We don’t have the ability to see into the future. But we do have an excellent track record of identifying problem banks that end up in failure.
In fact, of the 68 institutions that failed so far in 2011, 66 or 97% were rated E+ or lower (“Very Weak”) by Weiss at the time of failure. Over the last 2 years since January 2010, 225 banks have failed. That’s a whopping 3% of U.S. banks closed by regulators due to financial issues.
If you were a customer of one of those banks, you might have done things differently … if only you had seen the failure coming. And for those with cash in the bank, especially anyone who has moved out of the stock market and is sitting with a significant amount, it’s a real good time to know the financial standing of the bank holding your money.
The good news: Weiss Ratings keeps track of these statistics so you don’t have to. We’ve identified 218 (97%) of those failed institutions as very weak prior to failure. So don’t wait until the worst happens to find out about your bank’s financial health. Instead, keep your eye on the Weiss list of banks that may be headed for trouble.
Don’t like surprises?
Find out if your bank, credit union, and insurer are safe and financially strong.
{ 4 comments }
What about Canadian banks? Neither US citizens that use Canadian banks or Canadians have anyone to turn to.
There’s only six significant banks.
Have you thought about starting a Weiss Canada?
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