Despite bad bank news, most deposits are safe

Money
MPR photo/Tom Weber

U.S. Bank, one of Minnesota's biggest banks, is feeling the effects of a weakening economy. The bank yesterday reported its second-quarter earnings slumped more than expected -- nearly 20 percent to 950 million dollars. The bank is seeing more loans go bad.

In fact, there's been a stream of bad news about banks, including IndyMac in California, which has been taken over by federal regulators. Some consumers are likely wondering if banks are safe.

MPR's Cathy Wurzer talked with Greg McBride, who is senior financial analyst at BankRate.com, a Website that tracks the banking sector.