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The Banking “Star” Rating System – What Does it Mean for You?

July 26, 2011 Personal Wealth
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All Banks Are Not Equal

So you have met the woman you want to marry, and you plan to take her out to dinner to propose!  Surely you are going to take her to a 5 star restaurant, that is if you want her to say yes. Shouldn’t where your money is be just as important?  Knowing the star-rating of any banks or credit unions at which you have deposits is the simplest and most reliable way to decide where you place your money. Do your due diligence before choosing a bank or credit union.

If all banks are FDIC (insured by the government), wouldn’t your money be safe in any one of them? There are significant advantages to knowing where your bank stands even if they are federally insured. Whether it be a personal or business checking account, knowing the viability of your bank is important. If your bank fails, it is possible for you to experience many unwanted issues, such as the return of any outstanding checks you may have which could have a domino effect on every area of your life, especially your relationship to those who trust that your check will be honored.

As far as the results are concerned, the most popular five-star rating system is readily understandable:

5 Stars Superior
4 Stars Excellent
3 1/2 Stars Good
3 Stars Adequate
2 Stars Problematic
1 Star Troubled

 

When it comes to your money, all decisions have great significance and are essential to your peace of mind. You will often find a higher star rating in a small business bank rather than large bank where you get lost as a customer. Star ratings rely on data reported to federal regulators and are based on asset size, net worth, tangible capital ratio, risked-based capitol ratio, and year-to-date net income, to name a few. Understanding the method used to ascertain these determinations on your financial institution can be daunting.  But have hope, there are independent institutions out there which are uniquely qualified to supply you with the information you need to make a well-informed choice.

Are Your Marine Batteries Thirsty?

July 12, 2011 Marine
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In general, doctors recommend following the 8×8 rule: you should drink eight 8 oz. glasses of water each day! After all, water is your body’s main chemical component, and it makes up approximately 60% of your body weight. In other words, it is very important to replenish your body with water throughout the day.

The same can be said about marine batteries, especially in the summer heat!

For marine batteries, summer heat is killer. Whether you’re talking about sun stroke, heat exhaustion or your car’s performance, the heat can “dehydrate” your battery, starter, and alternator.

Heat is the primary cause of flooded lead acid battery failure. Similar to one’s body, the high summer temperatures cause the water in the battery’s electrolyte to evaporate, causing rapid corrosion to the positive plate grids.

In addition, since marine batteries are primarily used in the summer months, this bit of information could prove valuable to you: give your marine batteries plenty to drink. Here’s how:

  • Wear gloves and eye protection.
  • Remove the cap.
  • Check the water level in your battery. If you can you see the lead plates inside your battery, the water is low.
  • Check the electrolytes in the battery with a hydrometer, if you have one.
  • Add distilled water to the car battery to approximately ¼” over the top of the plates.
  • Put the cap back on.
  • Make sure your cables and connections are snug, but not tight.

If you enjoy starting your jet ski or boat with ease, please make sure your marine battery has enough to drink. If not, it will become dehydrated and it won’t be pretty… or cheap!