Look no further than the IndyMac failure, and many people have come to realize that it can happen to them. Bank failures are usually far and few between, but this year’s credit problems are forcing more banks to fail than usual. Some experts say that IndyMac was only the beginning, and many more failures could be on the horizon. Does the thought of your bank possibly failing have you switching banks?
For me, I’m not terribly concerned, and won’t be making any changes. Our primary bank is with JPMorgan Chase, and if they were to fail, there would be far bigger things to be worried about than the money in my checking and savings account. The only other bank we use is a large regional bank, and they only hold our mortgage and a credit card. So, there really aren’t too many other options for us, and I’m fairly confident the banks will be just fine, and we certainly fall under the FDIC limits, so I have no problem sleeping at night.
That being said, there are a lot of people who are with troubled banks, so I wonder how many readers have made, or are thinking about making changes to their banking situation after some of these recent events.
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.
I know that my bank is strong and not in danger of failing. You can find info on banks on the web and that tells a lot about the capital, bad loans and liquidity position of the bank. You can structure your accounts so that you can have more than the current $100,000 insurance and if you have confidence in your bank then this makes the most sense instead of chasing your money all over town.
my option wasn't listed either, cause I didn't "switch", I just moved any funds over the FDIC limit in my bank to other banks. So which ever fails at least I'll be covered and have another accounts to use.
I picked "not concerned" but there are other rationales than because I think the FDIC can protect me that are not represented on this survey, so I hope it does not get intepreted as representative of public confidence in the FDIC.
My bank is a small local bank. It's been around for 100 years (They just had a celebration in July.) They give me great service and I feel my money is quite safe. Unfortunaly, my husband and I have some of our money in Bank of America. (He is in the military and has been moving from different bases for training in MS/AL before his trip to Iraq/Afghanistan.) Bank of America has a lot of branches and ATMs for him to access $ when he needs it. Also, his gov't chrg card is thru them. The military is leaving Bank of America in Oct. When he gets back from his tour. (hopefully safe.) He will be going to a Navy Federal Credit Union. Where I live, the closest on is in RI and I live in MA. With gas being $4+/gallon, I am staying close by. Right now, Bank of America is the way for him. Credit Unions, ING Direct, and local banks seem to do quite well and weather more hits in the economy better than large ones.
You didn't include an option for credit unions, and that would be my vote. My family has banked at credit unions for years. Our account is insured up to $100k by the NCUA: http://www.ncua.gov/, so I'm not worried, but apparently even credit unions have been having hard times lately:
"My bank is so big it could never fail."
If I pick that one, then it's almost guaranteed that my bank will fail. But my bank is big enough that I don't think it will fail.