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You are here: Experts > Real Estate > Banking: U.S. > Using Banks and Bank Accounts > How can you trust a banks' sovency/stability?
Expert: Jim Meadows
Date: 8/7/2008
Subject: How can you trust a banks' sovency/stability?
Question
We have business accounts at Compass Bank. My husband wishes to switch to another bank so that he can apply for a line of credit. I am concerned that many banks are going under these days. Can you comment on the relative stability of the following banks: National Bank, Compass Bank, Chase Bank, Wells Fargo Bank. We live in Arizona. Thank you for your answer.
Answer
Dodi, By far most banks are safe. That said, it's always a good idea to be aware of the ability to insure your deposits. You can go to fdic.gov and use their free calculator to determine how to style and combine accounts for insurance purposes.
I checked the "safety and soundness" ratings of Chase, Wells Fargo, and Compass on bankrate.com. The all have high safety ratings. As to National Bank, I can't determine which bank this is., but you can check it out on bankrate.com. Just click on CD's/investments and then "how safe is my bank" and then enter the bank name and location. Sorry to be slow responding to your question, I've been out of town. Jim
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