It's not enough to go online and look for the best interest rates, because low rates don't always mean security and financial health for the lending institution. DPPL has many reference sources which provide detailed information on banks and lending institutions, including independent rating services. I took a quick scan of one of these sources today, the "Streets.com" publications (despite the .com ending, these are not available online) and was shocked to see the ratings of local banks. Most of the highly rated financial institutions were in Illinois towns I'd never heard of, and only a few nearby suburbs had one highly rated bank. Eye-opening, to say the least.
I know many of you, like me, have had this kind of banking experience: you open an account with what seems like a "local" bank. They immediately get bought out by a large, national organization. Within a few years, they are bought out again, and on and on it goes. You started out locally, and ended up in "If you want to speak to a living, intelligent human being, press 2 but don't hold your breath" territory. In recent years, this occurred with my savings bank, my mortgage lender and my education loan. Knowing how a bank is rated can make a difference, so let us help you. To get ratings and other information on banks and investment firms, talk to our trained reference staff. You can:
- Visit us in person on the Library's 4th floor: we have the Streets.com publications at the Reference Desk - just ask and we'll help you use them.
- Call the Reference Desk directly at 847-376-2917, or
- Email your questions to: firstname.lastname@example.org