This is not exactly mortgage advice or credit advice, but something just as important I thought my readers would appreciate.

Since 1983, Bauer Financial has been reporting and analyzing the performance of banks and credit unions.  What I found very useful to me personally was the use of finding out a genuine star rating for the bank I personally bank with.  My personal bank has 4 out of 5 stars!  That’s great, but it looks like many banks don’t have as good of a rating and that’s scary.

Here is a direct link to the page on their site to find out the rating of your bank or credit union:  http://www.bauerfinancial.com/btc_ratings.asp

Even if you don’t take advantage of someone else looking into the performance of your own bank, it’s very important to look into it one way or another.  We are all constantly reminded about the current state of our economy and if your bank were to fail, it’s going to cause some major head aches.

Yes, the FDIC will insure your money, but only up to $100,000.  Let’s hope to many banks don’t fail at the same time, because the FDIC may run out of money!

Then what?