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Dear ,
Something weird is going on!
If you are a Bank of America customer, please be aware that according to the following Reuters article that was published this morning, Bank of America has been warned by US regulators to "get stronger".
 | | (Click to read article) |
Why do I say something weird is going on? Because when I read the article, one of the first things I did was go to www.bankrate.com and look up Bank of America's ratings. Here is what I found.
There are several Bank of America Associations which all ultimately fall under the Bank of America Holding Company. You'll notice that four of the five listed have a 4 Star rating (out of 5 Stars). The other one has a 3 Star rating. Doesn't that seem odd to you?
Quite frankly folks I don't quite know what to make of this? Either we have an overzealous bank regulator picking on a perfectly healthy bank or we have a bank ratings service (www.bankrate.com) that is incredibly wrong. The problem with the second scenario is that bankrate.com depends on the bank regulators own reports for a lot of the data for their analysis. So who is correct here?
Now maybe this video can give us a clue as to what is wrong at Bank of America.
 | | (Thanks Charlie!) |
But seriously folks, if you are a Bank of America customer please understand that I am not saying run right out and change banks. I haven't had the time to do the research to reach a conclusion on that issue yet. What I am saying however is that if this issue concerns you, it would be in your best interest to start doing your own research to see if Bank of America is still a "safe" bank in your opinion or not.
Remember, in the final analysis it's only your opinion that counts. Why is that? Because it is your money and you are the one that is ultimately responsible for it!
Let me know if I can help in any way.
Sincerely,
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