Be sure to do a check-up on your bank

mpillow · #1 04/23/10, 12:33 PM

Unfortunately, writing loans to any Tom Dick or Harry has caught up with a certain "local" savings institution...its been in the papers that the bank is under federal supervision....this is a long and well-established bank here in Maine...so we moved our money to a credit union with a healthier balance sheet...I urge you all to do a bank check-up to protect your hard earned money.

Time well spent, IMO.

marvella · #2 04/23/10, 01:18 PM

i did check my local bank. rock solid.

they also came under federal scrutiny. because they used one of the bankers (trained but not licensed) to do appraisals they were made to hire a licensed appraiser for all properties over 150K.

still rock solid. they have never been in the business of making risky loans.

federal scrutiny does not automatically mean there is a problem.

mpillow · #3 04/23/10, 02:20 PM

This bank acquired several smaller banks just prior to the bailout so I think that it was a case of them spreading themselves to thin at a high risk period. This bank has until August to get their balance sheet more in line...with the number of business and residential foreclosures increasing around here its not worth the risk or delay in access potentially.
The credit union is paying a tenth of a point higher in interest as well.(LOL)

Nature Man · #4 04/23/10, 05:48 PM

Within the past year or so someone posted a web site to check the financial status of banks in the USA. I did not bookmark it at the time and think that site would be usefull here. Does anyone remember what that web site is?

Bill

GoldenCityMuse · #5 04/24/10, 04:32 PM

Actually, as more people withdraw their money, it lowers the banks reserves, and they get in worse shape. But I would likely do the same. I do most of my banking with USAA, they are fantastic.

Browncoat · #6 04/26/10, 02:49 PM

I go to www.bankrate.com and check mine. The only problem is that everything is as of September of last year, nothing new.

I don't trust banks much anymore, so I keep as little in mine as possible. Which, unfortunately, isn't hard to do since I have so little to keep.

Deacon Mike · #7 04/26/10, 07:56 PM

Quote:

Originally Posted by Nature Man

Within the past year or so someone posted a web site to check the financial status of banks in the USA. I did not bookmark it at the time and think that site would be usefull here. Does anyone remember what that web site is?

Bill

posted here weekly I believe. Note that this is not an "official" list

CindyLou62 · #8 04/27/10, 07:30 PM

Here's a link to check the troubled asset ratio of all banks.

http://banktracker.investigativerepo...hop.org/banks/