It turns out there are at least a couple of services that provide ratings of the various banks in terms of safety and quality:
Both of these will also provide ratings of credit unions.
Given all the concerns raised over the last week, and the red flags that have arisen, it is a good time to check out how the institutions you use are rated.
2 thoughts on “How To Check the Safety of Your Bank/ Credit Union”
When I moved to Clarke County ,VA I chose Bank of Clarke as my Banker. It has been in business since 1881. Deposits are FDIC insured and Bauer Financial rates it as Five Star. I feel comfortable with them.
Many of the banks in this region fare pretty well on these instruments, Fred. The question is how reliable the instruments are. I know that, in the case of Weiss Ratings, this organization has been involved in rating insurance companies for many years, and is felt to be more stringent than other organizations such as A.M. Best.