Clients, friends, family members are all wondering the same thing: Is my bank next? (Mine, Washington Mutual was one of the most recent casualties and I have no news to report. Nothing has changed for me.)
The X List report that is distributed by Weiss Research and http://www.MoneyandMarkets.com and can be downloaded in a .pdf format by clicking here. They source http://www.TheStreet.com for their financial strength ratings.
If you cannot find your bank on either list (the “strong” or the “weak”) then you should go straight to http://www.TheStreet.com
They offer up these basic guidelines:
If your bank is rated B- or higher, do not take any further action unless your deposits are over the FDIC limit.
If your bank is rated D+ or lower, consider moving your money elsewhere.
If your bank is rated a C- a C or a C+, we consider it a yellow flag. Monitor the rating periodically to make sure it has not been downgraded into the D range.
If you’re shopping for a new bank or thrift, favor those with a rating of B+ or better.
Things aren’t currently as good as we may want them to be, but the sky is not falling.