Don’t Fall for the Cheap $25 Gimmick – Here’s Why
October 17, 2008
In times like these, the bank you choose to put your money in must be considered with the utmost care. This choice has never been so important as it is today. When considering which online savings account to open, consider this.
Background – A History of Strength
The news media likes to paint all banks with the same broad brush but it is important to remember that not all banks are the same.
Wilmington Trust is a thriving global financial services company. They help clients in 86 countries increase and preserve their wealth. They have maintained stability and independence across 105 years of economic cycles, a period of time that includes 20 U.S. recessions, 18 U.S. presidents, two World Wars, and one Great Depression.
Wilmington Trust has always maintained a commitment to conservative management practices and a focus on building long-term relationships with their clients. All of these factors contribute to their impressive financial stability and strength.
Well Capitalized – Enviable Financial Stability and Capital Strength
Wilmington Trust continues to operate from a position of financial strength. The Federal Reserve Board specifies amounts of capital that banks must maintain in order to be considered adequately capitalized – and higher amounts that banks must maintain in order to be considered well capitalized. Wilmington Trust has exceeded the amounts required to be considered well capitalized since 1984, when regulators first established the amounts.
Third Party Endorsements – What others are saying about WTDirect!
Standard & Poor’s announced that it has affirmed the credit ratings of Wilmington Trust. S&P’s announcement cited their credit quality and the relative resilience of Delaware’s economy as factors in its affirmation. It went on to say that “a significant supporting factor for the rating is Wilmington Trust’s exceptionally good revenue diversification and earnings cushion from its fee-based businesses.”
Additionally, The Street.com had this to say about Wilmington Trust in their September 2008 bank ratings: “This institution offers good financial security and has the resources to deal with a variety of adverse economic conditions”.
No Subprime
Wilmington Trust does not engage in subprime residential mortgage lending and there are no subprime residential mortgages in the underlying collateral of the mortgage-backed securities in their investment portfolio.
