According to the 2017 Summary of Deposits report issued by the FDIC, JPMorgan Chase Bank toppled Bank of America’s previous standing as the largest U.S. bank. Having total assets of $2.6 trillion, Chase was already at the top of the asset category among banks in the United States and is in a position to offer a larger number of loans and financial products to its customers. It was the influx of customer deposits over the last year, however, that allowed Chase Bank to claim a new distinction: largest U.S. bank by deposits.
With $1.3 trillion in customer deposits, it’s obvious that Chase is a customer favorite. Find out what six features make Chase Bank stand out above the rest of the largest U.S. banks.
What Is the Largest Bank in the U.S.?
Although Chase Bank is now the largest bank in the U.S. in terms of deposits, its status can change each year. The FDIC monitors deposits of over 5,700 U.S. banks and savings associations and publishes its annual Summary of Deposits report. For this year, however, Chase remains on top.
Here are the features that make Chase Bank so popular with its customers:
1. Lower Fees
In addition to waiving monthly maintenance fees when using direct deposit or maintaining the minimum balance requirements, Chase provides customers with lower fees on many of its other services when compared with the fees of its competitors.
For example, Chase’s overdraft fee is $34 while PNC bank charges $36. Customers who use a non-network ATM can expect a $2.50 charge from Chase but a fee of $3 from TD Bank. Additionally, Chase only charges $12 for a returned item but U.S. Bank charges $19. Lower fees mean you keep more of your money.
2. High Card Rewards
The J.D. Power 2017 Credit Card Satisfaction Study revealed that 44 percent of older cardholders switch their cards to get a better reward. As one of the largest commercial banks, Chase is able to offer its customers a selection of rewards credit cards. Here are a few of the top rewards credit cards offered by Chase:
- Chase Freedom Unlimited: Earn 1.5 percent cash back on every purchase with no limits.
- Chase Sapphire Preferred: Earn 2x points for vacationing and eating out.
- United MileagePlus Explorer: Earn airline miles for every purchase, and receive priority boarding and one free checked bag.
- The Hyatt Credit Card: Points earned with this card can be redeemed for one free night’s stay per year at any Hyatt hotel.
3. Attractive Sign-Up Offers
Another feature among the biggest U.S. banks is attractive sign-up offers. Chase doesn’t disappoint with its $200 new checking and $150 new savings bonuses. For a more sophisticated checking experience, consider opening a Chase Premier Plus checking account, and receive a $300 bonus when you meet the criteria.
For students between the ages of 17 and 24, Chase offers a $50 sign-up bonus with Chase College Checking. In comparison, Wells Fargo and U.S. Bancorp don’t offer any bonuses with student checking accounts, and Citigroup doesn’t offer student checking at all.
4. Online and Mobile Banking
The J.D. Power 2017 Credit Card Satisfaction Study states that cardholders’ satisfaction is increasingly dependent on credit card issuer websites and mobile features. The study goes on to reveal that customers are the most satisfied when they have access to both online and mobile banking versus just one or the other. Chase offers both, providing consumers with 24-hour access to their accounts.
Check Out: 15 Best Mobile Banking Apps and Services
5. Large Number of ATMs
When you’re not within close proximity to one of Chase’s 5,100 nationwide branches, you’re sure to find a Chase ATM nearby. As one of the largest banks in the America, Chase offers customers access to over 16,000 ATMs, which beats Wells Fargo by 3,000 and PNC by 7,000. Chase ATMs provide customers with a convenient way to get cash after hours, deposit checks, get account balances and pay Chase credit card bills.
6. Customer Service 24/7
Although customers can access their accounts anytime using the bank’s website or mobile app, there are situations when it’s best to speak with a customer service representative. Top banks, like Chase, provide customer service by telephone 24/7. Consumers can use the automated system to do their banking, or press “0” to talk to a specialist who can answer questions or help with an account.
Another Top Ranking for Chase
In addition to ranking at the top of banks by total assets and deposits, Chase also leads in bank market capitalization. Statista lists JPMorgan Chase as No.1 in 2017 with $311 billion in market capitalization, which tops Wells Fargo at $268 and HSBC at $165.
With its financial achievements and commitment to providing the best in banking products and services, it’s no wonder Chase is a favorite among consumers.
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