All These Failing Banks Have Me Worried. . .

Thriftygal · **All These Failing Banks Have Me Worried. . .**

about my money being in ING. I love the interest I earn each month. But I am concerned about their stability. Does anyone else share my concern? If something were to happen to ING I just wonder how hard it would be to recover my money. At least if it is at my local bank, if anything were to happen to it, I could go to a branch. Our life savings are in ING and I would die if something happened to that money.

ruthie · 09-15-2008, 01:23 PM

I don't worry about the banks where our checking and savings account are, because they are secured by the federal government.

But I do worry about the investment companies that is handling our 401K.

DebbieL · 09-15-2008, 01:34 PM

The bricks and mortar banks don't hold your money any more than an online entity does. ING is insured, so keep the total under $100K (I think you can each have a separate account for that amount) and you should be covered.

Thriftygal · 09-15-2008, 02:22 PM

Quote:

Originally Posted by DebbieL

The bricks and mortar banks don't hold your money any more than an online entity does. ING is insured, so keep the total under $100K (I think you can each have a separate account for that amount) and you should be covered.

I understand that, but I just feel more secure knowing that I can physically go to a branch if needed. I would hate to have to deal with everything over the phone or internet.