The economy is getting better, but people are still losing their jobs, and banks are still going bankrupt. At least we are told it’s getting better. They need someway to keep the engines running on Wall Street.
Although BankUnited is a regional player, it’s still somewhat of a larger bank, with nearly 14 billion in [...]

The FDIC will take another hit this week, in the tune of $700 million caused by the collapse of 4 regional banks bringing the annual total failure to 29.
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“Banks in a bind: The recession has left regional banks reeling, with cash-crunched consumers struggling to pay off their loans.”
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The number of banks which have failed in [...]

This week has been a good one for the Obama administration. Geithner, secretary of the treasury has been making head-lines, and has finally put forth a plan that seems to have wide spread acceptance judging by the 7% gain in all the major indexes.
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The treasury office is now looking to expand its reach, by [...]

The 18th, 19th and 20th banks to fail this year are:

TeamBank of Paola, KS (FDIC Bank closing information)
Colorado National Bank of Colorado Springs, CO (FDIC Bank closing information)
FirstCity Bank of Stockbridge, GA (FDIC Bank closing information)

TeamBank of Paola, KS
The FDIC estimates the cost to the Deposit Insurance Fund will be $98 million (I have seen incorrect reports [...]

Bank failures have always meant great economic turmoil in America. They affect both the machinery of the economic engine and the hearts and minds of the American people. When small towns in American lose their bank, or when large cities see the failure of a major Wall Street institution, it has the underline problem of [...]

Freedom Bank of Georgia was seized by regulators on Friday March 6, 2009 amidst an ongoing recession, high unemployment, and continued weakness in the housing marketing, pushing more borrowers behind on home loan payments.
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2008 Finished with 24 bank failures in the U.S., It’s only the first week of March 2009 and we have already [...]

You never know, it might be a good thing. This way they can transfer ownership to Social Security administration and we can get what Bush wanted all along, our safety net in the hands of Wall Street. Because they’re so good a managing money!
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If a business is not working correctly, the system already has a [...]

A fresh breath from a member of our forums, kevin_in_denver, tells us how we should think about turning to local credit unions.
His post, Credit Unions are safe, sound and local!, highlights some of the benefits of credit unions. �
From the post:
With everything that’s been going so wrong in the economy, it’s nice to let people know [...]

In an effort to keep Citigroup, Inc (NYSE: C 3.77 11/21/08) afloat, the US government announced a plan to make available guarantees on over $300 billion of troubled mortgages and other assets after a week were Citibank lost more then 60% of its value.
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Breakdown: The plan
·         $20 billion cash infusion via Treasury Dept
·         [...]

On Friday, the FDIC and Georgia regulators shut down the third Georgia-based bank this year. The Community Bank, based in Loganville, Ga. became the 20th nation bank failure this year and was followed by two bank failures in California, making the total number of bank closures this 22.

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Breakdown:  The Community Bank �
·         Total assets of [...]

Federal Deposit Insurance Corp was appointed receiver when the Fed was forced to shut down two large banks in California. The banks became the latest victims of acute distress in the real-estate market in that state.
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Latest two failures brings the total number of banking failures this year to 22.
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U.S. Bancorp has acquired the operations [...]

Today, Monday, November 10, 2008 — we have been having great news from everywhere.  Circuit City announcing bankruptcy, another $40 billion for AIG (guess it’s good news for them?), and now we have 2 more bank failures.
CNN Money reports, 2 more banks go belly-up, as Franklin Bank (of Houston) and Security Pacific Bank (of California) [...]

In the US we have the FDIC which insures deposits up to $250,000 (now, it’s up from $100,000 as of a recent bill).  This is per depositor, per bank.
What does the UK have?
The UK insures their money with the FSCS, Financial Services Compensation Scheme.
If you’re unclear about the details, the FSCS insures payments will be [...]

In the last two days we have seen dramatic action at yet another two banks, with National City (NCC 2.08 10/24/08) being bought by PNC, and now Alpha Bank and Trust of Alpharetta, Georgia becoming the 16h Bank this year to be seized, by the Georgia Department of Banking and Finance.
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In the past two months, [...]

We all secretly worry about how safe our money is.  After all, why do we use banks?  If money were very safe at home, wouldn’t we just want to hold onto our own cash?
There are multiple definitions of “safe” when it comes to money.  

It won’t be stolen
It will be worth the same in the [...]