The Bank of New York Mellon is the oldest continuously operating bank in the United States, founded in 1784

The Bank of New York Mellon (BNY Mellon) holds the title of America's oldest bank still in operation. Alexander Hamilton founded it on June 9, 1784, just after the Revolutionary War ended. It began as the Bank of New York and merged with Mellon Bank in 2007, keeping both names in the combined entity.

The bank opened its doors in New York City when the country was still figuring out how to function as an independent nation. Hamilton, who became the first Secretary of the Treasury, created it partly to help finance the new government and partly to serve merchants and traders in the city. That original purpose—moving money between parties and institutions—is still what BNY Mellon does today, though the scale and complexity have changed enormously.

Other banks claim older founding dates, but they either stopped operating or merged into other institutions and lost their original identity. The Bank of New York Mellon is the one that has kept going under some version of its original name for nearly 240 years.

Key Takeaways

  • The Bank of New York Mellon, founded in 1784 by Alexander Hamilton, is the oldest continuously operating bank in the United States.
  • The bank started as a way to help finance the new government and serve merchants moving money between accounts and cities.
  • BNY Mellon is now a global institution that handles trillions of dollars in transactions annually, mostly for other financial institutions and large investors rather than individual customers.
  • You can open a personal checking or savings account at BNY Mellon today, though the bank is better known for serving institutional clients than retail customers.

What BNY Mellon actually does now

Modern BNY Mellon operates in three main areas. The first is investment services—the bank holds and manages securities (stocks, bonds, and other investments) for pension funds, mutual funds, and other large investors. The second is asset management, where the bank invests money on behalf of clients. The third is treasury services, which means moving money between accounts for corporations and financial institutions.

Most of BNY Mellon's revenue comes from these institutional services, not from individual customers with checking accounts. The bank processes trillions of dollars in transactions every year, but those transactions usually happen between other banks, investment firms, and large corporations. When you deposit a check at your local bank, there is a good chance BNY Mellon's systems are involved somewhere in the chain that clears and settles that payment.

The bank does offer personal accounts—checking, savings, and money market accounts—but it is not primarily a retail bank. If you want to open an account with BNY Mellon, you can, but you will find fewer branch locations and fewer consumer-focused products than you would at a bank like Chase or Bank of America.

How the oldest bank survived wars, depressions, and recessions

The Bank of New York survived the Civil War, the Great Depression, the 2008 financial crisis, and every economic shock in between. It did this partly through conservative lending practices and partly through diversification. Rather than betting everything on one type of business, the bank moved into investment services and asset management, which provided income even when lending slowed.

The 2007 merger with Mellon Bank was itself a survival strategy. Mellon Bank, founded in 1869 in Pittsburgh, was struggling to compete as a regional bank. By combining with the Bank of New York, both institutions gained scale and access to each other's client bases. The merged entity became strong enough to weather the 2008 financial crisis, though it did accept government support through the Troubled Asset Relief Program (TARP) like many large banks did.

The bank's longevity also reflects the fact that it adapted its business model as the financial system changed. In the 1800s, it was a traditional commercial bank lending to merchants. By the 1900s, it was moving into investment services. Today, it is primarily a custodian and processor of financial transactions, which is a more stable business than traditional lending.

The difference between the oldest bank and the first bank

The distinction matters because several banks claim to be "first" in some category. The First Bank of the United States, also founded by Alexander Hamilton in 1791, was technically the first national bank, but it ceased operations in 1811 when Congress did not renew its charter. The Bank of Massachusetts, founded in 1784 (the same year as the Bank of New York), also still exists but operates as part of a larger institution.

The Bank of New York Mellon is the oldest because it has operated continuously under some version of its original name and charter. It never closed, never lost its charter, and never disappeared into another institution's identity. That unbroken chain of operation is what makes it the oldest.

Other banks may have older founding dates if you count institutions that no longer exist or that merged and changed their names entirely. But if you are looking for a bank that opened its doors in the 1700s and is still opening them today, the Bank of New York Mellon is the answer.

How to open an account at the oldest bank in America

You can open a personal checking or savings account at BNY Mellon through their website or by visiting a branch location. The process is similar to opening an account at any other bank: you provide identification, a Social Security number, and initial deposit information. The bank will run a background check through ChexSystems, which is the standard verification system for bank accounts.

BNY Mellon has fewer physical branches than larger retail banks, so you may need to bank primarily online or by phone. The bank offers mobile banking, online bill pay, and access to ATMs through its network. If you need frequent in-person service, you will want to check whether there is a branch location near you before opening an account.

The bank's checking accounts come with different tiers and fee structures depending on your balance and account type. Some accounts have monthly maintenance fees, while others waive fees if you maintain a minimum balance or set up direct deposit. Review the current fee schedule on BNY Mellon's website, as these terms change periodically.

Why the oldest bank matters less than you might think

The fact that a bank is old does not tell you whether it is a good choice for your account. Age is a sign of stability and survival through multiple economic cycles, which is valuable. But it does not mean the bank offers the best rates, the lowest fees, or the most convenient service for your situation.

A newer bank or a credit union might offer better interest rates on savings accounts or lower checking account fees. A larger retail bank might have more branch locations near you. An online-only bank might have fewer fees and higher yields on savings. The oldest bank in America is a historical fact, but your choice of where to keep your money should be based on what works for your needs and your location.

BNY Mellon's strength is in institutional services and large-scale money movement. If you are an individual looking for a checking account, you have many options that might serve you better. If you are a pension fund or a large corporation, BNY Mellon's 240-year track record and global infrastructure are significant advantages.

Frequently Asked Questions

Can I use BNY Mellon for everyday banking?

Yes, you can open a checking or savings account and use it for everyday transactions. However, BNY Mellon is not primarily a retail bank, so you may find fewer branches, fewer ATMs, and fewer consumer-focused products than at larger retail banks. If you live in or near New York City, you will have better access to physical locations.

Does the age of a bank matter for the safety of my money?

Age is one indicator of stability, but what actually protects your money is FDIC insurance, which covers up to $250,000 per depositor per bank. This protection applies to all FDIC-insured banks, whether they are 240 years old or 2 years old. BNY Mellon is FDIC-insured, so your deposits are protected at the same level as any other insured bank.

Why is BNY Mellon not as well-known as Chase or Bank of America?

BNY Mellon operates mostly behind the scenes, processing transactions for other financial institutions and managing investments for large clients. Chase and Bank of America focus heavily on retail customers with checking accounts and mortgages, so they spend more on consumer marketing. You are less likely to see BNY Mellon commercials because they are not trying to attract individual customers the way those banks are.

What happened to the original Bank of New York building?

The original Bank of New York building, located at 48 Wall Street in New York City, still stands and is now a historic landmark. BNY Mellon's headquarters moved to other locations as the bank grew, but the original building remains as a reminder of the bank's founding in 1784.