http://news.bbc.co.uk/2/hi/business/7679021.stmI know some folks here have ING accounts. I think they are probably FDIC insured. But Ing is getting Dutch money to stay afloat.
Our largest bank account is Electric Orange at ING. We transferred money into it from our Wachovia MMA the weekend their rumors started--and most of that money came from a large matured CD from CapitalOne(!). ING says it's FDIC insured, but I am nervous. And to think I felt safer because it's "diversified" to have some of our stash at a non-American bank. I'm seeking advice--should I open yet another bank account elsewhere? Will my money be on the run for several months/years? sigh.ASIDEIt's not bad enough that "they" (from Wall St to the Fed to Congress) took down my stocks, some of my bonds, my CD rates, and home value, and our mutual economy. Now my cash is under attack! grrrrr.
My brother, once while traveling overseas, asked an ING branch there if there was a way for him to open up an account in euros, linked to his ING dollar account in the US. They told him that linking wasn't possible, the two were completely separate entities, and the only way to do it was with a traditional wire transfer.That and FDIC coverage suggests to me that the fate of the Dutch parent company and INGDirect here in teh US are somewhat unlinked.
Our OH NO! account is at ING, as well as our personal escrow and 4 CDs, all in all totaling $140K. I want to buy a safe, and it seems daily that the size of the home safe we'll need is getting bigger and bigger.....
Our OH NO! account is at ING, as well as our personal escrow and 4 CDs, all in all totaling $140K. I want to buy a safe, and it seems daily that the size of the home safe we'll need is getting bigger and bigger.....I'm sorry I posted the article. Ing's US on-line banking, which I'm pretty sure is what people here use, is FDIC insured. For the moment, that's $250,000 for an individual, double for couple.If you did Ing overseas, and the country does not provide the same level of insurance, then there could be a problem, but this money from the Dutch government is intended on keeping Ing afloat, anyway.I do think it is important to keep on top of the news that may affect us. But that doesn't mean you need to panic. Just check the facts.
Don't feel too bad. Read the comments on this UK newpaper article. Seems that the UK recent siezed or froze savings accounts at some Kaupthing Isle of Man Icelandic bank. The British account holders are hopping mad.FDIC insured means you'll have accecce to your money right away.BTW, avoiding scenarios like this is why I have accounts at several different banks.
Oops, forgot to post the link.http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2...
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