Author Topic: my mom asks me about her bank  (Read 1211 times)

Offline surfivor

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my mom asks me about her bank
« on: June 10, 2012, 01:36:32 AM »
 My mother asked me about her bank which is sovereign bank here in Mass. Apparently it is owned by some Spanish bank and she said Spain is having big problems and may need a bailout. She has 10k or so I guess. What should I tell her ? I told her I would post this question here for her.

I told her, I don't know, buy some gold, but I don't know if she is really ready for that or not. 

Offline MaddoginMass

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Re: my mom asks me about her bank
« Reply #1 on: June 10, 2012, 05:17:59 AM »
Even though it may be owned by a Spanish bank, it is a US bank governed by US laws and is covered by the FDIC.  I think there is not much concern with the ownership issue.

That being said, Sovereign is a bigger bank and I don't trust any of them.  I would check out the local credit unions if it is practical for her.  We have accounts with Digital Federal Credit Union and are quite happy with them.  You might take a look at St. Marys Credit Union too. 

Another alternative would be smaller regional banks, such as Middlesex Savings Bank.  They are not as bad as the bigger ones.