Banking in Cape Coral

[tjstrain]

I prefer to stay with the larger banks, more stabile and secure, plus when were traveling we can usually find branches in other states. Make sure their FDIC insured, and your not above the FDIC limits per each account. A close friend is in the banking business and said that there's a lot more smaller banks who are just hovering at the line where the GOV. goes in and shuts them down. Be Careful!

[Holiday Road]

Thank you to all of you that responded to my question. All have good suggestions. As I have funds in different banks when I presently live, I will probably do the same in CC. Thanks again, Cape Coral Citizens of City-Data.com are a friendly and helpful group.

[justNancy]

Originally Posted by tjstrain

I prefer to stay with the larger banks, more stabile and secure, plus when were traveling we can usually find branches in other states. Make sure their FDIC insured, and your not above the FDIC limits per each account. A close friend is in the banking business and said that there's a lot more smaller banks who are just hovering at the line where the GOV. goes in and shuts them down. Be Careful!

I know the OP already responded to comments, but I want to answer your post. I hope Holiday Road doesn't mind. This comment isn't directed at you, tjstrain, since you posted good advice. It's just that so many people panic when they hear about all the banks closing.

Although nobody wants to get a mortgage from or deposit money in a bank that is in trouble, I've done business with a few local banks that were seized by FDIC and not much happened, at least on my end. FDIC issues a cease & desist order and by Monday it's business as usual. Last year I used to check the [URL="http://www.fdic.gov/bank/individual/failed/banklist.html"]FDIC failed bank list [/URL]every Friday to see if my bank was added since so many FL banks are underfunded. When it failed I didn't lose a penny. The FDIC limit is $250,000 for an individual account, $500,000 for a joint account. Those limits cover about 98% of Americans. That amount can also be increased substantially by naming qualified beneficiaries. If you bank with a [URL="http://www.cdars.com/"]CDARS [/URL]member, you can insure millions using one bank.

Regarding the high number of bank failures, in the late 1980s when Reagan and Bush were in office, about 750 banks failed. During the S&L scandal, billions were lost in uninsured deposits. In 1989 alone, 534 banks were closed. The 2 largest bank failures in the past few years were IndyMac and Washington Mutual, both in 2008. Not that any bank failure is good news, but so far in 2010 about 100 banks have failed - a far cry from 534.