GMAC (and other banks) strength-

H

hh_online 18 years ago

We have a MMA through GMAC. The continuing banking woes lead me to ask, 'is GMAC a strong bank to continue doing business with?' I realize regular accounts of federally insured up to 100K, but I certainly want to avoid drama is possible.

How can consumers trust the stength of their bank after this mess has shown that banks were keeping assets and liabilities off of the books? This certainly seems like it has been major mess and it still hasn't fully played out.

Regards, HH

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PeterL 18 years ago

HH, is that a rhetorical question? I agree with you that there is a lot of uncertainties out there regarding banks. The best answer would be to hedge your risk by putting your money in FDIC insured institutions and never more than $100,000 in the same bank.

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123go 18 years ago

I use bankrate.com

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joeu2004 17 years ago

FYI, bankrate.com gave 1st National Bank of Nevada a rating of 1 star and CAEL rating 5, its lowest rating. Good call!

But it gave First Heritage Bank NA a rating of 3 stars and CAEL rating

3, the same rating for Bank of America (NA, Calif).

Both banks were taken over by the FDIC on Friday. I looked at bankrate.com over the weekend. I don't know if they scrambled to adjust their rating of 1st National B of N; but if they did, they neglected to adjust their rating of First Heritage.

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GMAC (and other banks) strength-

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