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20 Largest Banks in the US by Customers

In this article, we will look at the 20 largest banks in the US by customers. If you wish to skip our detailed analysis, you can go directly to 5 Largest Banks in the US by Customers

Banking Industry in the US: An Overview 

The failure of prominent US banks including Silicon Valley Bank (SVB), First Republic Bank (FRB), and Signature Bank (SBNY) has resulted in a continued increase in the short interest rate across the country. According to data by S&P Global Market Intelligence data, short loan value in terms of percentage of market capitalization went from 0.29% to 0.46% between January 1st, 2022 and March 10th, 2023.

One of the primary forces driving the banking industry through such unfavorable circumstances is the increase in the adoption of digital banking. Estimates by the Bank Administrative Institute Banking Outlook: 2024 Trends show that by 2026, bank customers will likely use online banking and other digital channels for 65% of their financial transactions. Furthermore, data from the FDIC National Survey of Unbanked and Underbanked Households revealed that more than 43% of consumers considered digital banking their primary route for financial transactions in 2021. With customers flocking to flexible and easily accessible digital channels for their financial needs, more and more financial institutions are embracing digital platforms. This increase in adoption has resulted in a snowball effect on market growth.

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Data from the Federal Reserve's report on the Economic Well-Being of U.S. Households 2022 revealed that 6% of families are unbanked, while 13% adults used money orders or nonbank check chasing, down by 3% from 2019. Moreover, 11% of adults with a bank account paid an overdraft fee in the prior 12 months. This number remained unchanged from 2021. You can also look at 25 Largest Banks in the World by Assets. 

Effects on Bank Account Ownership due to the COVID-19 Pandemic 

The COVID-19 pandemic ushered in a new age of digital banking adoption, but it also affected the status of bank account ownership across the globe. The FDIC National Survey of Unbanked and Underbanked Households inquired people about possible changes in their economic condition since the spread of the pandemic in March 2020, and to what extent such changes affected the opening or closing of their bank accounts. According to data collected by the survey, around 34.9% people opened a bank account since March 2020, primarily because they received a government benefit payment. Such benefit payments include pandemic stimulus payments, unemployment benefits, and others. On the other hand, around 21.2% of unbanked households, which comes up to about one in five people, closed a bank account since March 2020 because of reduced working hours, loss of a job, being furloughed, or experiencing a significant income loss. The number of people using banks across the United States thus experienced significant ups and downs due to the pandemic. 

Key Players in the Banking Industry 

The top 5 banks in the United States control 41.2% of the domestic market in terms of assets. According to data from the Federal Reserve Statistical Release, these top 5 banks in descending order of their consolidated assets are JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC), Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), and Goldman Sachs Group, Inc. (NYSE:GS) . Let us look into the top three banks in this list. 

According to data by the Federal Reserve Statistical Release, JPMorgan Chase (NYSE:JPM) reported $3.39 trillion in consolidated assets, and $2.65 trillion in domestic assets in 2023 in Columbus, Ohio. The bank serves millions of customers every year, most of them centered in the United States and other notable industrial, corporate, and governmental institutions across the globe. On February 6, Reuters reported that JPMorgan Chase (NYSE:JPM) is set to open 500 new bank branch locations across the United States by 2027. This plan is a part of the bank's most prominent expansion decision in recent years, and aims at increasing its popularity in areas where it is underrepresented. The new JPMorgan Chase (NYSE:JPM) branches are likely to open in Charlotte, Boston, Minneapolis, Philadelphia, and areas surrounding Washington D.C. This multi-billion dollar project is expected to expand the bank's number of customers served every year to new bounds. 

The Bank of America (NYSE:BAC) reported $2.54 trillion in consolidated assets, and $2.40 trillion in domestic assets in 2023 in Charlotte, North Carolina, according to data by the Federal Reserve Statistical Release. On March 6, Reuters reported that Bank of America (NYSE:BAC) made a new record by securing 644 patents across the United States in 2023. These numbers increased by 13% between 2022 and 2023, primarily because of its increased focus on artificial intelligence, machine learning, and information security. Aditya Bhasin, BofA's Chief Technology and Information Officer, said that:

"Innovation is everybody's business - this is not a lab or some small group tucked away. We are thinking about how AI can be used to make us able to serve our clients better."

Erica, the virtual assistant for The Bank of America (NYSE:BAC), also uses patented technology to boost customer experience. It alerts customers about their spending habits, and also sends out reminders of recurring transactions. 

Wells Fargo & Co. (NYSE:WFC) is the third most prominent player in the banking industry. It reported $1.73 trillion in consolidated assets and $1.70 trillion in domestic assets in 2023 in Sioux Fall, South Dakota. On March 14, Wells Fargo & Co. (NYSE:WFC) reported that the company is set to join hands with ICON to fund the global architecture competition for building houses for the under-housed. The Wells Fargo Foundation announced that it would support the initiative with $500,000 in grant funding to ensure that designed houses are built at the Community First! Village. All these houses will be valued at under $99,000 or less.

Now that we have taken a look at the banking industry in the US, let's look at the 20 largest banks in the US by customers. You can also go to 20 Largest Banks in The World by Market Cap and 25 Largest Banks in the US by Total Deposits. 

20 Largest Banks in the US by Customers
20 Largest Banks in the US by Customers

20 Largest Banks in the US by Customers

Our Methodology 

To compile a list of the 20 largest banks in the US by customers, we have used the number of customers as the primary and sole metric. We have acquired the preliminary list by taking into account total domestic deposits per year from data put together by the Federal Deposit Insurance Organization. We then rearranged the list by finding the number of customers each bank served per year from their official websites. It is important to note that these statistics are subject to change at the discretion of the banks. For the banks that did not offer information about their total number of customers, we have considered their total deposits as per data from the Wall Street Journal. The list of the 20 largest banks in the US by customers is arranged in ascending order based on the number of customers served. If you want to read more about the largest banks in the world, you can look at 25 Largest Banks in the World by Assets. 

20 Largest Banks in the US by Customers 

20. Huntington Bancshares Incorporated (NASDAQ:HBAN)

Total Deposits as of 2023: $151.23 billion 

Huntington Bancshares Incorporated (NASDAQ:HBAN) ranks 20th on our list of the 20 largest banks in the US by customers. It reported more than $153.23 billion in total domestic deposits in 2023. Huntington Bancshares Incorporated (NASDAQ:HBAN) also reported $188.73 billion in consolidated assets and $188.73 billion in domestic assets in Columbus, Ohio, in 2023, according to estimates by the Federal Reserve Statistical Release. 

19. State Street Corporation (NYSE:STT)

Total Deposits as of 2023: $220.97 billion

State Street Corporation (NYSE:STT) operates as a financial company specializing in asset management and investment. State Street Corporation (NYSE:STT) reported $220.97 billion in total deposits in 2023, ranking it 19th on our list. 

18. M&T Bank Corporation (NYSE:MTB)

Total Deposits as of 2023: $163.27 billion 

With total domestic deposits reaching $163.27 billion, M&T Bank Corporation (NYSE:MTB) ranks 18th on our list. M&T Bank Corporation (NYSE:MTB) reported $207.77 billion in consolidated assets, and the same amount in domestic assets in Buffalo, NY, in 2023. 

17. The Bank of New York Mellon Corporation (NYSE:BK)

Total Deposits as of 2023: $283.66 billion

The Bank of New York Mellon Corporation (NYSE:BK) reported $283.66 billion total deposits, according to data from the Wall Street Journal. The Bank of New York Mellon Corporation (NYSE:BK) reported $332.52 billion in consolidated assets and $249.15 billion in domestic assets in New York, NY, in 2023. 

16. Fifth Third Bancorp (NASDAQ:FITB)

Total Number of Customers: 1 million 

Fifth Third Bancorp (NASDAQ:FITB) has over 1 million customers, ranking it 16th on our list. Fifth Third Bancorp (NASDAQ:FITB) reported $168.91 billion in total deposits. The bank had 1,104 domestic branches and one foreign branch in 2023. 

15. KeyCorp (NYSE:KEY)

Total Number of Customers: 3 million 

With more than 3 million customers, KeyCorp (NYSE:KEY) ranks on our list. It has 978 domestic branches and no foreign branches as of 2023. According to data from the Federal Reserve Statistical Release, KeyCorp (NYSE:KEY) reported $185.89 billion in consolidated assets and $185.88 billion in domestic assets in 2023. 

14. Citizens Financial Group, Inc. (NYSE:CFG)

Total Number of Customers: 5 million

With around 1,068 domestic branches as of 2023, Citizens Financial Group, Inc. (NYSE:CFG) ranks 14th on our list of the 20 largest banks in the US by customers. Citizens Financial Group, Inc. (NYSE:CFG) reported $221.75 billion in consolidated assets and $221.75 billion in domestic assets in Providence, Rhode Island, in 2023. 

13. Ally Financial Inc. (NYSE:ALLY)

Total Number of Customers: 10.5 million 

Ally Financial Inc. (NYSE:ALLY) ranks 13th on our list with more than 10.5 million customers, as per the bank's website. Ally Financial Inc. (NYSE:ALLY) reported $186.11 billion in consolidated assets and $186.11 billion in domestic assets in Sandy, Utah, in 2023, as per estimates by the Federal Reserve Bank. 

12. Bank of Montreal (NYSE:BMO)

Total Number of Customers: 13 million 

Headquartered in Chicago, Illinois, Bank of Montreal (NYSE:BMO) ranks 12th on our list of the 20 largest banks in the US by customers, with around 13 million total customers. Bank of Montreal (NYSE:BMO) had 1,013 domestic branches and no foreign branches in 2023. 

11. Goldman Sachs Group, Inc. (NYSE:GS)

Total Number of Customers: 14 million 

With more than 14 million customers, New York-based Goldman Sachs Group, Inc. (NYSE:GS) ranks 11th on our list. According to data from the Federal Reserve Statistical Release, Goldman Sachs Group, Inc. (NYSE:GS) reported $521.10 billion in consolidated assets and $456.59 billion in domestic assets in New York, NY, in 2023. 

10. PNC Financial Services Group, Inc. (NYSE:PNC)

Total Number of Customers: 15 million 

PNC Financial Services Group, Inc. (NYSE:PNC) ranks tenth on our list of the 20 largest banks in the US by customers, with around 15 million customers, according to the bank's website. Headquartered in Pittsburg, Pennsylvania, PNC Financial Services Group, Inc. (NYSE:PNC) had 2,371 domestic branches in 2023. 

9. Morgan Stanley (NYSE:MS)

Total Number of Customers: 18 million 

Morgan Stanley (NYSE:MS) is headquartered in New York, NY, and ranks ninth on our list. It reported $209.00 billion in consolidated assets, and the same amount in domestic assets in Salt Lake City, Utah, in 2023. Morgan Stanley (NYSE:MS) has 65 domestic branches and no foreign branches as of 2023. 

8. Toronto-Dominion Bank (NYSE:TD)

Total Number of Customers: 27.5 million 

Toronto-Dominion Bank (NYSE:TD) served about 27.5 million customers, ranking it eighth on our list. Toronto-Dominion Bank (NYSE:TD) has 1,179 domestic banks and no foreign branches as of 2023. It reported $367.17 billion in consolidated assets and the same amount in domestic assets in Wilmington, DE, in 2023. 

7. The Charles Schwab Corporation (NYSE:SCHW)

Total Number of Customers: 35.1 million 

The Charles Schwab Corporation (NYSE:SCHW) ranks seventh on our list with around 35.1 million customers. As of 2023, The Charles Schwab Corporation (NYSE:SCHW) has 34.3 million active brokerage accounts, 1.8 million banking accounts, and 2.4 million corporate retirement plan participants. 

6. JPMorgan Chase & Co. (NYSE:JPM)

Total Number of Customers: 66 million 

Headquartered in New York, NY, JPMorgan Chase & Co. (NYSE:JPM) has around 4,905 domestic branches and 32 foreign branches as of 2023. It is the largest bank in the US in terms of assets, as it reported $3.39 trillion in consolidated assets and $2.65 trillion in domestic assets in Columbus, Ohio, in 2023. JPMorgan Chase & Co. (NYSE:JPM) ranks sixth on our list of the 20 largest banks in the US, with more than 66 million customers. 

Click to continue reading and find out about 5 Largest Banks in the US by Customers.

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Disclosure: None. 20 Largest Banks in the US by Customers is originally published on Insider Monkey.