Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh financial decisions. Our columnist will give her verdict. Tell us whether you think she’s right in the comments. And please share your suggestions for future Financial Face-off columns by emailing our columnist at [email protected]
The face-off Consumers have been shaken up by the collapse of regional banks Silicon Valley Bank and Signature Bank. Many found themselves wondering if their money was safe, even if they weren’t customers of those institutions. In response to the crisis, people pulled their cash out of regional banks and moved to big national banks like Bank of America
BAC,
+0.63%,
which saw an influx of $15 billion in new deposits over a few days. J.P. Morgan
JPM,
-1.52%,
Citigroup
C,
-0.78%
and Wells Fargo
WFC,
-1.04%
also took in new customers. Are consumers better off parking their money in a big national bank or a smaller regional or community bank? For reference, the biggest banks in the U.S. by assets are J.P. Morgan ($3.2 trillion), Bank of America …