What criteria must a bank meet to join the MoneyAisle network?
All of the banks in the MoneyAisle network have been pre-qualified using the Veribanc rating service. Banks who were rated low, “Red with No Stars”, in the most recent available reporting period (September 30, 2008) are not accepted into the MoneyAisle network. A “Red with No Stars” bank could indicate that the institution’s equity is less than three percent of its assets, it incurred a significant net loss during the most recent reporting quarter, or other serious deficiencies. For more information on Veribanc ratings, please click here. Our use of this service to help protect your deposits and to maintain the quality of the banks in the MoneyAisle network is all part of our commitment to consumer protection.
All of the banks in our network have been pre-qualified using independent bank ratings. We have temporarily suspended providing bank ratings. In today’s economic climate, bank rating agencies are reporting extreme shifts quarter to quarter on the ratings of individual banks. Furthermore, in some cases there is a significant variance in ratings from different agencies for the same bank, which highlights that – in the near term – it has become challenging to rely on such ratings. Please note that the FDIC has also stopped referring to rating agencies from its Website. We are committed to once again providing bank ratings as soon as the frequent changes stabilize and variances among rating agencies are brought back to a reasonable minimum. As a reminder, all of our banks are Members FDIC and all deposits with the banks in our system are backed by the U.S. government up to applicable limits. For more information on the independent bank ratings, please click here. Our use of this service to
