New York Banks

New York has been for long considered the financial capital of the world. Needless to say, it is also the primary banking capital that houses some of the world's top banks. Wall Street has played a pivotal role in transforming New York from a bankrupt city to the confident and wealthy metropolis it is today.

Let's briefly classify the various types of banks in the city:

Commercial banks: They offer checking accounts, accept deposits, saving accounts and 'deposit certificates'. Every account is insured upto a hundred grand and some of the banks also exchange currency and sell traveler's checks.

Savings and Loans: These are banks that mainly specialize in mortgaging and lending but some also offer other financial services.
Investment banks: They are mainly investment managers and deal makers that manage investment funds and raise capital for secure businesses. They are regulated by the Securities and Exchange Commission.

Foreign Bank Representatives: Some of the branches of foreign banks don't offer the full range of banking services but only deal with prominent corporates.

Some of the top banks in New York include CHASE MANHATTAN CORP, CITIBANK, JP MORGAN & CO, BANK OF AMERICA CORP, UNITED BANK, WELLS FARGO, BANK ONE CORP, UNION BANK, COMMERCE BANK, STATE STREET CORP

'Bank Of America' offers some good deals on Real Estate and Home Equity Loans while the 'United Bank' is more known for Commercial and Consumer loans. 'CitiBank' offers full Banking and financial services and many customers in our survey reported favorable experiences.

No banking discussion is complete with leaving a mention of The Federal Reserve Bank of New York, which is the biggest and most important bank. It accounts for most of the 'open market operations' and regulates gold storage and money supply.

All banks in New York come under the regulation of the Federal Reserve Bank which is the Central Banks of USA.