Banks that operate nationwide versus regional banks
A nationwide bank is one with branches or ATMs across all 50 states, or one that serves customers everywhere through online and phone banking. The largest nationwide banks include Bank of America, Wells Fargo, Chase, Citibank, and US Bank. These institutions have physical locations in most states and accept deposits and process transactions from anywhere in the country.
Most other banks are regional — they operate in a handful of states or a single region. A regional bank might have 200 branches across the Southeast but no presence in the West. This matters if you move, travel frequently, or want to deposit checks at a physical location near you.
Online-only banks like Ally, Charles Schwab Bank, and Discover Bank have no physical branches anywhere, but they serve all 50 states through their websites and apps. They typically offer higher interest rates on savings accounts because they have no branch costs to cover.
Key Takeaways
- Bank of America, Wells Fargo, Chase, Citibank, and US Bank have branches in all or nearly all 50 states.
- Regional banks operate in fewer states but may offer better customer service or lower fees in their home region.
- Online banks serve all 50 states but have no physical branches, which can be a problem if you need to deposit cash or speak to someone in person.
- Nationwide banks charge higher fees on average than regional or online banks, but offer more locations and services.
- Your choice depends on whether you need physical branches, how often you travel, and what services matter most to you.
The five largest nationwide banks and what they offer
Bank of America operates roughly 4,300 branches across all 50 states and has over 15,000 ATMs. It offers checking, savings, credit cards, mortgages, and investment services. Monthly maintenance fees range from $0 to $12 depending on the account type, and you can waive them by keeping a minimum balance or setting up direct deposit.
Wells Fargo has about 4,700 branches nationwide and over 13,000 ATMs. It provides the same core services as Bank of America — checking, savings, loans, and wealth management. Wells Fargo checking accounts typically charge $10 per month but waive the fee if you maintain a $500 minimum balance or receive direct deposit.
Chase (JPMorgan Chase) operates roughly 4,800 branches in all 50 states and over 16,000 ATMs. Chase is known for its rewards credit cards and checking accounts with no monthly fees if you maintain a $500 balance or set up direct deposit. It also offers investment and mortgage services.
Citibank has about 2,200 branches, concentrated in major cities and coastal states, though it serves all 50 states through online banking. Citi checking accounts have no monthly fee if you maintain a $1,500 minimum balance. Citibank is stronger in urban areas than rural ones.
US Bank operates roughly 3,000 branches across all 50 states and over 5,000 ATMs. US Bank checking accounts charge $6 to $15 per month depending on the account, with fee waivers available through direct deposit or minimum balance requirements.
Regional banks that serve multiple states
Regional banks often have lower fees and more personalized service than the largest nationwide chains. PNC Bank operates in 17 states across the Midwest and Northeast. SunTrust (now Truist) serves the Southeast and Mid-Atlantic. Fifth Third Bank covers the Midwest and South. KeyBank operates in the Northeast and Midwest.
Regional banks typically offer checking and savings accounts with lower or no monthly fees, especially if you maintain a modest minimum balance. They may also have better rates on savings accounts than the largest banks. The trade-off is that you cannot walk into a branch if you move to a state where they do not operate.
If you live in a state where a regional bank is strong, it often makes sense to bank there rather than with a nationwide chain. You will have more branch locations nearby, faster customer service, and potentially lower fees.
Online banks that serve all 50 states
Online banks have no physical branches but operate in all 50 states and often internationally. Ally Bank offers checking and savings accounts with no monthly fees and higher interest rates than most brick-and-mortar banks. Ally has no ATM network of its own but reimburses ATM fees charged by other banks.
Charles Schwab Bank is an online bank tied to the investment firm Charles Schwab. It offers checking with no monthly fees, no minimum balance, and unlimited ATM fee reimbursement worldwide. It is a good choice if you already use Schwab for investing.
Discover Bank offers online checking and savings with no monthly fees and competitive interest rates. Discover has its own ATM network but also reimburses fees at other ATMs. Customer service is available by phone and chat 24/7.
Online banks work well if you rarely need to deposit cash, do not mind managing your account through an app, and want higher interest rates. They are not ideal if you need to deposit checks frequently or prefer speaking to someone in person at a branch.
How to choose between nationwide, regional, and online banks
Start by asking whether you need physical branches. If you travel frequently, move often, or like to deposit cash in person, a nationwide bank or a strong regional bank in your area makes sense. If you rarely visit a branch and manage everything online, an online bank will save you money through higher interest rates and lower fees.
Check the monthly maintenance fee for each account type you are considering. Many nationwide banks waive fees if you maintain a minimum balance (usually $500 to $1,500) or set up direct deposit. Online banks almost never charge monthly fees. Regional banks often have lower minimums and fees than nationwide chains.
Compare ATM access. Nationwide banks have the most ATMs. Online banks reimburse ATM fees but may not have their own network. Regional banks have ATMs only in their service area. If you travel or live in a rural area, nationwide bank ATM access matters.
Look at interest rates on savings accounts. Online banks typically pay 4% to 5% on high-yield savings accounts, while nationwide banks pay closer to 0.01% to 0.05%. If you keep money in savings, the difference adds up over time.
What happens if your bank fails
All banks mentioned here are insured by the Federal Deposit Insurance Corporation (FDIC). This means your deposits up to $250,000 per account type are protected if the bank fails. You do not lose money — the FDIC pays out or transfers your account to another bank.
FDIC coverage applies to checking, savings, and money market accounts. It does not cover investment accounts, stocks, or bonds held at the bank. If you have more than $250,000 in one account type at one bank, consider splitting the excess across another bank or account type to stay fully covered.
Frequently Asked Questions
Can I use my nationwide bank's ATM in another country?
Most nationwide banks charge a foreign transaction fee (usually 1% to 3%) and an ATM fee ($2 to $5) when you withdraw cash abroad. Some checking accounts waive these fees if you maintain a high balance. Online banks like Charles Schwab reimburse ATM fees worldwide, making them cheaper for international travel.
What if I move to a state where my regional bank does not operate?
You can keep your account open and manage it online, but you will lose access to physical branches. Most people switch to a bank that operates in their new state. You can open a new account and transfer money between banks in a few business days.
Do online banks offer credit cards or loans?
Some do. Ally Bank and Discover Bank both offer credit cards. Charles Schwab Bank does not. Online banks typically do not offer mortgages or auto loans, though some partner with lenders to refer customers. For loans, you usually need to go to a traditional bank or credit union.
Is it safe to bank online?
Yes. Online banks use the same encryption and security standards as brick-and-mortar banks. Your account is FDIC-insured the same way. The main risk is your own password — use a strong, unique password and enable two-factor authentication.
Can I have accounts at multiple banks?
Yes. Many people keep a checking account at a nationwide bank for branch access and a savings account at an online bank for higher interest rates. Just remember that FDIC coverage is $250,000 per account type per bank, so split large balances across banks if needed.