You might imagine tight membership criteria that keep you on the outside looking in when you think about credit unions. While that could be the case for some, the most significant credit unions offer open admissions policies and flexible prerequisites.
Although New York City is an important financial center, there are other places where you may discover excellent banking services. Which Empire State bank or credit union is best for you? Here are the top 4 banks and credit unions in New York.
Top 4 banks and credit unions in New York
The finest banks excel in terms of clientele relations. Rankings for banks in the tri-state region of New York, which includes banks in New York state, are included in the J.D. Power 2022 Retail Banking Satisfaction Study [1]. Out of a potential 1,000 points, the average Customer Satisfaction Index score for the area was 648.
Discover
Although Discover is an online bank, support is available via social media or a 24-hour customer care line. And acquiring money won’t be a problem for you. Discover has partnered with two national ATM networks to provide free cash withdrawals at more than 60,000 locations.
Chase
Chase stands apart in terms of accessibility. It has more than 4,700 locations nationwide, including more than 600 in New York. Additionally, it features highly regarded mobile apps and more than 16,000 ATMs. There are several checking choices with Chase. There is a monthly cost for the most basic, but it is simple to avoid.
M&T bank
Regional bank M&T has a strong presence in New York, particularly close to Buffalo, Rochester, and Syracuse. You may also get coverage in states like Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and Washington, D.C. if you’re not close to home. You can also use the app for banking operations.
PenFed Credit union
Most of PenFed’s chapters are near military installations, such as West Point. However, membership is open to anybody. You may join by opening a savings account and making a minimum $5 deposit.
What Percentage of Credit Unions in the United States?
There are 5,098 credit unions in the United States, according to the NCUA. There were 110 fewer people overall at the same time last year. The average asset size of a credit union is $286 million. (In contrast to the average U.S. bank’s $3.5 billion.)
The average amount of assets managed is $35 million. (In contrast to the median bank’s $230 million.) Holy Trinity Baptist Credit Union has $21k in total assets and is the smallest credit union.
Four different bank types in New York
There are several sorts of banks in New York. The categories of financial institutions most frequently used to provide banking services in the state are listed below.
National Banks
National banks frequently have brick-and-mortar branches throughout numerous states. National banks are well-known commercial, financial institutions across the United States.
Local Banks
Local banks are midsize financial organizations that often limit their branch locations to a single geographic area, such as the mid-Atlantic or the New York metropolitan area surrounded by two adjacent states.
Online banks
Customers of the online banks that serve New York can reside almost anywhere in the United States. They are not present physically in the Empire State or any other state.
Community Banks
Community banks serving limited geographic areas in the United States make up most banks. Most of the deposits are made by locals, and many loans are distributed to local people and businesses.
Which one is better, Banks vs. Credit Unions?
When choosing where to open your financial accounts, you may need help deciding whether to choose a bank or a credit union. Nowadays, the convenience differences between the two are less, mainly if the credit union you’re considering offers outstanding online services and is a part of a cooperative that gives you access to branches and ATMs around the country. Additionally, banks and credit unions provide insurance that the federal government backs to protect your funds.
Conclusion
Free checking accounts, competitive rates on deposit products, and more individualized customer service are just a few of the perks credit unions are renowned for providing. The safest bank is not identified by a single attribute but rather by a combination of features. Asking plenty and lots of questions is the key to protecting your finances. Ask bank staff if you need help finding the answer online. Try another bank if they don’t appear eager to respond to your inquiries.
