Are our Banks Safe?
Well its no secret some of our Banks are going under due to the poor lending practices of a few years ago. In the shadow of our failing economy, home values crashing, fuel prices rising, and our groceries going through the roof, what is next? I dare not ask.
Our Federal Regulators seized IndyMac, the once booming Pasadena California Mortgage Lender on July 11th. With 32 billion dollars in assets, the loan defaults finally caught up with them. Falling home prices and a steep rise in mortgage defaults have federal agencies preparing for a increase in banks failing. Should we be trying to find out if our banks are ready to go under? No, it is almost impossible to get that info prior to a failure. We should instead make sure our Banks are insured by the FDIC, Federal Deposit Insurance Corporation. If your Bankis insured your deposits are insured up to $100,000.00. When making deposits into your Bank, keep the balance below $95,000.00 to account for the interest that accrues. According to the FDIC, it takes only a few days to receive your check if you need to file a claim with them due to a bank failing. We here in Longview Washington need not worry about our Banks, as most of the lending companies that are in trouble are in California and the southern part of the US. www.LongviewBiz.com
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