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Old 07-12-2008, 02:46 PM
 
655 posts, read 758,004 times
Reputation: 240

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Bank Ratings

With Indy mac failing, it is wake up time folks. The most amazing part of this story is that despite it being obvious for months this bank would fail, over 10,000 of their customers had above the $100,000 FDIC insured amount in their accounts. Those people are screwed. Above is the link to the national site that will provide quarterly financials to most all banks and credit unions nation wide. It provides a simple star rating system and is recognized as being highly accurate. I suggest checking your bank's ratings. Notice that Indy Mac had a ZERO star rating since March!!!!!! Yet all these people kept above $100,000 on deposit? Crazy, stuff.

Oh, and be sure and tell us your bank and how they rated after you look it up. Anything below 3 stars I would suggest keeping a close eye on. Anything below two stars, I would suggest banking elsewhere, quickly!
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Old 07-12-2008, 03:59 PM
 
Location: Eden Prairie, MN
432 posts, read 1,479,858 times
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So, if I have less than $100,000 USD in the bank, then I am good, right? I checked on U.S. Bank, but there were 2 matches so I didn't which one is mine, but one was 3 and a half stars and the other was 4 stars!
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Old 07-12-2008, 04:03 PM
 
Location: US
1,189 posts, read 3,672,382 times
Reputation: 822
If your bank is FDIC insured and it tanks, then up to 100,000$ per depositor per bank is guaranteed by the government.
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Old 07-12-2008, 05:16 PM
 
26,662 posts, read 40,645,423 times
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Thanks, very interesting the only thing is that I couldn't find Bank of America...should I try a different way?

Is it $ 100,000 per CD per name, or what if you have more than one in 2 names? Do you only get insured per person or per account?
Can anyone tell me? I know BoA is FDIC, so that should be okay only the amounts....
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Old 07-12-2008, 05:25 PM
 
Location: US
1,189 posts, read 3,672,382 times
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The way I understand it is you are insured up to 100,000 at each bank that you have an account regardless of the amount of accounts. I have never seen a bank that wasn't FDIC insured, but I guess there has to be something out there.
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Old 07-12-2008, 05:27 PM
 
947 posts, read 2,883,421 times
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Thanks for the link. I use Credit Unions and was able to find them - 5 stars!!
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Old 07-12-2008, 05:37 PM
 
Location: Papillion
2,589 posts, read 9,684,159 times
Reputation: 898
My bank (Pinnacle Bank - NE) is 4 stars.

Interesting to see that every bank in Nebraska is 3 1/2 stars or more, except for 2... bodes well for the state.
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Old 07-12-2008, 05:59 PM
 
Location: Arlington, VA —> Likely Durham, NC in October
24,569 posts, read 34,777,449 times
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My bank with my savings has 5 stars (M&T bank- NY)
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Old 07-12-2008, 06:04 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
Reputation: 27602
Quote:
Originally Posted by bentlebee View Post
Thanks, very interesting the only thing is that I couldn't find Bank of America...should I try a different way?

Is it $ 100,000 per CD per name, or what if you have more than one in 2 names? Do you only get insured per person or per account?
Can anyone tell me? I know BoA is FDIC, so that should be okay only the amounts....
It's per account holder so if you have 3 accounts your total FDIC insurance is $100K for all three, not $100K for each one.

http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html (broken link)
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Old 07-13-2008, 03:44 AM
 
Location: Los Angeles Area
3,306 posts, read 3,557,114 times
Reputation: 592
Quote:
Yet all these people kept above $100,000 on deposit? Crazy, stuff.
Yeah IndyMac had $500 million in uninsured deposits. What rock have these people been living under? There have been rumors about IndyMac for months now.
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