Tuesday, September 23, 2008

Check Out Your Bank

With the nation’s financial crisis making headlines, it makes sense to use the technology to assist in making financial decisions. So, use your browser to visit http://www.bankrate.com/ and check out the rating for the bank, thrift or credit union where you store your money each payday.

Once you arrive at the bankrate.com site, look for the “Is Your Bank Safe” article under the Spotlight banner. The text “Safe and Sound Ratings” is a link to a page where you can start your search. First you’ll select whether you want to search banks/thrifts or credit unions. After making your choice and selecting the Next button, you’ll narrow the search by zip code, state, starting alpha character (e.g., the institution’s name) or other criteria. Follow the on-screen instructions and you’ll end up with the Safe & Sound CAEL rating (the lower the number, the better, but 1, 2 or 3 is considered good) or the Star Rating (more stars are better with 5 stars being tops) for the bank, thrift or credit union you select. See http://www.bankrate.com/brm/safesound/cael_explain.asp for more details on the rating systems.

Put technology to work on checking out your bank’s rating.

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