I was looking into starting a money market account at Zions Bank, because their rates are so good. However, since I don't live in Salt Lake City, I would like some confirmation of who they are before just sending money over the internet.
Anonymous
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I don't live near a branch, and most people who do aren't aware of it because they operate through a number of subsidiaries.
See http://www.zionsbancorporation.com Unless the company has created an Enron-style fraud, it seems to be good. Its stock is quoted on the NASDAQ, so it's not a huge bank with a lot of shareholders.
ASK FIRST: "Is what I am about to invest protected by FDIC insurance?" (I looked at http://www.zionsbank.com and didn't see the answer, but it's inconceivable that it wouldn't be. BUT ASK.)
A lot of people lost money in the Savings & Loan scandal -- notoriously in the Silverado fiasco in which George W Bush's brother was involved -- because they didn't ask that question (in that case about the FSLIC). Time deposits and CDs are normally protected. Money-market funds may be protected by another federal scheme. Or not at all.
jloertscher
they are publicly traded company and very much a legitimate bank.
Chris T
sounds like a jewish bank so you know they will be around for awhile.