Posted By Administrator
Date: November 10th, 2009
Reports of bank failures in 2007 and prospects of more this year is enough to cause some panic among bank clients regarding the safety of their money in the bank.
CNN.com shares some advice on how to protect your money from bank failures. It starts with picking a safe bank. Of course this is easy. A safe bank bears the FDIC logo, giving you an assurance that your money is insured up to $100,000.
If you are using internet banking or dealing with bank that you barely know the reputation of, it is highly recommended to use FDIC resources in checking the legitimacy and stability of the bank. FDIC maintains a list of bank rating agencies that assess banks and can help you decide on which bank is the safest choice.
Bank failures or not, it is important to choose a safe bank so we can be assured that our money is in good hands. After all, we work hard earning them.
Posted By Administrator
Yahoo! News reports that stocks sank on Thursday due to job and bank worries. The Dow Jones industrial average, for instance, registered a drop of 112.10 points ending at 12, 582.18.
Federal Reserve Chairman Ben Bernanke has told Congress that the widening credit crisis will more likely result to some bank failures and affect small banks the most, especially those that invested heavily on real estate.
As I see it, Chairman Bernanke is being realistic here. I have to agree that this financial crisis confronting the banking industry puts more pressure to small banks than to big ones as the former are more vulnerable to market changes than the latter. Also, consumers should brace themselves and expect to feel the burden in the coming months as a result of this widening credit crisis.
Posted By editor
Date: December 26th, 2008
The current recession has us deep in it’s bite and it would only be prudent to think that with jobs being shed daily, when will you become the next victim. The global economy is in a slump and even with the billions of dollars in bailout, people are still losing jobs and most of the times more than just that. Uncertainty is in the air for some of the biggest names in the banking industry have already trimmed their workforces to save on labor costs so do prepare yourself for the inevitable should it come.
Not that you want to lose your job, but rather to accept reality that it may happen softening the blow should it come. Life is getting harder and companies are filing for bankruptcies in no time. There is simply no cash to go around and forecasts are grim for recover would take least in the most conservative estimates. Hope you’ve got your savings shored up, you’ll be needing it.