Checking out the financial health of your bank
In the last quarter of 2008, the government's list of "problem" banks grew by 81 to a total of 252.
The Feds are hush-hush about whose name is on the list to prevent a run on the banks. So is there any other way for you to find out if your institution is safe and sound or on shaky ground? Luckily, there are a few sources for you to check:
The Federal Deposit Insurance Corp. site, fdic.gov, posts financial figures and data on specific banks under "Bank Find."
Or, if numbers give you a headache, check out companies that evaluate the figures and spit out an easy-to-understand rating. Ratings are posted online for free.
BauerFinancial at bauerfinancial.com uses a five-star system to rate banks. TheStreet.com Ratings assigns letter grades, which you can find by looking up its Banks & Thrifts Ratings tool at thestreet.com. And Bankrate.com gives out stars to institutions along with a report.
If your bank rates low, contact it to find out why. Ratings aren't foolproof. For instance, new banks tend to rate lower because they have less of a track record.
Lastly, you don't have to worry as long as your deposits are within federal insurance limits. The insurance limit has been temporarily raised, so the basic coverage is $250,000 through the end of the year.
Look for more tips on "Riding Out the Recession" each day on WJZ 13 Eyewitness News.