10 most credible banks in the US

The largest banks in the United States have grown considerably after the economic recession. Whereas, the small banks are nowhere to be found. Even medium-sized banks have likely merged with one another to form a formidable force. For the past 35 years, the consolidation of banks has been trending, which causes many to wonder. According to a statistical report, there were 14,427 banks in the U.S in 1985. After being insured by the Federal Deposit Insurance Corporation, they have reduced to only 4,718 in 2018.

Of course, every year there are changes among the big gun corporation. Due to intense rivalry, larger banks trade places with one another, and smaller banks drop out. Because of this,  when you’ve fewer banks, it means less competition, which is bad for consumers. Although, big banks have lower costs, which their customers can enjoy. With the advent of information technology, you can open an online account with a big bank, no matter where you are.

In this article, we will discuss the 10 most credible banks in the U.S by the total asset. Their total asset is according to a report from the Federal Reserve.

  1. JPMorgan-Chase

First on the list of the most credible banks in the US is JPMorgan Chase. Based on the total asset, JPMorgan Chase is the largest in the country and the sixth-largest in the world. This bank holds almost $2.4 trillion in assets worldwide. This is as a result of the merger of J.P. Morgan and Company and Chase Manhattan Corporation to form the best bank.

JPMorgan Chase currently boasts of nearly 5,000 branches and 16,000 ATMs. Meanwhile, the Chase Bank is the consumer banking division of JPMorgan Chase, while the J.P. Morgan name is adopted for investment banking and private wealth management.

Founded by a financial titan in the 19th century, the original J.P. Morgan Bank is christened after the founder, John Pierpont Morgan. While one of the creators of Chase Manhattan was an early American politician and notorious duelist Aaron Burr. Today, JPMorgan-Chase is passionately led by CEO Jamie Dimon, with headquarters in New York. The bank succeeded due to its investment bank division and declared that its fourth-quarter profit for 2019 rose 21% to $8.52 billion.

  • Bank of America

As a bank with about 66 million consumers and small business clients worldwide, Bank of America is second on the list. Like many of the biggest banks, Bank of America is recognized for its digital innovation. Bank of America boasts of $1.8 trillion in combined assets and more than 37 million online clients. All these thanks to the introduction of its virtual assistant, Erica, that assists account holders with various tasks. Because of Its headquarters in Charlotte, North Carolina, Bank of America has turned that city to be one of the biggest financial centers in the country. When you’re talking about the bank with the world’s largest wealth management firm, then Bank of America comes to mind. It adds Merrill Lynch, a giant in that field to its belt. However, the bank may not be the largest bank, but it has 4,265 branches in the country, only about 700 fewer than Chase. Established in the 1900s, against all odds, Bank of America is growing in leaps and bounds and operates a safe banking operation.

  • Wells Fargo

Founded in the year 1852, Wells Fargo comes third on our list and the fourth largest bank in the country. In 1998, the company formed a merger with Norwest Corporation and acquired Wachovia National Bank in 2008. But when you consider their number of branches of 5,486 branches, it is the largest.

Besides its main app, Wells Fargo introduced a reliable savings app and a mobile banking app geared toward millennials. After a series of missteps, Wells Fargo focuses on rebranding its images and repairing its fractured relationship with customers. The bank has two headquarters, with its parent financial services headquarters in San Francisco, while the bank’s main office is in Sioux Falls, South Dakota.

With an estimated asset of $1.77 trillion, Wells Fargo is a front liner among the most credible banks in the US. It operates the oldest bank charter operation in the United States.

  • Citibank/Citigroup

Citigroup Inc. is a reputable global financial services corporation. With its retail banking division, Citibank, based in Sioux Falls, South Dakota, Citigroup pioneered both the credit card industry and automated teller machines. The bank has experienced dramatic growth, having developed from being a regional bank. The bank has expanded to 700 branches in the US and more than 1700 branches outside of the country.

Citibank holds $1.68 trillion in assets and has a record of being the first U.S. bank to open a banking office in a foreign country, and the main headquarters is in New York.

  • U.S. Bank/U.S. Bancorp

U.S. Bank comes fifth on our list of the 10 most credible banks in the U.S. As a bank holding company and parent company of U.S. Bank, U.S. Bank possesses more than $477 billion in assets. U.S. Bank operates in the Midwest and West with its headquarters in Minneapolis.

As the fifth-largest commercial bank by assets, U.S. Bank was established in 1863 as the First National Bank of Cincinnati. U.S Bank has undergone multiple mergers and acquisitions of major regional banks which has helped its expansion with 2,914 domestic branches, and commitment to improving its digital offerings. These make the U.S Bank qualifies to be among the 10 most credible banks in the US.

  • PNC

PNC operates as a regional financial institution with its presence spanning across the Northeast, South, and Midwest. PNC was founded as Pittsburgh Trust and Savings Co, and today has branches of 2,380 in 19 states, and the bank has solid assets of $397 billion.

As a Pittsburgh-based, PNC was formed using an acronym from two different banks, namely Pittsburgh National Corporation and Providence National Corporation. Today, the bank has around 2,300 branches and started expanding outside of its usual 19 states in 2018. The branches cover mostly east of the Mississippi River, and Washington D.C.

  • Capital One

One of the Fortune 500 companies is Capital One with subsidiaries, comprising of Capital One Bank. Apart from focusing primarily on retail banking operations, Capital One provides credit cards, auto loans, and home loans. Capital One functioned purely as a credit card company before, but since 2005, it has expanded its operation into banking.

In addition to branches under the control of Capital One, they are found on the East Coast and in Texas and Louisiana. Though its branches number only 474, the lowest count on this list, Capital One has more than $318 billion in assets. As a matter of fact, their customers have access to Capital One Cafes, coffee shops with free Wi-Fi where visitors can open accounts and attend financial workshops.

  • TD Bank

As part of delivering effective financial services, TD Bank merged with Canadian TD Banknorth in 2008. Operating as a subsidiary, TD Bank is part of Canada’s TD Bank Group. With $311 trillion in assets, customers have access to mortgages, deposit accounts, credit cards, and products for commercial and small business clients. The acronym TD stands for Toronto-Dominion and has its headquarters in Cherry Hill, New Jersey. TD Bank is among the largest, and the most credible bank because of its 1,242 branches in the country, and is known for its operation of flexible hours. 

  • Bank of New York Mellon

The Bank of New York Mellon was the first company traded on the New York Stock Exchange when opened in 1792. While the Bank of New York was cofounded in 1784 by the first Secretary of the Treasury, named Alexander Hamilton, and is recognized as the oldest banking corporation in the country.

As one of the most credible banks in the US, Bank of New York Mellon holds $304 trillion in assets and operates two offices in the US and 15 overseas. It has a functional subsidiary function that monitors the investment of different corporations and institutions as well as individual investors.

The Bank of New York Mellon oversees its operation from its headquarters in New York.

  1. State Street

State Street is one of the safe banks in the U.S. It was established in 1792 and provides unrivaled financial services and asset management companies. It has around 40,000 employees and an international presence. These financial services include investment research and trading and investment management. They work for asset owners, insurance companies, and pension funds, across the United States.

Though the bank began as a shipping financing firm. It still focuses on global banking services and investment management to overseas institutional investors. With its headquarters located in Boston, the bank currently has more than $241 billion in consolidated assets. Also, State Street Corp has far more foreign branches (11) than domestic (two). Despite having limited branches, it is one of the most credible banks.

Tips for Choosing Your Bank

The above mentioned most credible banks in the United State have a strong financial base, and as such can keep to their words of being global investment banking, management, and securities corporations. You can access a variety of financial services. However, if your local bank is charging high fees, try out a national bank (like the ones mentioned) that offers online accounts. They are not only credible but also provide safe banking.

These credible banks often ask for lower requirements to avoid fees and offer higher interest rates on savings. They do this to increase their customer base.

You can use these banks as an advisor since they are affiliated with wealth management firms. To a certain extent, you may be safe in their hands.

Easy Accessibility

The above-listed banks offer easy accessibility for their services. Consider how easy it is to manage your money. And these banks are listed as the most credible banks because of how they make it easy for you to manage your money.

The above mentioned banks have a considerable number of branches nationwide and in your area. Therefore, when evaluating the traditional banks, it’s good to check their presence. Only online banks have the advantage of being always open and always close at hand, but these most credible banks have a physical presence in which you can walk into anything.

Useful Banking Tools

The banks listed above have solid financial tools that are an important useful bonus. These banks have useful mobile apps for daily banking tasks like depositing checks, paying bills, and transferring money, while others go extra length to deliver convenient services by including intuitive mobile check deposits, text alerts, and an ATM finder.

The 10 most credible banks on our list provide customers with budgeting tools for managing cash flow and tracking spending. You can also use these tools for mobile check deposits and money transfers. They also provide virtual wallet services that allow you to help you to create budgets, use a bill payments calendar, and keep track of your money.

Online Banking

Online banking has transformed the way we bank and manage our money. Most banks today offer online platforms, dedicated mobile apps, and some innovative tools that allow you to manage your money, pay bills, and go cashless. With online banking, you enjoy hassle free transactions.

These 10 most credible banks mentioned above have a solid online presence, in addition to the expenses of putting up brick and mortar operations in order to provide lower fees, increased accessibility, and better customer support. Because of their huge asset capacity, they offer lower charges. Their mobile banking options are top-notch, with a secure and responsive platform to manage your money.

Customer Service

The above listed credible banks have exceptional customer service too. Several questions or issues that may be affecting your experience can be dealt with within few minutes. Whether you have questions about your account, notice unusual fees, suspect identity theft, or need to replace a lost debit card, it’s good to know that you have a bank that will help you deal with it.

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