Look like Emmigrant Bank is going down!

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 are you talking about. ING is definitely FDIC insured. Do you honestly think a bank as big as ING would go around doing business without being insured?

http://helpcenter.ingdirect.com/ingd/Topic.aspx?category=C2BNKFDICI
 
Quote from tradestrong:

wtf are you talking about. ING is definitely FDIC insured. Do you honestly think a bank as big as ING would go around doing business without being insured?

http://helpcenter.ingdirect.com/ingd/Topic.aspx?category=C2BNKFDICI
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It would certainly be a different risk/reward equation. Dealing with a bank that's not insured might be a better idea these days, actually, because that bank would have likely scrutinized their risks more thoroughly.
 
Quote from pitz:

It would certainly be a different risk/reward equation. Dealing with a bank that's not insured might be a better idea these days, actually, because that bank would have likely scrutinized their risks more thoroughly.
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That's an interesting point...but on the other hand, I'd also have suspicions about a bank that wouldn't be willing to shell out the dollars to get the insurance as well. That just screams red flags to me personally.
 
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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Maybe you should do a little research: http://helpcenter.ingdirect.com/ingd/Topic.aspx?category=C2BNKFDICI#FBNKFDIC02
 
Ah, I didnt notice. All i know is about 12 to 18 months ago when i did some research on them, they were NOT FDIC insured. I just figured they still were not.
 
Quote from peilthetraveler:

Ah, I didnt notice. All i know is about 12 to 18 months ago when i did some research on them, they were NOT FDIC insured. I just figured they still were not.
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You are so wrong. They have been FDIC insured from the moment they started in the US with banking.
 
Quote from upanddown:

You are so wrong. They have been FDIC insured from the moment they started in the US with banking.
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actually i think this is wrong. the moment they started banking was in the 1850's, the moment fdic started was in the 1930, and they have been fdic insured, since the fdic started
 
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