Look like Emmigrant Bank is going down!

Quote from dandxg:

I had been checking bankrate safe and sound diligently for financial worthiness of banks/credit unions I deal with. Previously they were always 3's performing, now I have a 2 and 1!:eek:

http://www.bankrate.com/rates/safe-sound/bank-ratings.aspx?t=cb&i=Emigrant&r=&a=&c=&s=&z=

I am moving money from Emmigrant to ING, rates about same and ING is 3, better check your institutions ppl.

BTW I know about the FDIC/NCUA guarantees but still.
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Cool, thanks for the heads up. I guess I'll transfer my emigrant over to my countrywide(which is now bank of america). Also had a harbor federal acct which was bought out by national city, which was bought out by pnc bank
Getting real tired of playing musical banks...
 
Quote from dandxg:

I had been checking bankrate safe and sound diligently for financial worthiness of banks/credit unions I deal with. Previously they were always 3's performing, now I have a 2 and 1!:eek:

http://www.bankrate.com/rates/safe-sound/bank-ratings.aspx?t=cb&i=Emigrant&r=&a=&c=&s=&z=

I am moving money from Emmigrant to ING, rates about same and ING is 3, better check your institutions ppl.

BTW I know about the FDIC/NCUA guarantees but still.
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Seriously? You are going to ING which pays 1.4% interest and is not FDIC insured? For every 1000 bucks you deposit with them, thats about $1.17 in interest you make per month. So you are giving up FDIC insurance in a time when many banks are failing for an amount of money that would not even buy you a soda at a convenience store.

But then again...maybe you have 10k you are putting in ING. In that case, you are risking 10k for an amount of money that would buy you a ticket to go to the movies once per month...by yourself...without any popcorn or drinks...

or maybe you have 100k. Then you are only risking that money for an amount of money that would maybe fill up your gas tank twice per month!

Its really not worth the risk to put your money into one of those online banks that if they do screw you, you have no idea where to go to confront them face to face.
 
Quote from peilthetraveler:

Seriously? You are going to ING which pays 1.4% interest and is not FDIC insured? For every 1000 bucks you deposit with them, thats about $1.17 in interest you make per month. So you are giving up FDIC insurance in a time when many banks are failing for an amount of money that would not even buy you a soda at a convenience store.

But then again...maybe you have 10k you are putting in ING. In that case, you are risking 10k for an amount of money that would buy you a ticket to go to the movies once per month...by yourself...without any popcorn or drinks...

or maybe you have 100k. Then you are only risking that money for an amount of money that would maybe fill up your gas tank twice per month!

Its really not worth the risk to put your money into one of those online banks that if they do screw you, you have no idea where to go to confront them face to face.
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WTF? :confused:

Read the webpage. It's a savings account. See the FDIC in the bottom. Don't believe me, check the FAQ's. http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount
 
Quote from sabunabu:

Is Emigrant Bank the same as Emigrant Direct (online savings bank)?
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I believe so but if you are concerned call them and ask. I closed my account today and told them of their 1 star rating, she didn't even try to defend themselves. I know mine was at Emmigrant Savings Bank because I vividly recall those locations when I opened the account.

Like most traders/investors I constantly weight risk/reward. Why stay at Emmigrant 1 star for 1.4 APY when I can get the same at ING 3 star? Pretty easy decision.
 
I put a transfer request in today and the earliest they would send the wire was Monday! I hope I get my wire before ET forum members drain their vault dry! LOL :D
 
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