A bank is a financial intermediary and an institution that accepts deposits and channels those stakes into lending schemes, either indirectly through capital markets or directly through the loaning process.
A bank links customers with too little capital and customers who save from their monthly income.
Due to their significant status inside the financial system and national economies.
Most nations have institutionalized a system recognized as fractional reserve banking or FRB. Banks hold only a small amount of the funds submitted and lend out the remaining profit.
They are usually subject to the least capital requirements based on ISCS, otherwise known as the International Set of Capital Standards, a.k.a. the Basel Accords.
Several financial institutions operate in the United States of America; we mention the top ten banks in America so that you can be sure about the safety of your savings fund, which is being deposited in your bank.
1. JP Morgan Chase
According to Forbes, JPMorgan Chase has become the hottest bank in America by holding $2.39 trillion in assets.
JPMorgan Chase is also the United States’ oldest financial institution. With a history of service of more than 200 years, it is at the top of the list of financial institutions in the United States of America.
Some of the main features stated below actually helped JP Morgan Chase become the leader.
- The Bank currently working in more than sixty countries.
- JP Morgan Chase has 260,000 employees in diverse fields.
- It is currently serving millions of consumers, uncountable small businesses, and many of the world’s most famous corporate, government, and institutional clients.
- JP Morgan Chase is a leader in consumer financial services, investment banking, commercial banking, small business, asset management, financial transaction processing, and private equity.
- The Bank’s stock is a section of the Dow Jones Industrial Average.
2. Bank of America
The Bank of America (BoA) Corporation is an American multinational financial and banking services corporation based in Charlotte, North Carolina.
It is the second leading bank holding company in the United States by assets, with $2.17 trillion. As of 2010, BoA is the fifth largest company in the US by total revenue and the third largest non-oil organization in the U.S. (after General Electric and Walmart).
In 2010, Forbes listed BoA as the third-biggest company worldwide. Bank of America also plays a vital role in fighting hunger and empowering women.
3. Citigroup
Citi is now in third place with $1.88 trillion. Citi Bank is an international financial institution and pioneer of Modern ATMs and 24/7 services.
City Bank of New York started operating in 1812, starting its 200-year history. In 1866, Citi funded the undersea cable, also known as submarine cable, that connected London and New York.
Citi facilitated out-of-the-border cash flows with its department of foreign exchange in 1897. In 1904, Citi Helped finance the Panama Canal at Teddy Roosevelt’s request.
Citi supported the accomplishment of the Marshall Plan in 1948. National City Bank, in 1956, helped finance cargo containers. Citi also financed the commercial airliner in 1958. Citi, in 1977, pioneered 24/7 banking and modern ATMs.
In 1955, Citi became the top space program joint venture lender. In 2010, Citi began to track the bank of the future services with Citi Smart Banking.
In 2013, 66,000 Citi Volunteers participated in service projects for local communities on Citi’s 8th annual Global Community Day.
4. Wells Fargo
Wells Fargo & Company is a multinational financial and banking services holding organization with worldwide operations.
Wells Fargo is the fourth-largest bank in the United States and the second-largest bank in home mortgage servicing, deposits, and debit cards.
Wells Fargo became the 23rd largest company in the United States in 2011. It is based in San Francisco, California, and has subsidiaries all over the country.
Warren Buffett’s preferred bank grows deposits ($1.01 trillion) and assets ($1.44 trillion).
5. Bank of New York Mellon
The Bank of New York Mellon Corporation, also called BNY Mellon, is a multinational financial services and banking corporation formed on July 1, 2007, resulting from the union of Mellon Financial Corporation and The Bank of New York.
Up to December 2011, the organization had more than 48,700 staff worldwide. It has over US $1.4 trillion in assets under administration and US$27.69 trillion in assets under administration and custody, making it the biggest deposit bank in the world.
It works in six primary financial services: asset management, advisory services, wealth management, asset servicing, issuance services, broker-dealer, and treasury services.
It is the oldest financial corporation in the United States, tracing its start to Alexander Hamilton’s organization of the BNY in 1784. Despite being in the top five, BNY Mellon is smaller than the other top four, with only $356 billion in total assets.
6. U.S. Bancorp
U.S. Bancorp is an American financial services company based in Minneapolis, Minnesota.
It is the parent company of the United States Bank National Association. It is the sixth-largest bank in the United States, with $364.0 billion in assets (December 31, 2013, as per official FDIC data), and the fourth-largest in the United States in total branches.
United States Bancorp ranks as the fifth largest bank based on money deposits, with $250.5. The Bancorp network serves 25 Western and Midwestern states, with 4,906 ATMs and 3,081 banking offices.
It also offers wealth management services, local consumer and business banking, trust services, and national wholesale and global payments to more than 15.8 million customers and has more than 65,000 employees worldwide.
7. HSBC North America
HSBC Bank United States of America, National Association, an American subsidiary of United Kingdom-based HSBC Holdings plc, is a bank with a working head office in New York City and its so-called head office in McLean, Virginia (as mentioned in its charter).
HSBC Bank United States of America, N.A. is a national bank chartered with the National Bank Act. This means it is synchronized by the Office of the OCC (Comptroller of the Currency), a part of the United States Department of Treasury.
The subsidiary of HSBC has $305 billion in whole assets.
8. PNC Financial Services Group
PNC Financial Services Group, Incorporated is a financial services corporation of America, occupying the 8th position with assets of about $301 billion.
PNC operations include a regional banking franchise operating mainly in nineteen states and DC (District of Columbia) with 2,700 branches, mobile and online services, 7,400 ATMs, government entities, and particular financial businesses serving companies, processing businesses, and asset management.
PNC is the 5th largest bank in the US (total branches), 6th largest bank by deposits, 6th largest by total assets, and 3rd largest outdoor ATM provider. It is based in Pittsburgh.
9. Capital One Financial Corp
Capital One Financial Corporation is a United States-based bank holding company specializing in home loans, credit cards, banking, auto loans, and savings products.
In terms of total assets, Capital One is the ninth largest bank in the United States and eighth in terms of deposits.
In 2012, the bank had 963 Branches, including eight Capital One 360 brand cafe-style locations and 2,000 ATMs. COF is an affiliate of the Fortune 500 and also does business in the United Kingdom and Canada.
The company played a major role in pioneering the massive marketing of CC (credit cards) in the 1990s, and it is now the fourth largest customer of the US Postal Service.
Their main corporate office is situated in Tysons Corner, Virginia. Capital One of McLean, VA., has $212 in deposits and some $300 billion in assets.
10. TD Bank US Holding
TD Bank is a national banking institution in the US (supervised and chartered by the Office of COC) that offers insurance, banking, investment banking services, and brokerage services in Delaware, Connecticut, Maine, Florida, Massachusetts, Maryland, New Jersey, New Hampshire, North Carolina, New York, South Carolina, Pennsylvania, Virginia, Vermont, and Washington D.C.
The bank is a descendant of the Portland Savings Bank, which began operating in 1852 in Portland, Maine, and later became Banknorth.
In 2008, the bank changed to its current name, TD Bank, N.A., through the renaming and acquisition of Commerce Bank and its following merger with TD Banknorth, and as a result, it has co-headquarters in New Jersey, Cherry Hill, and Portland.
The company is actually part of The Toronto-Dominion Bank, which operates as TD Bank Group (TDBG) and is mainly based in Toronto, Ontario, Canada.
The TD initials first became famous in Canada and are used legitimately for all American operations.
TD Bank upgraded to the #10 spot from previously #11 with $223 billion in assets.
