Did you know that FirstService Financial accesses independent bank-rating systems to help select financial partners? In order to safeguard clients’ deposits and funds, we use information from unbiased, third party sources to identify, research, and cultivate partnerships with the best available banks and financial institutions.
Banks and financial institutions are required to file a detailed financial report with federal regulators four times per year. This data is obtained by independent bank research firms, subjected to a thorough analysis, and ultimately used to assign ratings to the financial institutions.
As an example, one of the rating services used by FirstService Financial rates each financial institution with a scale of zero to five stars, with five stars being the highest. Among other things, a 5-star rating indicates that the institution has at least twice the capital strength that the regulators require, the institution is sufficiently profitable, and it has kept delinquent loans in check. Ratings are updated at least four times per year, generally in early March, June, September, and December.
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