Whats the best way to tell the health of your bank?

[MBlovr]

I have a large portion of my life savings in our companies credit union. I was told by another banker that it is a well funded institution but I would like to evaluate it more analytically. What are the questions metrics I should use. Should I dump anything that is beyond federal insured limits no matter what. The same banker that said my credit union was well funded said that if it really came to it the fed insurers have forever to pay you back

[Medmech]

With many Credit Unions your SOL.

But

http://www2.fdic.gov/idasp/

http://www.ncua.gov/ShareInsurance/index.htm

[MBlovr]

Originally Posted by Howitzer

With many Credit Unions your SOL.

But

http://www2.fdic.gov/idasp/

http://www.ncua.gov/ShareInsurance/index.htm

Thanks Howie I figured you would be the one to come through. Now what are the key things I should look for relative to the banks health?

[420SEL]

Check out www.bankrate.com

These guys are one of a few firms who rate banks for safety.
http://www.bankrate.com/brm/safesound/ss_home.asp

You can look up banks by state or name. It's fairly easy to use. They have an explaination of how their rating system works and its free.

[Medmech]

Reserves, I have a link on my office computer that I will post when I can log in to it.

[Medmech]

I appreciate the compliment but I'm a novice when it comes to reserve issues and bank liquidity.

If you want to be safe bank with the banks that are bailing/buying everyone out, like Bank of America they have so much money that they have to buy bad portfolios. I read somewhere that they have more than 100 months reserves to handle every loan they have on the books. crazy money.

http://www.bauerfinancial.com/btc_ratings.asp

[MBlovr]

Originally Posted by 420SEL

Check out www.bankrate.com

These guys are one of a few firms who rate banks for safety.
http://www.bankrate.com/brm/safesound/ss_home.asp

You can look up banks by state or name. It's fairly easy to use. They have an explaination of how their rating system works and its free.

Thank you Thank you. I now feel like I have a path and method for evaluating where to keep my money.

[Hatterasguy]

Originally Posted by 420SEL

Check out www.bankrate.com

These guys are one of a few firms who rate banks for safety.
http://www.bankrate.com/brm/safesound/ss_home.asp

You can look up banks by state or name. It's fairly easy to use. They have an explaination of how their rating system works and its free.

Very cool, the bank I use is a 2 rating, which is good. (1 being the best) The credit union is also a 2.

So both are rated as "sound".

[732002]

They are FDIC right?
I would not have more than the FDIC insurance limit,$100K single or $200K joint
at one CU/bank, even if they are rated sound.

[AustinsCE]

The FDIC is broke. Leave enough in to pay bills and get tangible gold and silver assets.

[MTI]

10. Teller asks, "How may I swindle you?"

9. Instead of Andrew Jackson, their $20 bills have a picture of Tito Jackson.

8. They promise they'll have your money if you come back after tonight's Keno drawing.

7. Interest paid not in money, but in Saltines.

6. ATM looks suspiciously like a Ms. Pac-Man machine.

5. Loan officer will approve your mortgage only if you let him rub you.

4. Bank robbers leave with a sack of IOU's -- that how bad things are, ladies and gentlemen.

3. Most banks are backed by the FDIC; your bank is backed by KFC.

2. They made $2 million loan to the Hillary Clinton campaign.

1. Manager giggles whenever he says, "Early withdrawal."

worldwide pants

[PaulC]

If the bank president's S550 is seen power-drifting out of his mansion's curved driveway with clothes and golf clubs flying out of the overstuffed trunk, it's probably best to purchase that 6-month CD elsewhere.