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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: iggyl who wrote (375904)10/8/2008 7:36:05 AM
From: NucTrader  Read Replies (1) of 436258
 
What I've done is exactly what you're thinking on doing. Short answer: I've parked the bulk of my IRA funds at 4 different banks/thrifts, all under the 250K FDIC IRA limits. Why banks? I don't trust SPIC, which is basically private insurance backed by a brokerage pool. You know how the brokers are doing and how things went with AIG. My sense in Schwab is going to be fine, but I'm not betting my money on it. At least the FDIC can (and probably will have to) borrow from the Treasury as more bank failures occur. If SIPC starts to run short their only source of additional funds is: other brokers! Both street.com and bauer financial have free bank ratings (which may or not be accurate) but if you put your funds in a bank or thrift rated B- or better by street.com and 4 or 5 star by bauer, they're less likely to go bust, IMHO. The ones I've chosen: B+ 5star; B 5star; B- 5star; and 5 star. Also, I'd look at the bank list on pages 15-21 of the Weiss letter to Congress. Right now I wouldn't be so concerned about return. The more solid the bank, the less they pay on CDs. For example, Frost Bank in San Antonio is A-, 5 star. Check out their CD rates. Same for a small local bank here, High Point Bank in NC...lowest CD rates in town.
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