Is Your Bank Or Credit Union Safe? Find Out For Free At This Bank Ratings Website

[Better Believe It]

You get a bank/credit union rating and most times "a report that provides a detailed explanation of our findings, for each rated financial institution."

Bankrate provides its Safe & Sound CAEL ratings information for businesses and consumers to use as only one factor in connection with their banking decisions. In connection with this decision, Businesses and Consumers are advised to independently evaluate all financial institutions, consider other information, including the strength of the financial institution's management, and to individually contact financial institutions to seek answers to their questions. Bankrate's rating information should not exclusively be relied upon in making banking decisions.

Ratings structure
Presented below is an explanation of Bankrate's Safe & Sound CAEL rating system for commercial banks, savings institutions, and credit unions:

Safe & Sound CAEL rating system

1 *****Superior
2 **** Sound
3 *** Performing
4 ** Below peer group
5 * Lowest rated

Get your free bank/credit union rating and financial information at:


http://www.bankrate.com/brm/safesound/ss_home.asp

[ingac70]

1. Bankrate- don't trust 'em ...

http://www.fivecentnickel.com/2008/08/07/can-you-trust-bankrates-bank-safety-ratings/

"A closer look at a recent failure

So how does the system perform when it comes to predicting failures? As I said, this is highly anecdotal, but… On July 25th, First Heritage Bank, N.A. of Newport Beach, CA was closed down by the Office of the Comptroller of Currency, and the FDIC took it into receivership. So what did Bankrate have to say about all of this? Well…

As of the date of the failure, First Heritage Bank had a 3-star rating, indicated that this bank was “performing.” In fact, even as I write this, First Heritage is still listed as having a 3-star rating:




More at the link....

[Better Believe It]

2. Not So Quick Now! What You Reported Isn't True!

You wrote: "In fact, even as I write this, First Heritage is still listed as having a 3-star rating:"

That's simply not true.

Anyone can check it.

Here's what they report as you wrote that:

Safe & Sound® rating

FIRST HERITAGE BANK, NATIONAL ASSOCIATION
NEWPORT BEACH, California
Bankrate.com Star Rating: star *
Safe & Sound CAEL Rating: 5

One star, not three as you indicate.

Now Three stars is not a very good rating. Four or five is much better. With only 3 stars and the financial report why did you keep your money in that bank? I sure as hell wouldn't. All of my banks currently have a four star rating. If any drop to three I'm moving my money out pronto!

[kirby]

3. Correction for you..

"Four or five is much better." Actually, 1 or 2 is best.

[Better Believe It]

4. I Was counting The # Of Stars!

Four or five stars are the best ratings.

The numbers 1 and 2 are also the best ratings.

Safe & Sound CAEL rating system

1 *****Superior
2 **** Sound
3 *** Performing
4 ** Below peer group
5 * Lowest rated

[kirby]

5. What a goofy system...

Why not match the number of stars to actual number. Confusing...

[ingac70]

6. That was from the link....

the guy wrote it shortly after that bank failed.

You are confused on how they rate.

[ingac70]

7. dupe

[yellowdogintexas]

8. 4 star here!!!!! yay!!!!

but I expected that from this Credit Union

[pokerfan]

9. ****

My credit union:
Four stars
CAEL Rating: 2

[Better Believe It]

10. **** Here!

Same here!

My credit union and bank:

Four stars
CAEL Rating: 2

[Better Believe It]

11. For the Weekend DU Crew