The four largest banks in America, and why size matters

The largest bank in the United States is JPMorgan Chase, followed by Bank of America, Wells Fargo, and Citigroup. These four banks hold more assets than any others — meaning they control more money and have more branches nationwide. Size alone does not determine whether a bank is right for you, but it does affect what services they offer, how many locations you can visit, and what happens if something goes wrong with your account.

When people ask "what is the largest bank," they usually mean one of two things: which bank has the most money under its control, or which bank has the most customers. JPMorgan Chase leads on both counts. It operates roughly 4,700 branches across the country and serves millions of customers through checking accounts, savings accounts, credit cards, and loans.

The size of a bank shapes your experience as a customer. Larger banks typically have more ATMs you can use without paying a fee, more branches where you can deposit checks or speak to someone in person, and more online tools. They also have more complex systems, which can mean longer wait times on the phone and less personal attention to your account.

Key Takeaways

  • JPMorgan Chase is the largest U.S. bank by assets and customer count, followed by Bank of America, Wells Fargo, and Citigroup.
  • Larger banks offer more branches and ATMs nationwide, but often have longer customer service wait times and less personalized service.
  • A bank's size does not determine whether it is safe — the FDIC insures deposits up to $250,000 at all banks, large or small.
  • Smaller regional banks and credit unions may offer lower fees and more personal service, even though they have fewer locations.

How bank size is measured

When financial experts rank banks by size, they look at total assets — the sum of all money and property the bank owns or controls. JPMorgan Chase has roughly $3.7 trillion in assets. That number changes as the bank grows or shrinks, so the exact figure varies from year to year and quarter to quarter.

Assets include customer deposits, loans the bank has made, investments the bank holds, and the bank's own buildings and equipment. A bank with $3.7 trillion in assets is not sitting on $3.7 trillion in cash — most of that money is out working as loans or investments. The size ranking tells you how much financial power a bank wields, not how much cash it has on hand.

You might also hear banks ranked by number of customers or number of branches. JPMorgan Chase leads there too, but the rankings can shift depending on which measure you use. A smaller bank might have very loyal customers who rarely leave, while a large bank might have many customers who use it only for one service.

What large banks offer that smaller ones may not

The biggest banks have the resources to build nationwide networks. If you move from one state to another, you can often keep your JPMorgan Chase or Bank of America account and visit a branch in your new city. You can withdraw cash from thousands of ATMs without paying an out-of-network fee. You can call customer service 24 hours a day, seven days a week.

Large banks also offer a wider range of products under one roof. You can open a checking account, get a credit card, take out a mortgage, invest in stocks, and buy insurance — all from the same bank. This convenience appeals to people who want to manage their money in one place.

The trade-off is that large banks often charge higher fees and pay lower interest rates on savings accounts. They may require higher minimum balances to avoid monthly charges. Their customer service, while available around the clock, may route you through automated systems before you reach a person.

Why a bank's size does not determine whether your money is safe

Many people assume that larger banks are safer because they have more money. That is not how bank safety works. All banks — large and small — are insured by the Federal Deposit Insurance Corporation (FDIC), a government agency. The FDIC guarantees that if a bank fails, your deposits up to $250,000 are protected.

This protection applies equally whether you bank at JPMorgan Chase or at a small community bank with one branch. The FDIC does not care about the bank's size. It cares only that the bank is FDIC-insured, which nearly all banks are. You can check whether your bank is insured by searching the FDIC's database on its website.

A large bank is not more likely to fail than a small one, and a small bank is not riskier just because it is small. Bank failures are rare in the modern United States, and when they do happen, depositors are made whole up to the insurance limit.

When a smaller bank or credit union might be the better choice

The largest banks are not the right fit for everyone. If you want lower fees, a smaller balance requirement, or a higher interest rate on savings, a regional bank or credit union may serve you better. Credit unions are member-owned financial institutions that often charge fewer fees and pay higher rates because they do not answer to shareholders.

Smaller banks and credit unions also tend to know their customers by name. If you have a question about your account or need a loan, you may speak to the same person each time. This personal relationship can matter if you are new to banking or if you have an unusual financial situation that does not fit a large bank's standard rules.

The downside is that smaller institutions have fewer branches and ATMs. If you travel frequently or move often, the convenience of a large bank's nationwide network may outweigh the cost savings of a smaller one. Some people solve this by using a large bank for checking and a credit union for savings, or vice versa.

How the largest banks got so large

JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup did not start as the four largest banks. They grew through mergers — one bank buying another bank and combining their customers, branches, and assets. JPMorgan Chase, for example, is the result of multiple mergers over decades. Each merger made the bank larger and gave it access to new customers and new regions.

Mergers happen because they can save money. When two banks merge, they can close duplicate branches, combine their technology systems, and reduce the number of employees doing the same job. The surviving bank becomes larger and often more profitable, but customers may see fewer local branches and less personalized service.

The largest banks are also subject to stricter rules from the Federal Reserve and other regulators. Because they are so large, a failure would harm the entire financial system. Regulators require them to hold more capital in reserve, stress-test their systems regularly, and report their activities in detail.

Frequently Asked Questions

Is my money safer at a large bank than a small one?

No. All FDIC-insured banks — large and small — protect your deposits up to $250,000 in the same way. Bank failures are rare, and when they happen, the FDIC makes depositors whole. You can check whether your bank is FDIC-insured by searching the FDIC's website.

Do the largest banks have the lowest fees?

Usually not. Large banks often charge higher monthly maintenance fees and require higher minimum balances. Smaller banks and credit unions frequently offer lower fees and no minimum balance requirements. Compare specific accounts rather than assuming size determines cost.

Can I use a large bank's ATM if I bank somewhere else?

Yes, but you may pay a fee. Most large banks charge $2 to $3 per out-of-network ATM withdrawal. Some banks waive this fee if you maintain a high balance or pay a monthly fee for premium checking. Credit unions often share ATM networks, so you can use another credit union's ATM for free.

What happens if JPMorgan Chase or another large bank fails?

The FDIC would step in and either arrange for another bank to take over the failed bank's deposits and branches, or pay out depositors directly up to $250,000 per account. This has happened only a handful of times in recent decades, and depositors were protected in each case.

Should I move my account to a larger bank?

That depends on what matters to you. If you value convenience, nationwide branches, and a wide range of services, a large bank may be worth the higher fees. If you want lower costs and personal service, a smaller bank or credit union may be better. Consider your own needs rather than assuming bigger is better.