Seeing Stars, But What Does It Mean?
BauerFinancial ratings explained.
After a few bank collapses earlier in the year you may have starting seeing stars - not Orion’s Belt or another constellation but rather the BauerFinancial™ Star-Rating. So what should you see in the stars?
BauerFinancial ratings explained.
When it comes to managing your hard-earned cash, trust is everything. You want to ensure your money is in good hands and that’s where the Star-Rating helps. Think of it as a high-powered telescope that can see far more than what’s seen by the naked eye. It can peer into an institution’s financial health and looks at factors like how much money they may have, the quality of their assets, how profitable they are, and if they have enough cash flow to keep things running smoothly. All these pieces help consumers and investors get a clear picture of whether an institution is financially stable or teetering on the edge. Then BauerFinancial takes it a step further and takes all of this data and simplifies it into an easy-to-understand star rating system.
And before you get too skeptical, it’s worth noting that the BauerFinancial Star-Rating process is not a service that you can pay to be included in or be removed from. Its findings serve as an unwavering and consistent tool to help evaluate financial institutions on common ground and for common good.
MIDFLORIDA is pleased to announce that it has achieved another impressive 5-star rating, maintaining our position on the list of nationally recommended financial institutions and keeping our commitment to improving our customers’ financial well-being first and foremost in everything that we do.
Take a look at what the stars mean:
- 5 Stars: You can have peace of mind knowing your money is in good hands. This is the highest rating a financial institution can achieve indicating that the institution is exceptionally safe, reliable, and dedicated to its customers' financial well-being.
- 4 Stars: Your money is in a stable and trustworthy institution. A financial institution with 4 stars is still performing at a high level of excellence but may have a few areas that can be improved.
- 3 Stars: So-so but it’s a sign that the financial institution may be striving towards improvement. Three stars represent an average rating indicating that the financial institution is doing okay, but there might be some areas where it can enhance its services to better meet customer needs.
- 2 Stars: Uh-oh! It may be important to pay attention and consider alternative banking options. Two stars indicate that the financial institution may be struggling with managing their customers' money and delivering quality service.
- 1 Star: It might be time to actually switch institutions. Just like a low grade in school, one star means the financial institution has several areas of concern. This should serve as a warning sign that their financial stability and service quality might be compromised.
- 0 Stars: Your money may not be safe and it’s crucial to explore other alternatives. At 0 stars, the lowest rating available, this is a strong indication that the institution is facing severe financial difficulties.
We are proud of the stars that our customers and potential customers are seeing on our doors. The constellation of 5 means that banking with us is a good decision.
For more information on BauerFinancial and its methodology, visit bauerfinancial.com.