Both of my banks have a one star rating on bankrate.

[TNDemo]

I don't have savings with them - just checking accounts. Should I bail now or is it worth the effort?

[Warpy]

1. No, but stash some cash in case one or both close for a week

or two if the FDIC has to step in.

Do not keep the cash under the mattress or in a sock drawer. In a box in the freezer is good, the one decent idea Rep. Jefferson ever had in his life.

[hobbit709]

6. The definition of cold hard cash.

[Barack_America]

2. Depends. Are they FDIC insured? Are your accounts below the FDIC limit?

It also never hurts to have an account with a local credit union.

[TNDemo]

3. FDIC insured.

Hopefully it would come through.

[FarCenter]

4. Checking accounts have been unaffected in the closures so far

For checking accounts with balances under the FDIC limit, continuity of service is usually provided by closing the failed bank on Friday evening and opening the branches under an acquiring bank's brand the next Monday am. The acquiring bank clears and settles any transactions that were "in flight" over the weekend.

On the other hand, there may be cases where the FDIC cannot find another bank willing to acquire the failed bank or all of its branches. The transition may not go completely smoothly, depending on the state of systems at the failed and acquiring bank.

So there may be some inconvenience to the customers during the transition.

[bikebloke]

5. My bank's rating has also dropped.

I had my eye on a small local bank with a very good rating with a "however..." attached. So I waited. That bank's rating also plummeted. So I'm looking again. :shrug:

[Bonhomme Richard]

7. Mine has a 4 star rating if you can believe it. n/t