I’m updating this post I first wrote in 2009 when reader simplesimon asked in a comment:
"I’m interested in seeing some sort of chart laying out what percentage of individuals in the USA bank where."
While I still can’t find any data on the number of customers or the number of accounts, I was able to find the total deposit dollars.
FDIC publishes a number of reports on banks. I compiled the following list from their report Top 50 Commercial Banks and Savings Institutions by Total Domestic Deposits. The latest data from FDIC were as of June 30, 2013.
Top 10 Banks In the US
|Bank||Deposits ($ billions)||Market Share|
|Bank of America||$1,019||10.8%|
|Total (6,949 banks)||$9,433||100%|
The numbers show that the banking industry in the United States is not as concentrated as in other countries. For instance according to one report the big five banks in Canada have a market share of 85%. Here the top 5 banks in the US only have a 37.5% share.
The total deposits include those from both retail customers and corporate accounts. If we assume companies tend to use large banks more than retail customers do, the market share of large banks among retail customers is probably lower than the numbers above.
Another interesting data point is the three largest banks are really large. Then it drops off sharply. The fourth largest bank by deposits is only 50% of the third largest. The fifth largest is again barely half the size of the fourth largest.
Top Banks In Your Area
The largest banks in the country are not necessarily the largest in your area. FDIC also provides market share data by metropolitan area. If you are interested, you can see which banks have the largest share of deposits in your area.
FDIC’s website doesn’t support direct links. You have to go to Summary of Deposits, then click on Deposit Market Share in the horizontal navigation bar.
I looked up Chicago as an example. The top three banks there are Chase, BMO Harris, and Bank of America. BMO Harris is the second largest in Chicago, but it’s outside of top 10 in the country.
What About Credit Unions?
Compared with the largest banks, credit unions are small. Navy Federal Credit Union is the largest credit union. With $40 billion in deposits, it would place as #35 or so on the list of largest banks by deposits. PenFed, the third largest credit union with $13 billion in deposits, wouldn’t be included in the top 50.
Reference: Summary of Deposits, FDIC
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