#1
February 2nd, 2016, 01:58 PM
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FDIC Bank Ratings List
I would like to know what is the FDIC role in bank rating list and how does it help to the consumer of a bank?
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#2
February 2nd, 2016, 02:04 PM
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Re: FDIC Bank Ratings List
A high yield on a CD or money market account is tempting, but one has to make sure the bank is insured by the FDIC before jumping into a contract. The FDIC, or Federal Deposit Insurance Corp., protects up to $250,000 per depositor per institution which means that if the bank fails, one still retains the money. Banks not insured by the FDIC may not have the same insurance rules and regulations. To check a bank's FDIC status please follow the simple process given below: Look for the logo Banks insured by the FDIC usually post the FDIC logo on the door of every branch. Look for the FDIC logo when entering a branch or ask a workforce member to show you the FDIC certification. Online banks will have the FDIC logo on their websites to certify that they are FDIC-insured. Visit the FDIC bank search website The FDIC has a bank look for option on its website to find federally insured institutions by different criteria. One can search by name, address, city, state and ZIP code. By this way a page will pop up with a list of banks insured by the FDIC from which you can choose. Safe & Sound ratings Bank rate offers monetary safety ratings on banks with the Safe & Sound rating system. One can search by name, star rating and by asset size. Bank rate has a five-star rating method with five stars being "Superior" and one star being "Lowest rated." A note and a financial statement on each bank are also included. One can also check the credit union for its financial standing with the Safe & Sound rating system. Bank Data Guide Reference Chart Contact Details: FDIC Call Center Toll-free numbers: 877-ASKFDIC (877-275-3342) TDD: 800-925-4618 Hours of operation: 8:00 am - 8:00 pm ET Monday - Friday 9:00 am - 5:00 pm ET Saturday-Sunday (temporary hours) |
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