Question

How to make sure that your money is safe in the bank. Which steps you must take?

Answer 1

There are several signs that alert you when your bank is in trouble. If your bank starts closing multiple branches, laying off staffs, doing away with incentives such as fee-free account, or enacting sharp increase in fee, it could be in trouble and looking for ways to converse cash.

You can take a proactive approach to make sure your funds are safe in your bank by:  

1. Checking for insurance coverage(Only deposit your funds in banks that state that they are insured by the Federal Deposit Insurance Corporation FDIC)

2. Mind the cap

3. Keep tabs on news(Be aware of any news that mentions the possibility of your bank being sold or acquired)

4. Check your bank out(The FDIC keep its problem bank list confidential, but the Bankrate websites use a similar grading system for its "Safe & Sound" bank ratings and allow you to look up to your bank by name and zip code to get Bank rates opinion)

 

Answer 2

Pay Attention To Bank's Activities

It's enough to trust your bank with your money. As an aware depositor, you must pay attention to the goings-on at your bank. Is it in the news? Why was it in the news? How much is its NPAs? Who are the bank's biggest stakeholders? Who are it's biggest borrowers? Is it profitable in recent quarters? How does it compare to its peer banks? Have there been instances of fraud at the bank? 

When you walk into your bank branch, what do you learn from the bank's employees? These are just a few things to keep in mind while evaluating your bank's stability. 

Answer 3

A bank can't go bankruptcy just that overnight. There must be some red flags about the collapsing or rather receivership state of a bank actually 3 months prior.

You can always check the performance of your bank at the relevant authorities.

Also you can easily know the possibility of the bank to close operations by check it on the daily list of companies on the stock exchange market.

Answer 4

Check where you deposit your money and be vigilant with your transactions. Always update the status of your transactions so you know if ever something doesn't feel right. 

Answer 5

To make sure that your money is safe in the bank, choose a reputable and insured bank, monitor your accounts regularly, protect your personal and banking information, and report any suspicious activity immediately to the bank.

Answer 6

you can contact the bank and ask, look for an FDIC sign at the bank's premises, call the FDIC at 877-275-3342, or look up the bank in the FDIC BankFind directory.

Answer 7

If your bank starts closing multiple branches, laying off staffs, doing away with incentives such as fee-free account, or enacting sharp increase in fee, it could be in trouble and looking for ways to converse cash.