Which banks to trust with money?

Question

With the fall on indy Mac. I was wondering which other banks should I watch out for? (Wamu, B of A, Well Fargo etc.)

Who's going down next I want to put my money in a bank that I can trust.

Answer 1

ANY OF THEM

My wife and I have less than $300,000 so they are full insured.

$100K each and 100K for a joint account.

Overall the banks are in a better condition today than ever before.

Answer 2

Indy mac was an anomaly

HINT: Turn OFF your TV

Answer 3

All US banks have equity issues.  

BA, WAMU, Wellfargo, Citi, Chase   have some deep exposure to subprime.

I doubt if one of the big 5 will fail, but they will defiantly put a drag on the economy.  Any time the SEC has to step in to prevent people from Short Selling a stock  - you know there is a problem.  

The Banks are on welfare from the Federal Reserve, and Treasury.  If, and when the Fed has to raise overnight lending rates - because of inflation these companies will be further stressed - along with the underlying loan holders on variable rate APR's.

A short sale is a huge position of exposure.  You are betting the stock (underlying value of the company will go down) if it goes up you have to make up the difference.

Let's face it - if your only product is lending money, and you cannot make money lending money out at 24% for a credit card, or 14% for a home loan, not to mention exorbitant account fees - there is a serious problem.

Answer 4

Well, I have personally dealt with bank of america and WaMu is supposed to be good. I don't see wells fargo going down anytime soon either.

The best thing to do is what a previous user said....keep less than $100,000 per account. That is the most that can be covered under FDIC (including roberies, etc.).

I would be more concerned about finding the best interest rates, etc for your needs. Local banks are a great idea too. They aren't national and may be harder to find if you need an ATM withdrawl, but sometimes that's where you get the better deal.