Michael Taylor makes an argument for why the nation’s insurer of bank deposits should boost the amount it will guarantee per account.
San Antonio-based USAA Bank is among 23 banks operating in Texas that recently received a three-star rating from Bauer Financial.The maximum amount per account — $250,000 — that the Federal Deposit Insurance Corp. will guarantee is too small.
But if you are not a trained bank financial analyst, these reports will look like — I think the technical term is — gobbledy-gook.aggregates and analyzes this FDIC data, assigning a zero- to five-star rating for banks. In addition to relying on FDIC data, Bauer said it also takes into account trends and historical data, as well as regulatory actions taken against banks. Its June 2023 ranking, based on published results from March 31, lists 487 banks headquartered or doing business in Texas.
Twenty-three banks in the state received three stars, which Bauer considers “adequate” financially. The vast majority, 94 percent of banks doing business in Texas, received four- or five-star ratings, which is mostly comforting., is one of those 23 three-star banks. That ranking is down from three and a half stars in the previous quarter. USAA matters not only because it is my bank but also because it is a large employer in San Antonio and the largest bank by customer deposits in Texas.
To be clear here, nobody with less than $250,000 in deposits should care whether their checking, savings or certificate of deposit accounts are with two-, three-, four- or five-star banks. If you’re under that cap, every penny is FDIC insured. You should only care about a bank’s financial strength if you are above the insured limit, which few of us are.
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