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Top US Banks

Date Added: December 06, 2010 03:31:36 PM
Due to so many banks that have been failing in the United States within the past few years, as well as elsewhere around the world, many consumers are seeking new financial institutions in which to deposit their money safely. While the Federal Deposit Insurance Corporation, FDIC, does insure up to $250,000 per depositor per type of deposit account per category, there are still worries that banks will fail tying up cash while all the government red tape is dealt with. When looking for top US banks, most people want a guarantee that the financial institution is financially sound with available liquidity of funds. However, some people consider top US banks in terms of convenience, customer service, availability of other financial products such as loans and CDs, and of course high yield interest rates on deposits.

Ten Largest US Banks

In terms of size, the top ten US banks are listed in terms of assets. Those figures, to the lay person, would be a bit misleading because they are listed by the thousands. Therefore, as an example, bank #10 has assets listed as 350,102,255 but when multiplied by $1,000 the amount is really $350,102,255,000 ($350+ billion and not $350+ million). With that in mind, following are the top ten US Banks in terms of assets:

1. BANK OF AMERICA CORPORATION     $2,341,160,426
2. JPMORGAN CHASE & CO     $2,141,595,000
3. CITIGROUP INC.     $1,983,280,000
4. WELLS FARGO & COMPANY     $1,220,784,000
5. GOLDMAN SACHS GROUP, INC.     $ 908,860,000
6. MORGAN STANLEY     $ 841,372,000
7. METLIFE, INC.     $ 617,254,340
8. TAUNUS CORPORATION     $ 389,993,000
9. BARCLAYS GROUP US INC.     $ 383,955,000

These figures were accurate as of September 30, 2010 as reported by the National Information Center which is part of the Federal Reserve. This list is updated quarterly and may change to some extent due to ongoing mergers and buyouts.

While this list should give consumers some peace of mind when choosing a bank that has stability, most consumers also want online access and extended or weekend hours. The best thing to do would be to visit their individual websites to see which one offers the rates, conveniences and financial products you are looking for. If you are concerned about customer service due to bad experiences with another financial institution, check out the multitude of online customer reviews. It is obvious that we are shell shocked after literally hundreds and hundreds of banks have folded since the crisis of 2008, but there are still financially stable top US banks out there that can be trusted with our business.