Discussion in 'Trading' started by PohPoh, Sep 17, 2008.
If you had to pick?
I have been business banking with Wells Fargo since '98 and have been with them on the personal side since they were First Interstate going back to the early '90's...from a business banking standpoint they understand service and I have never once noticed they have slipped nor have ignored and request I have made to them....I feel they are solid as it comes on the business side!
But it depends on where you live really.
There are no JPM/Chases in California.
Arizona yes, but no Cali.
If you are in the Midwest, US Bancorp (USB) out of Minneapolis isn't too shabby either. One of the higher rated banks.
I guess the question is also - which bank is going to suffer the least through the credit crunch?
Will it be a bank that's 'too big to fail'?
like B of A or Citi?
Or banks that have limited exposure to the toxicity?
Looks like some money market customers at the Reserve got screwed!
I would recommend that you sit down with your banker and have
them explain to you their credit exposure.
They will probably fudge the truth, but at least you're being proactive.
Several. Wells Fargo are conservative. Also consider US Bancorp. Bank of America are the definition of "too big to fail", but take a bit too much risk IMO. JP Morgan also worthwhile. And choose some foreign banks too e.g. HSBC, Deutsche Bank, or the best Japanese banks.
You don't need them to be in-state to do business. You only need 1 checking account with a bank with local presence. What's important is where do you put your excess cash balances, that's what you will lose in a true banking crisis.
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