Recently theres been a lot of press coverage of banks failing not only in Europe but also here in the US. Some of my friends and clients have asked me what this means to them.  If a local bank goes out of business not only does it affect the local economy through thier employees being displaced but also depositors may have to reimbursed through the FDIC of up to $100,000 per person per account. If you have $100,000 on deposit with a bank the interest accrued would be a risk over the $100,000.

If you would like to check the rating of your bank you can get an idea how solid your bank may be use the screener at Thestreet.com   Enter your banks name in the screener. A rating of B+ or better is usually good. What do you see in your local market?

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