald Group Publishing Limited

(2) Mariscal, A. S., Zhang, Y., & Pascual, J. L. (2012). Internationalization of multinational banks: a study of foreign direct investment in seven Latin American countries. The Service Industries Journal, 32(7), 1149-1170

(3) Rai, K., & Kamil, H. (2010). The global credit crunch and foreign banks’ lending to emerging markets: why did Latin America fare better? (No. 10-102). International Monetary Fund