TNDemo
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Wed Oct-21-09 10:07 AM
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Both of my banks have a one star rating on bankrate. |
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Edited on Wed Oct-21-09 10:17 AM by TNDemo
I don't have savings with them - just checking accounts. Should I bail now or is it worth the effort?
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Warpy
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Wed Oct-21-09 10:11 AM
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1. No, but stash some cash in case one or both close for a week |
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or two if the FDIC has to step in.
Do not keep the cash under the mattress or in a sock drawer. In a box in the freezer is good, the one decent idea Rep. Jefferson ever had in his life.
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hobbit709
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Wed Oct-21-09 10:37 AM
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6. The definition of cold hard cash. |
Barack_America
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Wed Oct-21-09 10:12 AM
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2. Depends. Are they FDIC insured? Are your accounts below the FDIC limit? |
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It also never hurts to have an account with a local credit union.
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TNDemo
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Wed Oct-21-09 10:16 AM
Response to Reply #2 |
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Edited on Wed Oct-21-09 10:16 AM by TNDemo
Hopefully it would come through.
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FarCenter
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Wed Oct-21-09 10:26 AM
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4. Checking accounts have been unaffected in the closures so far |
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For checking accounts with balances under the FDIC limit, continuity of service is usually provided by closing the failed bank on Friday evening and opening the branches under an acquiring bank's brand the next Monday am. The acquiring bank clears and settles any transactions that were "in flight" over the weekend.
On the other hand, there may be cases where the FDIC cannot find another bank willing to acquire the failed bank or all of its branches. The transition may not go completely smoothly, depending on the state of systems at the failed and acquiring bank.
So there may be some inconvenience to the customers during the transition.
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bikebloke
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Wed Oct-21-09 10:36 AM
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5. My bank's rating has also dropped. |
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I had my eye on a small local bank with a very good rating with a "however..." attached. So I waited. That bank's rating also plummeted. So I'm looking again. :shrug:
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Bonhomme Richard
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Wed Oct-21-09 12:02 PM
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7. Mine has a 4 star rating if you can believe it. n/t |
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Tue Apr 30th 2024, 08:55 AM
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