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You might want to move your money out of ING Bank ASAP.
November 19, 2009
4:22 am
Hussain
Guest
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I don't trust what Peter Aceto says...I am worried about ING DIRECT Canada

March 24, 2010
5:20 am
msl25
Guest
Guests

dear mike,

hallo, i read your warning about ING Direct going down.
especially with all those day-to-day info about their stocks.
i took notice of your current 54 posts because i am about to bank with ING Direct canada because of their 3.00% TFSA account.
relax. take it easy about ING Direct going down.

then you posted about http://www.cipf.ca/
which i checked, cipf = canadian investor protection fund.
now dont tell me YOU actually work for cipf because then all your posts
would just become fishy. you tell some story then you market yourself
to solve that story. hahaha. very sneaky, mike. hopefully i am wrong. okay?

cipf i suppose is a private company that "insures" investments
for a fee of course. but we already have the canadian deposit insurance corporation to do that for us. this is already redundant. we dont
need to spend again like buy gas to cook food when we already have solar stoves or something like that.

or like you dont need to take a pill of vitamin C when you already ate a guava fruit, okay???:smile:

dont get me wrong. i really like your post then suddenly you advertise something.
engggg... classic marketing brohaha.

another example:
...by 2015 more and more canadians will work harder but earn smaller income. the financial sector will suffer and we will find more canadians will be forced to work in the "general manual labor" sector hence making their feet stinks more. [then suddenly] so ladies and gentle, monsieur, mademoiselle BUY my super dooper foot deodorant for only 50cents and get the other five free. buy one take five! or something like that. hehehe.

but i apologize if you are really serious with ING direct going down.
with no advertising involved good luck with that.

March 24, 2010
12:14 pm
guest
Guest
Guests

i think the real question you should be asking yourself is "how long will ing keep its (unofficial) TFSA teaser rate at 3%". they will probably keep it at 3% until they get a sufficient number of deposits, then the rate will be cut in half. ing knows that once people deposit cash in a TFSA savings account, they won't be quick to remove it because of the TFSA rules that say you can't re-contribute that amount until the following year (unless you have contribution room available). i went through this last year with pc financial. i put 5K in a pcf tfsa savings account in early january 2009 at a rate of 3.25%, only to watch the rate plummet to 1.05% less than 3 months later. i pulled my money out and invested it in stocks back in april 09. as it turned out, that was a tremendous time to get into the stock market as my 5K is now worth over 8K. thanks pc financial!!!

March 24, 2010
8:21 pm
michael
Guest
Guests

"how long will ing keep its (unofficial) TFSA teaser rate at 3%"

Everywhere that ING notes that the rates are subject to change, they add "like the weather." I think that's a clue that they intend to change the rates when the season changes, or more generally that the rate is intended for 3 months. However, the weather is also unpredictable, and it can be nice longer than expected or turn miserable.

ING should say "Rates, like the weather, are subject to change, and oh yeah also we're God." Cuz they can pretty much do what they want with the "weather." But if ING is God, then just who are Jacob and the man in black?

March 25, 2010
5:59 am
jacks
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Forum Posts: 36
Member Since:
September 21, 2009
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You think pple will keep their money even though there are no transfer fees?

So if the stock prices are going down, maybe I should wait till it hits rock bottom and start to invest 🙂 Since I only have a couple of grand. Hmmm.

March 25, 2010
6:20 am
msl25
Guest
Guests

dear guest,
you posted,
i think the real question you should be asking yourself is "how long will ing keep its (unofficial) TFSA teaser rate at 3%". they will probably keep it at 3% until they get a sufficient number of deposits, then the rate will be cut in half. ing knows that once people deposit cash in a TFSA savings account, they won't be quick to remove it because of the TFSA rules that say you can't re-contribute that amount until the following year (unless you have contribution room available). i went through this last year with pc financial. i put 5K in a pcf tfsa savings account in early january 2009 at a rate of 3.25%, only to watch the rate plummet to 1.05% less than 3 months later. i pulled my money out and invested it in stocks back in april 09. as it turned out, that was a tremendous time to get into the stock market as my 5K is now worth over 8K. thanks pc financial!!!

my comment
-then you have a classic example of a blessing in disguise my friend.
how lucky of you. even if pc financial kept their promise through the whole year of 3.25% your money became only $5,162 (5000 + 162.50 annual interest) but you say now you have 8000? that's very good. my sister is of different story, she invested 5000 in mutual funds but now after a year the value of her investment is 4700+. she wants to withdraw but she is still hoping (sigh) for a recovery so she can get back the whole 5K. so you are so lucky.

March 25, 2010
11:55 am
guest
Guest
Guests

yeah, i'll be the first to admit I was lucky to get in the market when i did (again, thanks pc financial, i couldn't have done it without you!!. the major market indicies (dow, s&P, nasdaq) hit their low points in march 2009, and i bought my 5k of stocks in april 2009. i was pretty nervous about buying stocks back then because at that time it was entirely possible that stocks could have kept dropping instead of hitting bottom and rebounding like they did. one of the stocks i bought was apple which has gone up about 100% since april 09. the others didn't do nearly as well, but the overall result is a 66% increase in overall value ($5000 invested, now valued at about $8300) so i'm happy.

when did your sister invest in her mutual funds??? if she invested a year ago like you said (march 2009), that would have been the ideal time to invest!! pretty much almost every possible mutual fund (bond funds, equity funds, balanced funds, bullion funds, etc etc etc) has increased in value since then, except money-market funds which produced miniscule though positive returns. what on earth did your sister invest in a year ago that resulted in a loss today??? i dodn't think that was even possibe??

March 26, 2010
5:47 pm
dlm
Guest
Guests

Think if ING goes under CDIC mails you a check the next day? next month? next year even? Some wait years to get their money.

Ask yourself, is it worth the 1% risk?

MikeHow about providing some examples of people waiting for years? Also, I checked the CDIC website and the only member institutions to have failed in the past 20 years were mortgage and trust companies. The last time one failed was in 1996 (Security Home Mortgage Corporation).

March 26, 2010
5:50 pm
dlm
Guest
Guests

ING is listed with CDIC. Ally is not. Resmor is.
When Scotiabank took over Montreal Trust, they still listed Montreal Trust at CDIC -- so can you trust Ally to be covered?

March 27, 2010
12:18 am
Doug
British Columbia, Canada
Member
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Forum Posts: 3544
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December 12, 2009
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The reason Ally is not listed as a CDIC member institution is because it is not the legal name. All deposits with on Ally.ca online banking are registered CDIC insured deposits (to applicable limits), under the company name of ResMor Trust Company. Ally is simply a product of ResMor Trust Company. ResMor Trust Company is a CDIC member institution and is owned by GMAC LLC. Please do not spread F.U.D. (fear, uncertainty and doubt).

Regarding ResMor Trust Company, though, they currently have an application for a consent order from OSFI to continue operations as a Schedule II chartered bank pending. It's ever-so-slowly winding its way through the bureaucracy. Once OSFI and the Minister of Finance sign off on the application, ResMor Trust Company would essentially be amalgamated with Ally Bank Canada (or Ally Canada Bank, can't remember which). Until then, it operates under the legal name ResMor Trust Company.

Your point about waiting awhile for your cheques from CDIC is perhaps valid; however, the federal government is expanding CDIC's powers in the federal budget this year to actually take over an institution, appoint a board of directors and run the day-to-day operations pending takeover by another CDIC member. In most cases, that's what happens. Look at several credit unions in B.C. that CUDIC transferred to other institutions in recent years - Quadra Credit Union's deposits, branches and loans went to a larger rival while Arrow Credit Union's deposits, branches and loans went to VantageOne Credit Union.

November 29, 2010
7:31 pm
Prag
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Guests

Has anyone heard anything more (and recent) about how certain the sale of ING DIRECT USA is?

One of my close American friends was looking for a new bank last month, and I recommended ING DIRECT USA, as well as the largest local credit union in their small city. They went for the latter for now since ING DIRECT is cut throat with their loans (no bending room) in comparison to the credit union, but if the USA arm of ING DIRECT isn't going to be around in three years, there's no point me recommending them at all to my American comrades.

I realize we're all more familiar with the Canadian banking news and companies, but does anyone happen to know for sure about ING DIRECT USA?

January 9, 2011
11:25 pm
MathewBracken
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Depositors are insured. Risk is limited, but so are the gains. When you deposit money in a bank, its cash assets increase.High risk and high profitable is the value of penny stocks, but if you have enough knowledge in trade, then you will not find any high risks of losing money.

January 10, 2011
10:03 pm
Doug
British Columbia, Canada
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Forum Posts: 3544
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December 12, 2009
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I wouldn't recommend ING Direct in the U.S. Unlike in Canada where they are part of The Exchange Network, they have virtually no surcharge-free ATM network there and very little places where you can make deposits - and a colleague said they charged him when he mailed in his deposit.

There are a lot better banks in the U.S. and I do think it's only a matter of time before ING ultimately sells ING Direct in the U.S. and in Canada. They won't do it until prices recover (i.e., not a fire sale) but they've been aggressively selling assets. They sold their insurance operations in Canada, their global real estate funds and holdings and I believe their banking operations in Australia. I could see them reverting to being just a very large bank in their home base of The Netherlands and, more broadly, Europe.

Cheers,
Doug

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