HelloI now bank with suntrust and looking to move to alley bank due to their rates - not much but better than the 0.01% i am getting.I am worried about the online part. i know about FDIC but....anyone keep all their cash that they use to pay bills and for emergencies in an online bank? Is this safe?Thanksusha
I use an online bank for a savings account, but, not for a regularly used checking account mainly because I like a brick and morter that I can walk into to talk to real people when I need to. Others use and online bank and have positive things to say about it.I suggest you post and review past postings on the Online Bank message board at http://boards.fool.com/online-banking-100152.aspx?mid=301041...Bob
Thank you for pointing me in the right direction. i was looking for 'online banking" and could not find it.
Use the search box at the bottom of this page. If you put "online", "banking", or "online banking" in the Board box below and click "find" the message board will come up near the top of the list.Bob
Alley: At one time GMAC made more money for GM financing new cars and leased cars than GM made making autos. But as GM sank toward bankruptcy, GMAC risked its credit rating which made its interest rates rise and eat into profits. So GM sold off controlling interest to a financial entity. I'm thinking it was Cerberus, the same one that bought Chrysler.During the financial meltdown after Lehman's, Alley got FDIC insurance, but Alley got in trouble for its mortgage portfolio. The auto financing part was OK as the cars were real assets (but a crash in blue book value from going out of business might have meant a write off).Recently Alley has taken its home mortgage unit into bankruptcy but the bank is still FDIC insured and doing OK.They did manage to sidestep the GM bankruptcy. GMAC was one of GMs most valuable assets.
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