[AbbieT]

http://peakworld.org/blog2.php/2008/03/ ... ety-rating

Oh, this story is pretty good. I think I'm going to check the safety ratings for my bank. I didn't know you could do that. The only bummer is that the ratings are 6 months old. Does anyone know, if you can get more current specific ratings from the FDIC itself that is readable to an average person that is not accounting inclined??

Abbie

[TheDude]

Actually the story is built around this link: Bankrate Safe and Sound page.

Been curious about checking into my bank too. I'm with Wells Fargo and they list about 10 different incarnations of it, instead of Wells Fargo & Co. (WFC). The Ltd. and Central Bank listings are 5 Star/1 CAEL rating (highest). CEO made less money in 2007!

On the other hand that chart someone posted of these massive elephantine financial institutions had WFC at about 7th I think - almost a trillion in derivatives.

Hope to hear from the more informed about this!

[AbbieT]

Hi TheDude,

So, I went and checked my bank and sure enough like the article said the data is 6 months old. Things have gotten alot worse since then. Does anyone know of a site that has monthly bankratings or at least quarterly??

[davep]

Interesting. A certain friend of mine is opening a Swiss bank account soon (next week), and would like to know if there are similar ways of checking the status of Swiss banks.

[fireplaceguy]

This begs a question. At this juncture, why would you have much in any bank? Think about it...

Anyway, forget that link and find a library that buys the Weiss Ratings. He has total objectivity and the best track record of anyone out there rating financial institutions. If for some reason you must maintain a large amount of money in banks, get your own subscription.

Same goes if you have money in any insurance contract, be it a life policy or an annuity. Weiss is always the best source.

Here you go:

http://tinyurl.com/2h5959

[davep]

$this->bbcode_second_pass_quote('fireplaceguy', 'T')his begs a question. At this juncture, why would you have much in any bank? Think about it...

[AbbieT]

Hi FirePlaceGuy,

Thanks for the Link, the The Weiss Bank Blacklist does look interesting. Do they update it every year? $79 sounds a little spendy but it looks very useful.

[Tyler_JC]

My bank got 4 stars.

Is that good or bad?

30% of the bank's assets were non-performing in 2007 compared to 18% in 2006 and 12% in 2005.

Does that mean my bank is going under? Thriving?

I have a financial statement but I have nothing to compare it to so I don't think it's particularly useful.

But still, 4 stars has to be worth something.

[AbbieT]

4 Stars is considered "Sound" according to Bankrate, so you should be fairly safe. But, keep in mind the data they used is 6 months old and a lot has changed in that amount of time.

[davep]

Wahay! My friend's Swiss bank got out of the subprime malarky early in 2007, he's safe.

Thank God he didn't choose UBS...

[lateStarter]

$this->bbcode_second_pass_quote('Tyler_JC', 'M')y bank got 4 stars.

Is that good or bad?

30% of the bank's assets were non-performing in 2007 compared to 18% in 2006 and 12% in 2005.

Does that mean my bank is going under? Thriving?

I have a financial statement but I have nothing to compare it to so I don't think it's particularly useful.

But still, 4 stars has to be worth something.