Comment by howunfortunate
5 days ago
Google tells me there are about 4.3k FDIC insured banks that operate in the US.
At what number would you consider this to be more than "very little competition"?
5 days ago
Google tells me there are about 4.3k FDIC insured banks that operate in the US.
At what number would you consider this to be more than "very little competition"?
I have lived in several European countries but not in the US. Maybe it is different there. The only clue in the post was HSBC, which is a British bank. This is why discussing this is so hard.
The European Union has tried to create a pan-European banking market for a long time without success. Banks are still a national business, even if banks themselves operate internationally you always do business with their local prescence. In theory you could keep your accounts in another country, in practice that is a massive headache.