In today's markets it must be carefully considered where to do banking. The FDIC has now increased it's watchlist from 90 to 117 troubled banks. Today the markets shook as Lehman Brothers and Merill Lynch tumbled. While the FDIC does not publish the watchlist to avoid alarming the public, consumers can go to Bankrate.com or click here to check the soundness of a bank. There are no guarantees however having an idea of the level of risk one may or may not succomb can certainly help to prepare and properly position consumers for other alternatives.
What is the FDIC? The FDIC (Federal Deposit Insurance Corporation) is the agency that protects depositors up to $100,000 should a bank fail. It has paid out billions over the last quarter due to Americas banking crisis. Go here to listen to the Chairman of the FDIC speaking on how the the FDIC fund is decreasing. http://www.cnbc.com/id/26408785. Get email alerts on banking conditions at the FDIC website.
Monday, September 15, 2008
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