While I am sure that most members are aware of, and probably frequent this website, am posting the url for those who may wish to learn a little more about banks, and the level of risk involved with savings.
Problem Bank List | Tracking Problem Banks and Failed Banks
I found the site about 5 years ago, and subscribe to the emailings. In looking over the problem banks, and the changes that take place when a bank either closes or becomes a takeover, my own experience tells me to keep an eye out for possible problems. Going back about 20 years, I find that 7 out of 12 banks that we have used, have either gone belly up, or become takeovers. Most recently... of the last 7 banks, five have had major changes... ie: we're awaiting a changeover of accounts from MetLife Bank to GE.
Four of the 8 major banks in my immediate area are classified as Problem, and our last bank (last year) is now awaiting merger, or possible closing.
Since we have no individual accounts more than $250,000... (wish we did), we are not currently at risk of loss, but in those cases where we've had accounts, there have been nuisances, such as chageover of accounts, new checks, delayed transfers, and problems with some small merchants who seem worried when a defunct bank check is being cashed.
If you haven't been to the site, at the least, go to the problem bank list... many hundreds of banks... and see if your bank is on the list, and for what reason. Note that the listing is sortable by the columns... ie, state, city, capitalization, reason for being on the list, or alphabetical by name.
The most current "news" concerns a Pennsylvania bank, that is being closed... closed outright... since the FDIC was not able to find a bank to merge and take over. Theoretically, this will leave some depositors without recourse.
Enjoy... (I think)
Problem Bank List | Tracking Problem Banks and Failed Banks
I found the site about 5 years ago, and subscribe to the emailings. In looking over the problem banks, and the changes that take place when a bank either closes or becomes a takeover, my own experience tells me to keep an eye out for possible problems. Going back about 20 years, I find that 7 out of 12 banks that we have used, have either gone belly up, or become takeovers. Most recently... of the last 7 banks, five have had major changes... ie: we're awaiting a changeover of accounts from MetLife Bank to GE.
Four of the 8 major banks in my immediate area are classified as Problem, and our last bank (last year) is now awaiting merger, or possible closing.
Since we have no individual accounts more than $250,000... (wish we did), we are not currently at risk of loss, but in those cases where we've had accounts, there have been nuisances, such as chageover of accounts, new checks, delayed transfers, and problems with some small merchants who seem worried when a defunct bank check is being cashed.
If you haven't been to the site, at the least, go to the problem bank list... many hundreds of banks... and see if your bank is on the list, and for what reason. Note that the listing is sortable by the columns... ie, state, city, capitalization, reason for being on the list, or alphabetical by name.
The most current "news" concerns a Pennsylvania bank, that is being closed... closed outright... since the FDIC was not able to find a bank to merge and take over. Theoretically, this will leave some depositors without recourse.
Enjoy... (I think)
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