Which is the safest bank?

[vasmom]

I did a little search but couldn't find any discussion on this.

I have been advised by a CPA friend to transfer my cash fund from citibank to PNC and bank of america because of the oncoming merge (citibank is (or will) be sold). I'd ask the experts here for a 2nd opinion before taking any action. TIA.

[Krystalily]

Well, I think it really doesn't matter because most banks are insured by the FDIC. We have two banks we use. Our local branch in Michigan and our credit union bank. I wouldn't worry too much about it unless you are unhappy with whoever Citibank is merging with.

[sns4063]

I do *most* of my banking with my local federal credit union, most members are/were military or government employees. They really are great and never lend big bucks to risky people, as everybody who does business there is an owner of the bank. My mortgage is through Wells Fargo, which is very good shape right now, as they didn't do any risky lending. I used to do all my banking at Wells Fargo, but the only reason I switched was better rates on CDs and closer bank branches at the credit union.

[jetty56]

I do *most* of my banking with my local federal credit union, most members are/were military or government employees. They really are great and never lend big bucks to risky people, as everybody who does business there is an owner of the bank. My mortgage is through Wells Fargo, which is very good shape right now, as they didn't do any risky lending. I used to do all my banking at Wells Fargo, but the only reason I switched was better rates on CDs and closer bank branches at the credit union.

So are credit unions better than a reg. bank? I have a bit in saving at Wells Fargo, also my checking acct. have 2 at the same bank hmmmmm Guess you gave me something more to think about.

[MaryMary]

Bankrate.com has banks and CU safety rating.
Star ratings, CAEL rating explained for Bankrate's Safe & Sound (tm) bank rating feature
Find rating also here:
Bank or Credit Union Star Ratings

[vasmom]

Thanks everybody for your kind opinion and advice. Bankrate.com is very helpful.

[lburgess]

It doesn't matter as long as you are transfering the funds into FDIC insured accounts.