Banking - Can I Bank on My New Bank?


[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]

We were shopping for a Certificate of Deposit (CD) offering a great APY. Some useful links that helped in our search were: BankBestRates, MoneyRates and BankRate. After surfing and comparing rates for a while we finally decided to open a 12 month CD at a bank whose name we had not heard of earlier.

Why?
They were offering one of the highest rates!

Now we were planning to invest a few thousand dollars. So naturally we were concerned and wanted to know more about the bank. Consequently we spent some time researching about the safety factor of a bank.

Here are a few basic steps that will benefit all in their quest to find a reliable bank:
  • Check to see if the bank website has the "Member FDIC" logo or text on its home page.
  • Then go to the actual FDIC site to verify that the bank is indeed a member of FDIC. If yes, then our investments are insured up to $100,000 in most cases.
  • On the verification page compare the office address on record at FDIC with that found on the bank's website.
  • Also it might help to check out the performance ratings and financial information of the bank. This is strongly recommend if you are looking for a long term relationship and/or investing a sizable amount your savings.
We hope that this information helps our audience in researching a bank.

See Also:

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