Welcome to bank ratings - information for US savers
Every day on the news and in the newspapers we are hearing about the credit crunch. People are scared and are worried about their hard earnt savings in their bank accounts. Well we have tried to give a little information which might help you make the right decision regarding your own savings as we give you information on sites to visit in order to check your Bank rating and its strength rating. We also give a few tips on how to find out if your bank rating is generally good.
All we seem to hear about in the news at the moment is another bank closing here and there. With this on mind many people are wondering how safe is their money in a bank.
Well there are some things you can do
Firstly you can check your banks strength rating. This is valuable information at the best of times but right now in todays climate it has become crucial information.
ALWAYS check that your funds in your bank account are FDIC-Insured.
At this moment in time it would be crazy to put your money in any bank/building society or other financial institution that is not backed by the Federal Deposit Insurance Corporation.
Check your bank statements, terms and conditions that you got when you opened your account and/or check with your bank and make sure your funds are FDIC-Insured. Always ask what amount the account is insured for as well (FDIC-Insurance typically covers up to $100,000).
If your bank closes down and you have no FDIC insurance on your funds stored there, then your money could be gone for ever.
Always choose a Well established bank
If the well known banks will accept you, go with one of them - as opposed to a smaller less established one. Larger banks are much more likely to be FDIC insured as well - but make sure you double check this.
Remember this: NEVER EVER have a total of $100,000.00 in any single bank.
Check your bank ratings here
Bank Strength Rating Tool: How safe & sound is your bank?
BauerFinancials Bank Strength rating tool
Of course there are also private companies that provide their own bank ratings as well
These companies bank rating services are obviously not free
Disclaimer
All Information on this site 'free-bank-ratings.com' is for information purposes only and not intended to constitute professional advice as circumstances will vary from person to person. Information will not always be up to date and therefore cannot necessarily be relied upon. We strongly advise professional advice is sought before making financial decisions.