Edwardsville, IL, February 24, 2009 --(PR.com
)-- In these troubled financial times, it is important for the consumer to know whether his or her bank is safe.
The Federation of American Consumers and Travelers (FACT) has compiled a list of sources where one can find out.
Everything from your bank’s capital adequacy and asset quality to profitability and liquidity is available to you from several reliable ratings services.
These sources include:
FACT is a not-for-profit association which was founded in 1984 and which provides a variety of benefits -- ranging from medical insurance and dental care discounts to prescription drug savings and timely consumer information -- for more than 1 million Americans.
Vicki Rolens, managing director of FACT, says: “Consumers need and want to be informed about the strength of those institutions where they entrust their money. FACT hopes that everyone will take the time to do a bit of due diligence and to know that their financial matters are in good hands.”
The above-listed sources are private businesses which may or may not attempt to market various products or services on their respective Web sites. The businesses are not endorsed by FACT, but the ratings they provide are believed to be reasonably accurate.
“There is probably no bank ratings source which is 100% dependable,” Ms. Rolens points out. “Some recently failed institutions were generally considered to be financially strong before the bottom dropped out. However, the ratings at least give an indication of a bank’s strength ... which is better than being completely in the dark.”
The Federal Deposit Insurance Corporation (FDIC) does maintain a “Watch List” of banks which may be on the brink of failing, but this list is not distributed to the general public.
Questions may be directed to FACT by sending an e-mail to firstname.lastname@example.org. More information on the Federation of American Consumers and Travelers may be found in the Encyclopedia of Associations, and by visiting the association's web site http://www.usafact.org. The organization was formed under the not-for-profit corporation laws of the District of Columbia in 1984. Its administrative office is located at 318 Hillsboro Avenue, Edwardsville, IL 62025.
FACT News Releases Consumer Hotline Medical Insurance Dental Care Discounts Prescription Drug Savings Bank Ratings