Jackie Lavielle
Regional banks explained
Regional banks explained
Let me explain regional banks and how to find out which banks are in your area.
You know how there are big banks like Chase, Bank of America (BOA), Citibank, and Wells Fargo that have branches all over the country? Well, those are called major banks because they serve people from all different regions. They offer a wide range of banking services to customers all across the country.
But then there are these other banks called mid-tier regional banks. These banks are a bit different because they are only available in specific regions. They don't have branches everywhere like the major banks do. They focus on serving the people who live in their particular region. These regional banks often have some really good lending products, which means they can offer loans and other financial services that are tailored to the needs of the people in that specific area.
Finding out which banks are in your area is actually pretty easy! You can use a website called ibanknet.com/bankmap to see a list of banks and credit unions that have branches in your state. The list will show you the biggest banks first, and then the smaller ones. It's important to remember that some banks can still serve a state even if they don't have branches in that state. So, it's always a good idea to check online or visit the bank's website to see what services they offer.
Now, there are some people who like to maximize their banking options. They want to have relationships with different banks, including these mid-tier regional banks. Sometimes, if you want to open an account with a bank that is not available in your region, you might need to create what's called a foreign entity. This means you create a special type of business or organization in a different state that qualifies for banking with that specific bank. It's like having a passport instead of just a driver's license when showing your identification documents.
So, regional banks are banks that are limited to specific regions, and you can find out which banks are in your area by using a website like ibanknet.com/bankmap. If you want to have accounts with banks outside your region, you might need to create a special business entity and use a passport for identification.
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