Although Silkin Management Group is not an expert on the status of the banking system, we certainly are interested in the health of the banks we deal with and that our clients use. In fact we do get asked by Silkin clients if we know how to determine the health of banks given the record number of bank failures over the last year or two.
To that end we found the following information that we thought we’d pass along to Silkin Management Group clients and non clients alike. We hope you find it useful.
To check the health of your bank go to http://www.bankrate.com. Go to the section on the first page that says “Safe and Sound Ratings.” They have a service there that ranks banks with 1 to 5 stars. If your bank has 4 or 5 >stars, you should be fine; if it has 1 or 2 stars, you should move banks. If it has 3 stars, you are in somewhat of a grey zone frankly.
You shouldn’t be immediate danger, but keep an eye on the ratings or consider moving banks.
Although your accounts are insured, it could be a lot of unneeded trouble for you if your bank fails.
Dave McKevitt
Silkin Management Group Consultant
For more information about Silkin Management Group, visit our website at www.silkinmanagementgroup.com.
