Money Center Banks

Money center banks look like regular banks...and act like regular banks...and yes, they even smell like regular banks...but they aren’t your normal bank. Money center banks are similar to common banks except that they lend to big companies, the government, and other banks. Not exactly your local credit union...

Since money center banks are where the money’s at, by definition, you’ll find them in major metropolitan areas, aka “big cities.” Wells Fargo, Bank of America, and JP Morgan are all money center banks...yep, the same ones whose names were in the headlines in 2008...why was that again? Oh yeah, the financial crisis. From lending and things. Got it.