HI All A few months ago I closed my account at National City Bank when I found out they were going bad. I did some research and placed my savings in another bank. At the time the bank was making 2 bucks a share and its stock price was around 28 bucks. Now its losing over 8 bucks a share and the stock price is a lil over two. I suggest checkin up on your bank. Dont depend on Uncle Sham to look out for yahs!!
The fed funds rate is at 0%. How can all the banks be going under? Since banks are technically insolvent under a fractional reserve system, all I can think of is that the fed is letting them fail. I just can't seem to understand why the fed doesn't just change the reserve requirement. Unless, there's an ultimate goal in letting these banks fail.
GO LOCO....I mean local! Do business with local bank/credit union where you can go see the OWNERS first hand face to face if needed.
If you want to use a bank, bankrate.com gives a 1 to 5 star rating on every bank: http://www.bankrate.com/brm/safesound/ss_home.asp Better yet, put your money in a short term treasury fund through your brokerage company.