confused about SAFER BANKS
I am brand new to the site’s forums and just finished watching the complete Crash Course. I was impressed with the comprehensiveness of the course… which leads me to think that I may have somehow missed Dr. Martenson’s explanation of "safer banks" (the ones to which we should move our money). Can someone help? Which banks are considered "safe", and/or by what standards?
Try this website for safe banks. Generally speaking, the smaller banks have held up farely well in this mess since they weren’t doing sub-primes as much as the larger banks were.
Thank you for taking the time to help with this. I looked up the two major subsidiaries for my bank (Citizens), and one scored 3 stars while the other scored 4 stars. I would guess, then, that it is relatively safe to keep my money there for now. I can always double-check periodically- as the site is updated weekly. I will definitely pass this site on. Thanks again!
I used this website to check on banks in my area & thought it was really helpful. They are a bit behind sometimes since it seems to be based on quarterly reports, but you can easily follow the links and see how your bank compares to the national average on troubled loans . If they accepted TARP funds it is also listed.: http://banktracker.investigativereportingworkshop.org/
"for my bank"
No. You should definitely use more than one bank. It’s not only a case of bank safety, it’s also a question of identity theft: what if someone steals your purse and compromises all your accounts (banking, credit card…) that you have cards, checkbooks in that purse? These accounts will be frozen until you work the situation out. So you need at least one backup account.