Banking in the United States

First Bank of the United States, the country's first central bank under the United States Constitution
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Banking in the
United States
Banking charters
Lending
Deposit accounts
Account insurance
Payment and transfer
Electronic funds transfer (EFT)

In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security.

The beginnings of the banking industry can be traced to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions.

As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. As of March 2024, there were 4,587 FDIC insured commercial banks and savings institutions in the U.S.[1]

  1. ^ "FDIC-Insured Institutions Reported Full-Year 2023 Net Income of $256.9 Billion and Fourth Quarter 2023 Net Income of $38.4 Billion | FDIC". www.fdic.gov. Retrieved May 14, 2024.