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Old 07-13-2008, 03:59 AM
 
Location: Central CT, sometimes NH.
3,605 posts, read 5,331,496 times
Reputation: 3816

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I checked my credit union - 5 stars
I checked the local, mid-sized bank my wife works at 4 stars.
Bank of America - 3 1/2 stars
Citibank - 3 1/2 stars

I'm concerned about the legitimacy of this rating system since BOA and Citi (especially) are repeatedly being talked about for capitalization problems. There stocks reflect the lack of confidence in their financial positions. The 4 star bank my wife works at has lost 65% of its stock value just in the past 9 months yet it sports a 4 star.

If these companies are as good as they are rated why is everybody dumping their stock like they are in GOOB mode?

BTW, Lehman Bros is sporting a 3 1/2 star rating yet many people are concerned that it might not be around on Monday.
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Old 07-13-2008, 04:08 AM
 
27,907 posts, read 35,274,390 times
Reputation: 4048
Truliant FCU: 5 stars.
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Old 07-13-2008, 06:53 AM
 
Location: Forests of Maine
31,513 posts, read 51,110,122 times
Reputation: 20502
Quote:
Originally Posted by J Arp View Post
If your bank is FDIC insured and it tanks, then up to 100,000$ per depositor per bank is guaranteed by the government.
It is my understanding that up to $100k is 'insured'.

Whether it is replaced at a dollar-for-dollar level or not, is entirely up to FDIC's funding.
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Old 07-13-2008, 06:54 AM
 
Location: Forests of Maine
31,513 posts, read 51,110,122 times
Reputation: 20502
Navy Federal CU: five stars
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Old 07-13-2008, 06:54 AM
 
Location: the sticks
835 posts, read 1,348,400 times
Reputation: 594
Just what makes everybody so USA sure that the federal gov't can back the FDIC ? Because they say so ?
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Old 07-13-2008, 08:21 AM
 
Location: Texas
4,933 posts, read 6,973,629 times
Reputation: 5506
Quote:
Originally Posted by burr View Post
Just what makes everybody so USA sure that the federal gov't can back the FDIC ? Because they say so ?
The own the means of production of money. They can print their way out of this and destroy our dollar even more. If they defaulted on the FDIC promise to insure up to $100,000, you could expect lynch mobs to form (which wouldn't necessarily be a bad thing). It's time to trade your paper for real money.
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Old 07-13-2008, 08:26 AM
 
3,269 posts, read 9,075,415 times
Reputation: 2011
Great site thanks.

FYI - if you have a joint account then $200k will be insured.
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Old 07-13-2008, 08:31 AM
 
Location: Charleston, SC
5,615 posts, read 13,150,506 times
Reputation: 2539
It works for credit unions too. 5 and 4 stars for each of mine...
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Old 07-13-2008, 08:51 AM
 
19,091 posts, read 20,662,825 times
Reputation: 8361
I knew IndyMac was hurting badly about six months ago and I hoped that because they were hurting bad, they would give me a good rate on a mortgage... NOPE... their rates were higher than most of the lenders out there... oh well, they are bankrupt now... I see that a lot of you have 5 star banks, I am envious, my credit union is only 4 stars (Boeing Employees Credit Union) but I love them...
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Old 07-13-2008, 09:23 AM
 
2,639 posts, read 5,344,004 times
Reputation: 2355
This is the reason for the saying "don't put all your eggs in one basket". Having more than $100k sitting in one bank is asking for trouble in any economy.

And yeah, there would be quite the riot if FDIC couldn't make good on money. Can you say "instant recession"?
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