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"?
At what number would you consider this to be more than "very little competition"?
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.