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Major U.S. Banks: Banks Newcomers Commonly Use and How to Open an Account

If you live in the U.S., opening a bank account is usually one of the first things you do after you arrive. The U.S. banking system is different from those in other countries, and the bank you choose directly affects your daily life, so it's important to understand the main U.S. banks and what they offer. In this article we introduce the top banks in the U.S., plus several banks popular with Asian communities, to help you choose the one that suits you best.

1. JPMorgan Chase

JPMorgan Chase is one of the largest banks in the U.S. and offers a full range of financial services, including savings and checking accounts, loans and credit cards. Chase has branches and ATMs across the country, plus convenient mobile and online banking, which makes it a great fit if you're used to doing things digitally.

2. Bank of America

Bank of America is another large bank, with more than 5,000 branches, offering a wide range of financial products including credit cards, mortgages and insurance. For new immigrants, Bank of America offers banking services that are simple and easy to understand, and it has Chinese-speaking customer service.

3. Wells Fargo

Wells Fargo is one of the major banks in the U.S. and offers comprehensive financial services, from bank accounts and credit cards to investments and loans. Its strength is its nationwide branch network, which makes banking convenient wherever you are in the country.

4. Citibank

Citibank is one of the world's best-known bank brands, and it has branches across the U.S. It offers a variety of deposit, loan, credit card and investment services. Citibank also has a strong online banking system, so you can do your banking anytime, anywhere.

5. U.S. Bank

U.S. Bank is the fifth-largest bank in the U.S. and offers plenty of choices, from savings accounts to loans and credit cards. U.S. Bank also has a range of account options suited to new immigrants, and it offers service in Chinese to help Chinese-speaking customers understand and manage their accounts.

6. CTBC Bank USA (from Taiwan)

CTBC Bank is one of Taiwan's large banks and is quite popular in Chinese-speaking communities in the U.S. CTBC offers a variety of services, including checking accounts, savings accounts, credit cards and loans, and it supports service in Chinese, which is very convenient for Chinese speakers.

7. Hana Bank (from Korea)

Hana Bank is very popular in Korean communities in the U.S. and offers financial services including checking accounts, savings accounts and loans. Hana Bank supports service in Korean and English, and it offers dedicated services for Koreans and other Asian customers.

8. East West Bank (Chinese-American)

East West Bank is one of the major Chinese-American banks in the U.S., serving immigrants from China and other Asian countries. It offers savings accounts, checking accounts, loans and other financial products, and it has branches in many areas with large Chinese communities.

9. BNY Mellon

BNY Mellon is one of the largest financial institutions in the world and offers a wide range of financial services in the U.S., including asset management, investment banking, savings and loans. BNY Mellon focuses more on high-end financial services and suits customers who need more specialized service.

10. SunTrust Bank

SunTrust Bank (now merged with BB&T to form Truist) is a large U.S. bank offering savings, checking accounts, loans, investments and other services. Truist puts the customer at the center of its service and offers convenient online banking.

How to choose the right bank

  1. Coverage: Depending on the city or area you live in, choose a bank with convenient branches and ATMs so it's easier to withdraw and deposit money.
  2. Account types: Different banks offer different types of accounts. Choose one that fits your needs (for example, a checking account, savings account or student account).
  3. Fees: Many banks charge account maintenance fees or ATM fees. Choosing a bank with lower fees can save you quite a bit.
  4. Service in your language: Some banks offer service in languages other than English. For newcomers this matters a lot, because it helps you avoid language barriers.

This article introduced ten major U.S. banks, including American banks and several banks popular with Asian communities. I hope it helps you choose the right bank, open your account without trouble and make the most of banking in the U.S.

I'm C.  I'm from Taiwan and now run a business in Los Angeles. When I first arrived, the challenges were everywhere! From the language barrier to culture shock, every small detail took me a long time to figure out. Those experiences taught me how to adapt quickly here, until I was in my element. I've put years of that experience on this site to help newcomers like me settle into life in the U.S. more easily and quickly. Whether it's moving here, finding a job or handling everyday tasks, you'll find plenty of practical shortcuts and solutions so you can skip the detours. I hope what I share helps you start your new life in America smoothly, with less effort and a lot more fun!

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