702 USA Banks Near Failure: FDIC

Posted by Staff on February 24th, 2010 at 02:40am Comments

According to the FDIC, American financial securities regulating agency, as many as 702 banks in the USA are near failure as of beginning of 2010.

In a statement the Federal Deposit Insurance Corporation (FDIC) writes that as a result of its fourth quarter 2009 audit, it discovered that 702 banks from the USA that hold a collective $402 billion USD in assets are near collapse – a 27% increase since the last audit that was done for third quarter 2009.

Since the beginning of the year (2010) at least 20 American banks went belly up, while there may be many more following them.

Nevertheless, FDIC states that despite all this customers of all FDIC-accredited banks should not worry about their deposits – the current level of coverage is up to $250,000 per client in each of these banks.

However, the situation could still be scary for those that have more that $250,000 in their accounts. If you’re one of those folks, you should consider opening an account or two with different banking institutions (or maybe an FDIC accredited online bank?) and keep a maximum of $250,000 in deposits in each bank.

After all, FDIC does not name these 702 “near collapse” banks in this report….

Note: if you’re looking for a list of FDIC accredited USA online banks or those that allow online banking, check out Online-Bank.ca’s USA online banks list.

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