Topic: PERSONAL FINANCEWho is affected: CONSUMERS AT ALL LIFE STAGESDEGREE OF DIFFICULTY: EASYWhat you'll need: BANKRATE'S SAFE AND SOUND STAR RATINGS, NAME AND LOCATION OF YOUR BANKWhat you need to knowNow that financial institutions are going belly up, more people than ever are concerned about their own money and their bank's safety.While the Federal Deposit Insurance Corp. keeps a secret running list of banks to watch, Bankrate has its own system measuring the strength and stability of U.S. commercial banks, savings institutions and credit unions.Bankrate measures the banks based on the CAEL system, which stands for the capital adequacy, asset quality, profitability and liquidity.To find out how safe your bank is, go to Bankrate's Safe & Sound bank ratings.Choose whether you have a bank, a thrift or a credit union, then click "next."To find your bank, search by one of the options given: bank name, state, ZIP code, asset size or rating.After following the instructions for which option you choose, the Safe & Sound rating will appear for that bank. You'll also have the option to read the report or financial summary on your bank.Step-by-stepCheck out the Bankrate feature "How safe is your bank?" for an explanation of how banks are rated.Related linksTools & resourcesTipsWhat happens when a bank fails?FDIC: safety net for your savingsDefend yourself against a failing bank4 bank safe deposit box questionsCD is safe despite bank's struggles2010 list of failed banksIs your bank safe?Protecting your moneyCompare savings ratesCD ladder calculatorAs an added safety measure, keep your money safe by never housing more than $250,000 in any one account, so that your money is FDIC- or NCUI-insured. Try investing extra funds in CDs or money market accounts. advertisementRelated Links:Which is safer: bank or credit union?How to trim bank account feesHow safe is this credit union?Related Articles:Old overdraft costlyBanks and credit scoresGet the best bank rates
While the Federal Deposit Insurance Corp. keeps a secret running list of banks to watch, Bankrate has its own system measuring the strength and stability of U.S. commercial banks, savings institutions and credit unions.
Bankrate measures the banks based on the CAEL system, which stands for the capital adequacy, asset quality, profitability and liquidity.
To find out how safe your bank is, go to Bankrate's Safe & Sound bank ratings.
Choose whether you have a bank, a thrift or a credit union, then click "next."
To find your bank, search by one of the options given: bank name, state, ZIP code, asset size or rating.
After following the instructions for which option you choose, the Safe & Sound rating will appear for that bank. You'll also have the option to read the report or financial summary on your bank.
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