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Annuity Watch

Making Sure You're Bank is Secure

The severity of failing banks shows no sign of letting up. According to Smart Money, a report put out by Rochdale Securities tells us the number of banks that have met their doom has reached 250; with 81 of those occurring this year.  So we know this unfortunate news puts us all in a place of uneasiness, but what can we do to protect the money we’ve worked so hard for?

First and foremost, don’t rely on flashy advertising. In other words, do your part to ensure that your funds are in the hands of a bank that is not only FDIC-insured, but stay on top of the “ongoing health” of your bank. Are you with a publicly traded institution? You can check them out by taking a look at their Securities and Exchange Commission (SEC) filings, or go straight to sec.gov for current information.  Do you stick with the smaller, privately held banks? You have the right as a consumer to make inquiries for copies of balance sheets and other various financial documents. 

Although the U.S. government is there to back up the FDIC, it’s always smart to protect yourself. At The Annuity Connection, we do the work for you with our Vital Signs Report. Here you will find detailed analysis on any insurance company encompassing the details of the financial health of your carrier.