Why Is There A Large Spread Between Deposit Accounts/Weiss Financial Bank Health Ratings?

TheInfoMan | Apr 20, 2023 | 15 posts since 2018

Can someone explain this? I took these health ratings of each of website about 5-minutes ago.

Ally Bank....................Deposit Accts B+...Weiss C+

Prime Alliance Bank...Deposit Accts: A.....Weiss C

Safra National Bank...Deposit Accts: A+...Weiss C

Crescent Bank...........Deposit Accts: A......Weiss C-

HSBC.........................Deposit Accts: B+...Weiss C-

Discover Bank............Deposit Accts: A.....Weiss C-

Call Me Concerned.

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Answers

Kaight | Apr 20, 2023 | 1,192 posts since 2011

Marty has always been a tough grader. He does not grade on a curve. Nevertheless it is possible for a financial institution to garner a high rating at Weiss Research. It's just not easy.

I rely on all three services (Ken, Bauer, and Weiss) to help me evaluate this or that financial institution. My only complaint about Weiss is that he is frequently very late releasing his ratings, oftentimes weeks behind Ken and Bauer.

TheInfoMan | Apr 21, 2023 | 15 posts since 2018

Do you have a link to share re: Bauer?

Rickny | Apr 21, 2023 | 1,296 posts since 2017

The other concern is if a bank fails and you have a great rate you may not be able to get the same rate at another institution.

Also, if we have many bank failures I could see the government making depositors doing a "bail in".

txFish1 | Apr 20, 2023 | 476 posts since 2023

makes you wonder if they are using data from the same time period. Maybe Weiss ratings are using newer data.

interested | Apr 21, 2023 | 79 posts since 2019

The reporting periods are different. For example bank rating for Ally Bank on DA is as of 2Q2022 and on Weiss it is as of 4Q2022.

JeffinEasternFL | Apr 20, 2023 | 744 posts since 2020

If your under FDIC limits don't be that concerned!

TheInfoMan | Apr 21, 2023 | 15 posts since 2018

That works until the FDIC goes belly up.

DepositGuy835 | Apr 21, 2023 | 21 posts since 2015

If your institutional goes under and there is no buyer, the FDIC or FCUA will mail you a check by ordinary mail. If you don't receive check you can, call the issuing agent about the post office not delivering your check. Boy, does that sound like fun!

TheInfoMan | Apr 21, 2023 | 15 posts since 2018

You have more faith in a financial system built on debt than I do. I see 2008 on steroids coming at us.

DepositGuy835 | Apr 21, 2023 | 21 posts since 2015

How about the Connexus Credit Union (WI)
Dep Acts B; Weiss A- ; Bauer 3stars
How does a place with such a high texas ratio get A- from Weiss?

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