National Australia Bank (NAB) has ranked first as the safest bank in Australasia and number 16 in the world, the Rankings of the World's 50 Safest Banks report from Global Finance has found.
A total of 415 banks across the globe made Forbes' final rankings in 2023, with Newcastle Permanent topping the tally for Australia. Newcastle Permanent Chief Distribution Officer, Paul Juergens, said while the accolade was a pleasant surprise, it was also well-earned.
Do no withdraw cash. Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. "It's not a time to pull your money out of the bank," Silver said.
The FDIC insures your bank account to protect your money in the unlikely event of a bank failure. Bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which is part of the federal government. The insurance covers accounts containing $250,000 or less under the same owner or owners.
A poll of bank customers has found AMP, Bank of China and Westpac are among Australia's least-trusted banks while Bendigo Bank, ING and RACQ Bank are some of the most trusted.
Headquartered in Sydney, Macquarie Bank is the largest Investment bank in Australia. Founded in 1969, the bank provides services in asset management and finance, banking, advisory, risk, and capital solutions across debt, equity, and commodities markets. Headquartered in Sydney, Macquarie Bank employs 13,597 staff.
Customer-owned banks also took out the top spots in the Forbes 2022 World's Best Banks list in Australia. Beyond Bank ranked first, followed by Heritage Bank, Greater Bank and Newcastle Permanent.
According to a survey conducted in 2020, Australia's banking customers were overall satisfied with their banks. During the survey period, Heritage Bank received the highest overall customer statisfaction rating at 872 out of 1,000.
Companies Considered Too Big to Fail
The Bank of New York Mellon Corp. Citigroup Inc. The Goldman Sachs Group Inc.
How many ATMs do the big banks have? Westpac shares a network of 2,917 ATMs with its sub-brands, St George Bank, Bank of Melbourne and BankSA as well as ME. ANZ Bank has 2,748 ATMs in Australia. Commonwealth Bank (with Bankwest) has the biggest ATM fleet of all the banks with 3259 ATMs now deployed.
Wells Fargo (WFC)
Nevertheless, it finds itself as one of the least likely financial institutions to fail.
If you plan to deposit a large amount of cash, it may need to be reported to the government. Banks must report cash deposits totaling more than $10,000. Business owners are also responsible for reporting large cash payments of more than $10,000 to the IRS.
If your bank fails, up to $250,000 of deposited money (per person, per account ownership type) is protected by the FDIC. When banks fail, the most common outcome is that another bank takes over the assets and your accounts are simply transferred over. If not, the FDIC will pay you out.