MoneyRates.com Identifies the Most Dangerous States for Bank Consumers

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Out of the 157 U.S. bank failures last year, 89 of them occurred in just five states. An interesting revelation to say the least. In contrast, twenty states had no bank failures at all. Top honors go to Iowa, which had the highest number of banks (381) of all states that had no failures. As for the states with shaky banking records, the best defense for residents of those states might be to look for a national bank with an out-of-state headquarters as long as that headquarters isn’t in one of the other troubled states.

According to MoneyRates.com, the failure of any one bank can be traced to a number of factors such as a poor economy, a decline in real estate values and negligent bank supervision. However, the fact that bank failures seem to occur in clusters, heavy in some states, light in others, suggests that there are risk factors specific to certain areas. See if your state is one of the most dangerous states for banking.

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Published on July 1st, 2011 - Leave a Comment
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