Which banks are more secure and which are not good ?

Question

Hi,

I would like to ask for a help regarding the opening a bank account. Nowadays, it's hard to predict what is going to last longer without being shut down due to the economic recession.

Which bank will be more secure to keep money at , and wich not?

I've heard, for example, that Washington Mutual bank and Wachovia are unstable. How about others?

Thank you.

Answer 1

If the bank is insured by the FDIC, then the money in your account is safe (up to $100,000) even if the bank is shut down. The main concern with the stability of the bank is that if it is shut down it will be a major inconvenience.



You can get more information from the FDIC website below.

Answer 2

Make sure your account is insured by the FDIC.  Even if your bank fails, you'll be reimburse for your account up to 100K.  If your cash in one bank exceeds 100K, you'll lose the excess over 100K.  However, if you're keeping that much in the bank, in cash, you should really be talking to a PFP to develop an investment strategy.