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    Bank Of Internet?

    Two things. Here is the website:

    https://www.bankofinternet.com

    First... They say they're offering 2% on online savings right now.. which is the highest I've seen, but does this look legit?

    It does say FDIC insured up to $100,000

    Secondly, the application requires that I choose one of these options:

    POD - Payable On Death
    ATF - As Trustee For
    ITF - In Trust For

    And then it asks for the beneficiary.

    What do these options mean, and which one should I choose if I want my mom to be able to acquire the money if something should happen to me? Whether death, or otherwise?

    Thanks.
    Last edited by swaymonae; 03-10-2009, 07:48 AM.

    #2
    I believe that POD means the account is closed with a check cut to the beneficiary for the balance, while a trust keeps the account open and the beneficiary gains immediate ownership of the account. ....not sure about the difference in the ATF/ITF.....
    "Praestantia per minutus" ... "Acta non verba"

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      #3
      looks dangerous and fishy to me

      Comment


        #4

        It is neither fishy nor dangerous as Bank of Internet is a legitimate, FDIC insured bank that has been around for quite a few years.

        However, it should be noted that their rate, while respectable, is not, in fact, the highest available for such an account. LINK


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          #5
          This guy seems legit...

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            #6
            You want a POD--a revocable living trust. While you're alive, you retain control of the fund completely, and can change the beneficiary or remove it completely if you wish. If you die, it goes to the named beneficiary and they choose what to do with it.

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              #7
              Originally posted by swaymonae View Post
              First... They say they're offering 2% on online savings right now.. which is the highest I've seen, but does this look legit?
              It is a legitimate Bank and also FDIC insured. So no problems whatsoever with that.


              Originally posted by swaymonae View Post
              Secondly, the application requires that I choose one of these options:

              POD - Payable On Death
              ATF - As Trustee For
              ITF - In Trust For
              And then it asks for the beneficiary.
              What do these options mean, and which one should I choose if I want my mom to be able to acquire the money if something should happen to me? Whether death, or otherwise?
              "payable-on-death" (POD), "Totten trust," or "in trust for" (ITF) accounts, are created when the account owner signs an agreement-usually part of the bank's signature card stating that the deposits are payable to one or more beneficiaries upon the owner's death.

              So in your case any one of the two can be a good option to go for.

              All the best.......

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