Keeping Your Money Safe…it is important
Courtesy DATCU Credit Union, Denton County LIVING WELL Magazine
While there have been glimmers of hope in the economy, there continues to be concern over the stability of some financial institutions and a questionable economic outlook. We’ve all been inundated with media stories and articles about our nation’s debt, unemployment, higher taxes, and increasing healthcare costs. It’s a very scary time for many folks.
So, are you asking yourself if your money is safe? If so, there are many independent sources that rank banks and credit unions for soundness and security. IDC Financial Publishing uses a proprietary methodology to evaluate financial institutions followed by the submission of these regulatory reports to the federal government. IDC has an impressive track record of recognizing worsening or improving performance, months and sometimes years, before it becomes evident to less sophisticated rating services. Their safety ratings range from one (lowest) to 300 (highest) with six categories of performance being reviewed. It’s a wonderful tool if you’ve got concerns about how secure your money is at your financial institution. For more information, go to idcfp.com.
SNL Financial is another great source. Their comprehensive analysis reviews banks, credit unions, other financial services, including the insurance sector. For more than 20 years, they have been recognized as the gold standard for banking acumen, data, and news. Their database, of more than 20,000 financial institutions, includes copious profiles on all publicly-traded banks, regional and community banks and credit unions. For more information, go to snl.com.
Once you have your money in a secure and stable financial institution, it’s smart to look at what other services that they provide. These days, with fees increasing (many of them hidden), it’s just smart to consider “bundling of financial services.” Many banks and credit unions offer a full array of services including checking, savings, loans, credit cards, certificates of deposit, individual retirement accounts, money markets, wealth management services, and even insurance products. When you deepen your relationship with your financial institution, it can save you big money. And don’t forget customer service! It is still a big deal and very important in today’s competitive environment.
Remember that your life is affected by your money. It affects your family, your future, and the achievement of your dreams. You want to make sure that it is safe, sound, and secure. Don’t be afraid to check out the financial performance of your financial institution, ask questions, or even to change if you’re not happy. You are in control of your financial destiny. Make sure you are doing your business with people you like, trust, and who take care of you.
Dale Kimble, CEO/President of DATCU Credit Union, can be reached at 866-387-8585.
