Is INGdirect safe?

[ScrimpAndSave]

Or is it going to go too?


I heart my ING account.

[Merch]

Is it FDIC insured? Do you have over 100k in the account? Do you know that the FDIC has always paid 100% of insured accounts? Do you know the FDIC has closed 1000s of banks? Did you know at one time they were closing 1.38 banks a day and all insured depsitors got their money?

[kork13]

agreed... I like ING. and considering I have 75% of my non-invested money there, they had better be okay! lol

honestly, i don't expect they'll be a problem.... with luck, we've hopefully seen the largest chunk of bank closures that we're going to get for now..... besides, whether we all like it or not, something will be coming out of congress soon to help banks and such, so they should start to stabilize pretty quickly....

[Thrif-t]

Originally Posted by ScrimpAndSave

Or is it going to go too?


I heart my ING account.

Why do you think they're in trouble?

[LuckyRobin]

From the ING Direct website's FAQ's:

ING DIRECT is a federally chartered bank insured by the FDIC (Federal Deposit Insurance Corporation). We are registered with the FDIC under the name of ING Bank, fsb, located in Wilmington, DE. ING DIRECT's FDIC certificate number is 35489.

Deposits are insured by the FDIC for up to $100,000 per depositor. A single account is insured up to $100,000. Joint accounts are insured up to $100,000 for each individual on the account, equaling $200,000 in total.

An individual with multiple accounts can be insured up to a total of $200,000. So for example, you have a single account as well as a joint account, you’ll be insured up to $100,000 for the single account and up to $100,000 per depositor on the joint account.

IRA deposits at ING DIRECT are FDIC insured up to $250,000 per plan depositor. This includes all IRA Savings accounts and CDs combined within each Traditional and Roth Plan and is in addition to the $100,000 non-IRA FDIC insurance.

[ScrimpAndSave]

Yeah I only have like $12,000 in there! I was asking because of all the other banks closing, silly!

Thanks all!

[kork13]

Originally Posted by Thrif-t

Why do you think they're in trouble?

I dunno, Scrimp.... I'm getting flashbacks from Caesar and his soothsayers.... "Beware the Ides of March".... are you forestalling gloom and doom?

[Broken Arrow]

ING is a strong bank. It's got a large deposit base of its own, and it pioneered the online model that thrives to this day. I mean, it has consistently been snubbing us with interest rates that are lower than most of its competitors because it's been doing so well.

ING also acquired Sharebuilder not too long ago, and the investment industry has been holding up rather well considering the economic climate. But then, brokerages like Sharebuilder doesn't exactly have large, direct exposure to sub-prime so... that's to be expected. Oh yeah, and they recently completed acquisition of Citigroup's lucrative investment arm, CitiStreets, expanding their might.

Speaking of which, I don't know how much exposure to risky mortgages they have on their books, but I am tempted to say that it's not too much. At least, nothing this $50B giant can't handle.

Honestly? I am so confident of ING's overall health that, if it actually collapses, I am willing to strip myself naked, paint myself orange, and run through the public streets, yelling, "I was wrong about ING!"

Wachovia is the only one left (among the big names) that I worry about.

[ScrimpAndSave]

Broken Arrow...you know I'm gonna hold you to that!

[Broken Arrow]

Uh, is it too late to change the ante? But yeah, I feel that strongly about ING, and several other banks as well.

[TBH]

Originally Posted by Broken Arrow

I am so confident of ING's overall health that, if it actually collapses, I am willing to strip myself naked, paint myself orange, and run through the public streets, yelling, "I was wrong about ING!"

Dude, you almost have me hoping it will fail. I need a good laugh.

[PRICEPLUS]

Painted Orange and running through the streets in the buff? Geez BA that would be a funny sight!

[Broken Arrow]

Yeah, I'd laugh too if it wasn't my buttocks on the line.

I think I'm going to buy some ING stocks or something. Anything to keep me from having to lose this bet.

[My English Castle]

BA:
Are we going to have a public announcement of the location of this?
This might make us all withdraw our ing money!

[Broken Arrow]

NONO, that's OK. No need help on this one. Let's just ah... let it... quietly slip into the... background.

[fred5992]

Bank rate provides financial statements for most banks. They also give soundness ratings. I believe ING direct was recently upgraded from 3 stars to 4 stars (from performing to sound). However, they do have mortgage backed securities on their books.