Texans: Is it time to switch banks?
The state department of banking recently released a list of the state’s top banks by asset size. Some are homegrown — several Dallas-based banks made the list, for instance, along with established giants like San Antonio-based USAA — while others do business nationally. Size isn’t everything, but it’s still as good a time as any to think about a change. Here’s a roundup of some of the top contenders.
- JP Morgan Chase Bank
JP Morgan Chase Bank is among the United States’ biggest banks by asset size, so it’s no surprise it’s dominant in Texas. You’ll find dozens of Chase branches in major Texas cities like Houston and Dallas, along with regional hubs like Waco and San Angelo, all heralded by Chase’s signature blue logo.
- Bank of America
Bank of America is another behemoth that apparently loves serving Texans. Like Chase, Bank of America offers a vast range of consumer banking services, from low-fee checking accounts to credit cards.
- USAA Federal Savings Bank
USAA Federal Savings Bank is San Antonio-based USAA’s consumer banking division. Though reserved for military and civil service members and their immediate families, membership is a great deal if you can get it — and Texas’s higher-than-average military population ensures many locals qualify.
- Wells Fargo
San Francisco-based Wells Fargo might not have hometown cachet, but that doesn’t make it any less popular with Texans seeking no-drama checking accounts and credit cards without annual fees. Look for the distinctive red-and-yellow logo around town.
- Comerica Bank
Whatever Detroit-based Comerica Bank lacks in name recognition, it makes up in a commitment to old-fashioned customer service. It’s a great choice for business owners, too.
- Compass Bank
Houston-based Compass Bank is a major regional bank that earns high marks from devoted customers. One drawback: Frequent travelers won’t find many branches outside the southern United States.
- Frost Bank
Frost is a full-service bank that puts Texans front and center. Unlike most other banks listed here, Frost Bank doesn’t have much of a physical presence outside the Lone Star State.
- Texas Capital Bank
Although it’s best known as a financial resource for growing Texas businesses, Texas Capital Bank has plenty of checking and savings options for individuals and families too. Like Frost Bank, Texas Capital Bank is a true home state institution — and proof that everything, even your hometown bank, really is bigger in Texas.
The Best of the Rest…
These eight top banks are just the beginning. Farther down the list, you’ll find a host of Texas-based banks serving communities outside the Texas Triangle: places like El Paso, Amarillo, and McAllen, whose residents have little occasion to visit the state’s biggest cities (and certainly wouldn’t do so just to deposit a few checks).
All this variety means one thing: If you feel as if your bank isn’t really on your side these days, it’s easier than you’d think to make a switch. Financial institutions with the scale to serve you where you live and work, and the technology to streamline your money management needs, deserve careful consideration.
Who knows? By the time Texas releases its next digest of the state’s top banks, perhaps you’ll see your own bank on the list.
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Founder Dinis Guarda
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