Securing a place in this list of most popular banks in America is no mean feat due to the fierce competition. There are over 7,000 small and big banks operating in the United States of America currently. The banks on this list are quite popular among bank users due to a combination of several factors working in their favour which include: great customer service, best banking experience, customer retention strategy, financial service, a user-friendly banking app and also brand visibility. These banks can be trusted with your hard earned money, and they offer full service and far-reaching banking.
TOP 10 MOST POPULAR BANKS IN USA 2020
- #1. JP Morgan Chase
The most popular bank in America is JP Morgan Chase. It is the 6th largest bank in the world and has for some time now consistently held the top spot on the list of top banks in the USA. This bank has branches in several countries in the world and deals with investment banking, asset and wealth management, treasury and securities services. Its headquarters is located in the city of New York City. The assets of JP-Morgan Chase held all over the world are valued to be worth about $2. Five trillion according to the Federal Reserve reports. The bank was born as a result of the merger of two much-older banks, J.P. Morgan and Company and Chase Manhattan Corporation which happened in the year 2000. The J.P. Morgan name is used for investment banking and private wealth management, while the bank provides retail and commercial bank services under the name Chase. 19th century financial gain, John Pierpont Morgan founded the original J.P. Morgan Bank, but Chase Manhattan has early American politician and notorious duelist, Aaron Burr as one of its creators. The House of Morgan generated $96.6 billion in revenue last year despite controversies and also legal woes over alleged energy price fixing and negligence during the Bernard Madoff scandal, that resulted in fines running into billions paid.
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#2. Bank of America
The city of Charlotte, North Caroline is one of the biggest financial centres in America and this dead is singlehandedly owed to the presence of Bank of America‘s headquarters in the city. Although the bank is not the largest in the country, the company, however, is, in fact, the largest wealth management firm in the world because it owns Merrill Lynch, a giant in that field. The Bank of America currently has about 50 million retail banking customers, but the bank had very humble beginnings. The bank started as a small institution serving immigrants in San Francisco at the beginning of the 1900s. Bank of America for a short while ventured into finance in China with the acquisition of a stake in Chinese Construction Bank that it later sold off. The company has continuously made efforts to keep its headquarters in Charlotte and New York eco-friendly, and LEED certified, but it has also faced accusations of mortgage fraud in some lawsuits since the year 2010.
- #3. Wells Fargo
The next bank featuring on this list of top 10 most popular banks in the USA is Wells Fargo. The bank has for long been associated with San Francisco, where its headquarters are still located. The bank was formed to capitalise on the Gold Rush by two Northeasterners. In terms of market capitalisation, Wells Fargo is the biggest bank in the world, although it has fought China’s Industrial and Commercial Bank for that top title back and forth over the past few years. The bank holds the oldest continuously operating bank charter in all of the United States, which was initially granted to the First National Bank of Philadelphia. Wells Fargo pays the most significant sum of corporate taxes of any company in the US each year, but the bank has also been accused of tax avoidance practices.
- #4. Citi
Citi is another highly popular bank in the US. The bank is a pioneer of both the credit card industry and automated teller machines. Citi Bank was formerly called the City Bank of New York and was regarded as an East Coast equivalent to Wells Fargo during the 19th century when both banks were strictly operating on a regional basis. Citi also was the first United States bank to open a banking office in a foreign country, when it expanded its operations to Argentina in the year 1914. As of now, only 26% of Citi’s branch offices are in the United States, although they account for 51% of the bank’s total revenue.
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- #5. The Goldman Sachs Group, Inc.
The headquarters of the company is at 200 West Street, Manhattan, New York City, New York, U. S. It was founded in the year 1869 by Marcus Goldman and Samuel Sachs. The bank also has branches in other financial centers of the world. Goldman Sachs is currently one of the largest investment banking enterprises in the world. It is a primary dealer in the United States Treasury security market, and more generally, it is a prominent market maker. Also, the bank owns Goldman Sachs Bank USA, a direct bank.
- #6. US Bancorp/U.S. Bank
The current US Bancorp which also includes U.S. Bank is the result of the merger of major regional banks from the West and Midwest. The company has over 16 million customers who have deposits amounting to over $250 billion. Also, the bank currently holds $389 billion in assets. In the year 1913, banks were prohibited by law from using “United States” in their names, but US Bancorp was one of the last firms to do so as it appended the phrase to its name only a year before the law was made.
- #7. PNC
PNC functions primarily as a regional financial institution, operating mostly on the East Coast. It has its headquarters in Pittsburgh but has offices in nineteen states as well as Washington, DC. The acronym PNC has two historical meanings. First is Pittsburgh National Corporation and the second is Providence National Corporation. Both were Pennsylvania banks that later merged to form the beginnings of the current company. The acronym PNC was adopted when the coincidence of their names struck during the formation of the new company. The bank was one of the early banks to adopt “virtual wallet” services among traditional banks.
- #8. Bank of New York Mellon
Founded in the year 1784 by the very first secretary of the Treasury, Alexander Hamilton, Bank of New York is today one of the most popular banks in the USA. Bank of New York Mellon is the direct successor to the original organisation that came into being following a merger with T. Mellon and Sons, a firm based in Pittsburgh that finances steel and fuel industries. The bank, due to its long history is the oldest banking corporation in the United States. As of today, the bank holds over $27.9 trillion in assets under custody, making it the largest custodian bank in the world catering to other financial institutions. Also, there is a subsidiary of the bank that provides investment management services, BNY Mellon Wealth Management.
- #9. State Street
State Street Corporation began as a shipping financing firm. It was founded in the year 1792 and had its headquarters in Boston, Massachusetts. The bank still carries out similar business to financing shipping, but it is now focused however on offering global banking services and investment management to overseas institutional investors. State Street in the year 1998 was involved in a landmark court case that found a computer algorithm can be patented in the US.
- #10. Capital One
The bank began initially been as a pure credit card company but expanded into banking in the year 2005. It operates primarily as a retail bank, providing mostly credit cards, auto loans, and home loans as well as checking and savings services. Early 2014 saw the bank receive severe backlash for changing its customer terms of service to allow the bank contact customers in any manner it chose, including deliberately deceiving customers with fake phone caller IDs.
Conclusion On Top 10 Most Popular Banks In USA 2020.
With over 7000 banks operating in the US, it is not surprising that the bar for banking in the country is quite high. The banks that feature on this list are quite popular among bank users in America for so many reasons ranging from best customer experience, user-friendly apps and so on. These banks have maintained their visibility to consumers which is why quite so many bank users gravitate towards them. Also, these banks are among the best in the world and are the most used banks in America.
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