ING Direct vs Emigrant Direct Bank

[mrvirgo]

Improved ED?
Has ED improved its service lately? I just opened an account and when telephoning for help the call was answered on the second ring. The service was excellent and my problems were quickly solved. I ask because I am seriously think about moving my savings from ING to ED but not if the site is still plagued by errors and mishaps. Thanks Bill

quite frankly, I've given up on both of 'em, I'm moving my stash to GMAC bank to have traditional money market style access to the funds.

I'm not concerned with the current state of GM and what impact a sale might have on the financial division....if I kept letting things like that bother me, I wouldn't save a dime anywhere.

I am, however, concerned with ING's (current account holder) inablility to "keep up."

it wasn't that big of a deal in the past but I am beginning to accumulate enough money in my e-fund where these percentages translate into recognizable sums of money.

of course, odds are I'll move somewhere else 6 months from now but I hope I'll be happy there....we'll see.

[goodtosave]

Originally Posted by rexdart

quite frankly, I've given up on both of 'em, I'm moving my stash to GMAC bank to have traditional money market style access to the funds.

I'm not concerned with the current state of GM and what impact a sale might have on the financial division....if I kept letting things like that bother me, I wouldn't save a dime anywhere.

I am, however, concerned with ING's (current account holder) inablility to "keep up."

it wasn't that big of a deal in the past but I am beginning to accumulate enough money in my e-fund where these percentages translate into recognizable sums of money.

of course, odds are I'll move somewhere else 6 months from now but I hope I'll be happy there....we'll see.

GMAC is FDIC insured even if GM goes under, at least for the amounts insured. And I am certain the Feds will step in very quickly to restore confidence for the GMAC customers.

FYI, ING Direct, ED are money markets even though they are called savings accounts. You are limited to 6 withdrawals per month for all these online accounts. I have verified with ING Direct and ED.

[BTC]

Originally Posted by mrvirgo

Improved ED?
Has ED improved its service lately? I just opened an account and when telephoning for help the call was answered on the second ring. The service was excellent and my problems were quickly solved. I ask because I am seriously think about moving my savings from ING to ED but not if the site is still plagued by errors and mishaps. Thanks Bill

I've never had a problem with any of my online accounts, which include Emigrant Direct, HSBC Direct & ING Direct. Transfer wise, Emigrant has been the fastest of the three for me. HSBC has been the slowest, although I've never had an outbound transfer from that bank.

Originally Posted by goodtosave

GMAC is FDIC insured even if GM goes under, at least for the amounts insured. And I am certain the Feds will step in very quickly to restore confidence for the GMAC customers.

FYI, ING Direct, ED are money markets even though they are called savings accounts. You are limited to 6 withdrawals per month for all these online accounts. I have verified with ING Direct and ED.

you're right of course goodtosave about ING and ED, but they do not offer restricted check writing and/or check card access to the money which is customary for a money market account. I believe this is why the term "high yield savings" has become so vogue with these accounts, it helps make a distinction.

and I'm not actually concerned about GMAC "going under", my worries run more along the line of their inability to maintain the rates they give. I'll be keeping the ING account open, ready to move it all back.

I'm really interested to see what exactly happens after April (after this current interest rate mania comes to an end).

[goodtosave]

Originally Posted by rexdart

I'm really interested to see what exactly happens after April (after this current interest rate mania comes to an end).

I don't think they have a choice but to keep the rates at 4.25 to 4.5 or even 4.75 depending on what the feds does on 3/22.

What every ING Direct customers should do encourage ING Direct would be to schedule a withdrawal of all your funds out of ING Direct on 4/16 a day after their 4.75% to encourage them to keep their rates at competitive. This will let least communicate to ING Direct that you are ready to leave they don't keep their rates competitive.

You can always delete the transaction if you want to keep funds with ING no matter what their rates are.

[mrvirgo]

Thanks BTC It will be interesting to see how fast ED works for me.

[okaythen]

ING and ED are both FDIC insured...the same for banks etc...just wondering if anyone had actually went through FDIC to get their money back? like after the bank or site went bankrupt? what's the process liek and how long to get the money back....they all say they are FDIC insured but how do you know for sure?

[fratkid21]

can anyone share their GMAC experience with us, has anyone opened an account yet, was it a hassle, easy, etc? how are the transfer times?

[goodtosave]

Originally Posted by okaythen

ING and ED are both FDIC insured...the same for banks etc...just wondering if anyone had actually went through FDIC to get their money back? like after the bank or site went bankrupt? what's the process liek and how long to get the money back....they all say they are FDIC insured but how do you know for sure?

Your best bet would be to go to FDIC website where you can verify whether a bank is insured.

http://www2.fdic.gov/idasp/main_bankfind.asp

[okaythen]

Originally Posted by goodtosave

Your best bet would be to go to FDIC website where you can verify whether a bank is insured.

http://www2.fdic.gov/idasp/main_bankfind.asp

how about ING, ED, GMAC etc...and exacly how do you get your money back and how long does it take

[goodtosave]

Originally Posted by okaythen

how about ING, ED, GMAC etc...and exacly how do you get your money back and how long does it take

I am not sure what happened in 80s during the Savings and Loans failures. I had account with an S&L back then and I didn't recall any problems.

My hunch is that the FDIC would appoint a caretaker to take over the bank. So there is no disruption to money flows for the customers.

Anyone remember how the Feds handled the S&L failures.

[JPWRana]

Your best bet would be to go to FDIC website where you can verify whether a bank is insured.

I couldnt find ING or Emigrant Direct. I only found HSBC, but i don't know if its the right one. is this is?

Your Bank at a Glance

HSBC Bank USA, National Association (FDIC Cert: 57890)
is a National Bank and has been FDIC insured since July 1, 2004.
It was established on July 1, 2004.
Its main office (headquarters) is located at:
1105 N. Market Street
Wilmington, Delaware 19801
County of New Castle



HSBC Bank USA, National Association has 449 Domestic Branches (Offices) located in 9 state(s) and 19 Foreign Offices. (Check to locate Branches (Offices) by state.)


HSBC Bank USA, National Association's website. http://www.banking.us.hsbc.com:80/
Last financial information available about HSBC Bank USA, National Association.

Historical profile of Hsbc Bank Usa, National Association
The primary regulator is Office of the Comptroller of the Currency.

For additional information please click on one of the following:
1. View the industry’s overall picture - Statistics at a Glance
(This will open a new window.)
2. Current Financial data about your bank - Institution Directory – Two years Financial Report
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3. Examine your bank’s financial data - CALL/TFR Financial Information
4. Study branching and deposit market share - Summary of Deposits/Market Share

5. Analyze and compare individual institutions and create custom reports - Institution Directory – Compare
6. Review industry using 8 predefined reports - Statistics on Depository Institutions
7. Identify the latest performance trends in your state - Quarterly Banking Profile State Tables
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8. Analyze institutions and custom peer groups - Statistics on Depository Institutions
9. View branch office deposit information - Summary of Deposits
10. Community Reinvestment Act (CRA) Performance Ratings - CRA Performance Ratings
11. FDIC's Disclaimer - FDIC's Disclaimer
For more information on Federal Deposit Insurance, check out Your Insured Deposits and Insured or Not Insured.

[BTC]

Emigrant Direct is the internet division of Emigrant/Emigrant Savings Bank. There appear to be numerous hits at the quoted FDIC link.

I believe ING Direct is chartered as ING Bank, FSB in Delaware.

[JPWRana]

do you mind posting the search result for ING and Emigrant Direct like i did for HSBC? at least WE NOW HAVE confirmation that HSBC IS FDIC INSURED!!

[BTC]

Your Bank at a Glance

ING Bank, fsb (FDIC Cert: 35489)
is a Savings Association and has been FDIC insured since August 4, 2000.
It was established on August 4, 2000.
Its main office (headquarters) is located at:
1 South Orange Street
Wilmington, Delaware 19801
County of New Castle



ING Bank, fsb has 1 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices. (Check to locate Branches (Offices) by state.)


ING Bank, fsb's website. http://www.ingdirect.com:80/
Last financial information available about ING Bank, fsb.

Historical profile of Ing Bank, Fsb
The primary regulator is Office of Thrift Supervision.

Here is the info for one of the Emigrant hits. Emigrant Direct's home page references their affiliation with Emigrant Bank.

Your Bank at a Glance

Emigrant Bank (FDIC Cert: 12054)
is a FDIC Savings Bank and has been FDIC insured since January 1, 1934.
It was established on September 30, 1850.
Its main office (headquarters) is located at:
5 East 42nd Street
New York, New York 10017
County of New York



Emigrant Bank has 7 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices. (Check to locate Branches (Offices) by state.)


Emigrant Bank's website. http://www.emigrant.com:80/
Last financial information available about Emigrant Bank.

Historical profile of Emigrant Bank
The primary regulator is Federal Deposit Insurance Corporation.

[JPWRana]

Not meaning to PURPOSELY revive old threads, but this morning I just checked Emigrant's website, and low and behold, they just raised their (ALREADY BETTER THAN ING AND HSBC) rate to 4.50%
Now I am MORE INCLINED to open up with Emigrant

[Ima saver]

Would someone post a link to emigrant bank, please? (I am not a computer person, all I can do is type)

[sweeps]

Originally Posted by JPWRana

Not meaning to PURPOSELY revive old threads, but this morning I just checked Emigrant's website, and low and behold, they just raised their (ALREADY BETTER THAN ING AND HSBC) rate to 4.50%
Now I am MORE INCLINED to open up with Emigrant

How is Emigrant's rate of 4.5% better than HSBC's rate of 4.8%?

[BTC]

www.emigrant.com
www.emigrantdirect.com

HSBC's 4.8 APY is temporary, unless they raise their rates.

I've found Emigrant's processing of transactions to be much, much faster than HSBC. That's something else to consider.