How to Check for a Bank's Credit Rating

Video Transcript

"This is financial advisor Patrick Munro and many times we talk about personal credit rating and things of that nature, but it's also important to note that banks have credit ratings as well. And you should only be working with a bank that has the highest credit rating. You can find these credit ratings by going online to various rating reporting agencies. One of the most important ones are S&P, that stands for Standard and Poor's. There's also Moody's reporting agency as well as Fitch as well online. You can go to bankrate.com, which is a major clearing house on site, online that you can check a bank rating system in a convenient one stop shop template. You can also call the banking commission in your state and name the actual bank that you're concerned about and they will tell you over the telephone what the rating is for that particular bank. Also, the FDIC website is of the useful for consumers to go to to find out what the depository insurance requirements are at that given bank. This is Patrick Munro talking about how to check a bank's credit rating."