Finding Your Best Bank, Essay Example

JPMorgan Chase Bank

JPMorgan Chase Bank is one of the longest serving financial institutions in the United States. While its operations are mainly situated within the United States, the bank has conducts a considerable portion of its operations outside the United States in 60+ countries. The bank attracts some of the biggest corporations, business and multinationals in the world. JPMorgan Chase Bank concentrates its operations in investment banking, processing of financial transactions, private equity and asset management. The bank’s stock is also included in the Dow Jones Industrial Average.

Fifth Third Bank

Customer service: 1 (800) 676-5869

Credit card support: 1 (800) 782-0279

Headquarters: Cincinnati, OH

Fifth Third Bank solely operates within the United States and is located in 12 states;

1. Florida
2. Indiana
3. Missouri
4. Tennessee
5. North Carolina
6. Ohio
7. Kentucky
8. West Virginia
9. Illinois
10. Georgia
11. Michigan
12. Pennsylvania

Fifth Third Bank offers a wide range of services and serves numerous customers within the 12 states of its operations. These include federal funds line of credit, escrow management, cashiering services, bankers’ acceptances for exports, ACH collections and payments, asset securitization, asset-based lending and ATM automation services.

CME Federal Credit Union

CME Federal Credit Union is one of the largest credit unions within the Columbus County. The credit union offers all the fundamental services offered by most financial institutions. This includes Online Banking, Mobile Banking, Overdraft Protection, Merchant Services, Safe Deposit Boxes and planning insurance, investments and financial guard.

Considering my current financial position, the best financial institution would be CME Federal Credit Union. This is mainly due to the size of the financial institution, relative to the other two financial institutions. CME Federal Credit Union offers some of the best interest rates on their loans, and savings account, specifically tailored for individuals and small businesses.

The bank currently offers one of the most competitive rates in the market in the form of the “Great 2 Save” savings account. This account allows for the bank’s clients can direct funds deposited into a one-year CD. Upon maturity, clients can choose to re-invest the total balance into another CD or alternatively opt to cash-in. This package has an interest rate of 1.01%.

References

CME Federal Credit Union. (2014, September 15). Savings Accounts. Retrieved November 18, 2014, from CME Federal Credit Union: https://cmefcu.org/savings/savings-accounts

Fifth Third Bank. (2014, May 10). About Fifth Third. Retrieved November 18, 2014, from Fifth Third Bank: https://www.53.com/about/

Internal Revenue Service. (2014, August 19). Topic 403 – Interest Received. Retrieved November 18, 2014, from IRS: http://www.irs.gov/taxtopics/tc403.html

JPMorgan Chase & Co. (2014, November 10). About Us. Retrieved November 18, 2014, from JPMorgan Chase & Co.: http://www.jpmorganchase.com/corporate/About-JPMC/about-us.htm