check your banks finances

bronco2078 · May 9, 2012 11:51PM

Here is an interesting link where you can look up the local banks around you and see the strength of their balance sheets.

bank checker

that checker only does banks credit unions are here

credit unions

roadrunner · May 10, 2012 1:52AM

You can also go to the FDIC website and select "Uniform Bank Performance Report". This lists many other details such as derivative's holdings.
In checking my bank I see that they carry $25 MILL notional in interest rate contracts with a marked to market value of $680K.

I took a peek at Bank of America (bank holding company) Charlotte, NC. #1073757. $57.5 TRILL in notional interest rate contracts. $2.3 BILL in company assets.
Hey, does that affect interest rates....lol.

UBPR

jmski52 · May 10, 2012 3:56AM

Thanks for the links. TBTF, what a crock.

nibanny · May 10, 2012 4:07AM

Sorry for the stupid question but can someone explain me what a credit union is?
Checking the link provided by bronco comes out that in my city the credit unions are the Railroad Co., the Police and the School Employees.

jmski52 · May 10, 2012 4:10AM

Ciccio, it's a savings and lending institution that doesn't fall under the same regulations as a bank. Usually they were formed by an employer or a union to help their employees or union members with their financial needs at a slightly lower cost than what banks would charge. Later on, they allowed the general public to become members as well.

I'm not real sure what the differences in the regulations are at this time. One of the differences may be that banks deal with businesses, and are more strictly-regulated because of that.

nibanny · May 10, 2012 4:20AM

Thank you jmski!
I thought it was something like what you explained but didn't expect what I found in my town.

Timbuk3 · May 10, 2012 4:42AM

To add to the conversation, credit unions are
own by the depositors !!!

Jroy · May 10, 2012 5:55AM

I love my credit union. Credit unions tend to have better interest rates than banks since there's no external share holders.

johnny9434 · May 10, 2012 6:04AM

<< To add to the conversation, credit unions are
own by the depositors !!! >>

and you get cheaper loans and the sorts. it is owned by the depsitors and the board answers to them. not all of the helped out in the debacle like the banksters did

VikingDude · May 10, 2012 9:31PM

Good info - thanks for the link.

PerryHall · May 10, 2012 10:04PM

As long as it's insured by the FDIC, does it really matter?

ttown · May 10, 2012 10:28PM

<< As long as it's insured by the FDIC, does it really matter? >>

Then were in trouble since credit unions aren't insured by FDIC, they're insured by the NCUA.

PerryHall · May 10, 2012 11:13PM

<< 

<< As long as it's insured by the FDIC, does it really matter? >>

Then were in trouble since credit unions aren't insured by FDIC, they're insured by the NCUA. >>

I was obviously talking about banks.

ttown · May 10, 2012 11:25PM

derryb · May 11, 2012 12:31PM

there's only so much money in the FDIC fund. A major TBTF bank failure could result in their not being enough chairs when the music stops. FDIC insurance is primarily a public relations tool to keep account holders from worriying about their money and to instill faith in the banks. Have faith at your own risk.

PerryHall · May 11, 2012 9:50PM

<< there's only so much money in the FDIC fund. A major TBTF bank failure could result in their not being enough chairs when the music stops. FDIC insurance is primarily a public relations tool to keep account holders from worriying about their money and to instill faith in the banks. Have faith at your own risk. >>

The feds will make sure the FDIC is always solvent. No one will lose their saving in a FDIC insured bank.

Tomohawk · May 12, 2012 3:05AM

I agree with derryb...if even one of the majors went south, many, many people would find out what a financial haircut is...my lack of faith in ensuring the masses is a key driver to my stacking habits. FWIW...

roadrunner · May 12, 2012 3:16AM

The feds will make sure the FDIC is always solvent. No one will lose their saving in a FDIC insured bank.

True, even if it means paying off with monoply money in the end. The people just may not appreciate the purchasing power haircut that comes with "payment."

Stew · May 12, 2012 11:43PM

After reading what Bank of America did last fall, I would hope that everyone would understand that keeping money in any bank
today is actually 0% safer than it was in 1929.
When Something bad hits. Kinda of like what Jamie Dimon announced Thursday afternoon about losing 2 Billion in 6 weeks at JP Morgan Chase
Who do you think is going to get paid by the FDIC first, The Banks and the well connected. Depositors will be sacrificed just as they were
At MF Global last fall.

Bank Of America Forces Depositors To Backstop Its $53 Trillion Derivative Book To Prevent A Few Clients From Departing The Bank

Sleight of hand: BofA moves dodgy Merrill derivatives to bank Read more: http://www.nypost.com/p/news/business/sleight_of_hand_uy96iNSbW99JHMRnbxgvfL#ixzz1ukxfE3Tr

check your banks finances

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