Strong banks/weak banks (union, credit, financial, banking)

[xz2y]

How do I find a list of strong banks and weak banks. I may be relocating this summer and want to do research before setting up a new checking and savings account. Where is this information on the web?

[ivanabacowboy]

Whether the bank is "strong" or "weak" isn't exactly relevant so long as your deposits are in the range that is FDIC insured (up to $250K).

The FDIC doesnt publish a list of "bad banks". The best "list" you are going to find is one made up by some know-little-to-nothing on the internet which is potentially incorrect or spews a bunch of numbers and statistics the average consumer would not understand.

Tho I can tell you the Bank's I would avoid on principal if nothing else are the "big banks" (ie the Citi, Chase etc). Just my personal 2 cents.

There are a few "bank rating services" out there that are fairly reputable. Just google "bank rating services". The big 2 are Bauer Financial and Bankrate.

[las vegas drunk]

Originally Posted by xz2y

How do I find a list of strong banks and weak banks. I may be relocating this summer and want to do research before setting up a new checking and savings account. Where is this information on the web?

Here is the link....

Bankrate.com -- Safe & Sound (tm): Bankrate's free rating system for banks, thrifts, credit unions

[xz2y]

Thanks for the info. Needless to say, in today's economic climate, it's important to get as much information as possible before putting even a few thousand $$ in a bank account. I'm reading every day about smaller bank closures around the country. I realize that if they are FDIC protected, you will get your $$ out at some point, but what a hassle if your bank goes under. No small matter, from what I've read.

[grmasterb]

Originally Posted by xz2y

Thanks for the info. Needless to say, in today's economic climate, it's important to get as much information as possible before putting even a few thousand $$ in a bank account. I'm reading every day about smaller bank closures around the country. I realize that if they are FDIC protected, you will get your $$ out at some point, but what a hassle if your bank goes under. No small matter, from what I've read.

In the vast majority of cases the FDIC works out a deal whereby another bank assumes the deposits of the failed bank. The FDIC swoops in on Friday morning, and you have access to your deposits on Monday, although you are now a client of the assuming bank. There's really little cause for concern, so long as you keep you deposits within the limits.

[Dennis P]

Here's the website link for Bauer Financial:

Bank Ratings

Have you ever considered using a credit union instead of a bank? After being a credit union member for about a year, I don't think I could ever bank at a commercial bank again, especially the big players, such as Bank of America, Wells Fargo, Chase, etc.

[Timothylogan3]

Just a reminder friend, the banking business is a business that runs totaly on confidence. A banks confidence is its lifeline. Hence if things are terribly wrong on the banking sector the lasting thing they will do is tell you that things are wrong. For that to be exposed by a bank or any other institution, that things are bad, will be like pulling a gun and shooting mr bank on his head. The state wouldnt do that, unless it wants to kill whatever bank, and that is not possible. This is why the collapse of a bank is known at the very last minute of the day. Banks are highly geared businesses, having very little assets of their own. All of them are the same.

[njguy]

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