Are you worried about your bank biting the dust? Which bank is the safest right now?

Question

Are you worried about your bank biting the dust? Which bank is the safest right now?

Answer 1

any bank that says FDIC insured up to 100000 is the same.........as long as you are under 100000...

If over........and you want safe,buy treasury bills/bonds/notes..............all are backed by the full faith of the US..just like money.............

Answer 2

you need to do some research and see which banks are hurting the most right now because of bad Home Loans, you may do better getting with a good credit union. Good luck

Answer 3

Well if we consider the FDIC is also bankrupt one should put their money in jewels and hide them.

Answer 4

I'm not worried about it.  People should make sure their bank is FDIC and that they don't have over 100k in any insured bank.  The FDIC only insures 100k.

Answer 5

I'm not too worried.  Commercial banks aren't as affected by the economy as are investment banks and other sorts of financial firms.  The worse the economy is (within reason), the more money goes into commercial bank accounts, since it's leaving stocks and other investments.  If you look at the ibanks that are doing badly, it's mainly the ones that don't have a commercial banking arm, eg, Bear Stearns, Lehman Brothers, etc.  JP Morgan, by contrast, is doing relatively well.  

The biggest concern right now isn't commercial banks biting the dust, but the extremely low interest rates (thanks to the Fed...) that can't even keep up with inflation.  Your bank (and mine for that matter) aren't likely to bite the dust, but we're actually losing money by not keeping up with inflation.  

As for the safest banks, go for big ones.  If banks start biting the dust, the first to go will be small, local ones.  Fine, Bank of America isn't doing well right now, but it's not gonna disappear, either.  Your small corner bank might if things get bad enough.  PNC, JP Morgan Chase,... even Bank of America.  These are all safe.

Answer 6

No.  I think my credit union is solid.  And, I don't have over 100k in any account.