[hardtootell]

I was kinda hopin they would remain sound: link

[virgincrude]

Oh Woe. Me too Have to check my measly 300 Euros in there and see if I can transfer them to my 'other' bank (ING's main advertising hook was exactly that line: Your 'other' bank.) Sweetners like higher interests on deposit and savings accounts, and even giving you 5 Euros to open the account got me a few years ago. I decided to put a small amount in there and just let it grow.

A few days ago I was reading with wry amusement the thread here; Is ING Direct safe? Not so bloody amused now.

Though, to be fair, they haven't gone under; they've been 'saved'. Still, smells really bad to me, especially all the reassurances; smells like somethings much worse than they thought. Being a Dutch bank, the savings were guarranteed under Dutch law for the million and a half Spanish citizens who like me, jumped into ING. They've raised that basic guarrantee. Funny, I don't trust them.

Now the next thing worrying me is that my one and only VISA card is owned by ING direct, or by their 'Finance' branch. It switched in December last year from being 'Capital One' to 'Obsidiana'- owned by ING Finance. This is one of those 'free' credit cards which if you pay the balance every month, costs you nothing, unlike all the bank backed VISA cards which cost anything upwards of 20 Euros a year just to keep in your purse. As the next 'tsunami' is going to be consumer credit debt Credit Card Companies in trouble and this credit card is specifically mentioned in the report (although that's referring to the US, what goes down there, eventually goes down here, too). I have no debt but I'm considering going back to my 'proper' Spanish savings bank and getting a VISA from them purely for the peace of mind.

Now here's the funny part, (funny as in hysterical laughter or it would be hysterical crying) on the web site they have a message from the managing director reassuring us that this is a GOOD MOVE FOR ING CUSTOMERS (translate; Please! Don't withdraw your money!). The Dutch finance minister said: "This decision (to inject 10 Billion Euros) has been taken because ING is a solvent entity AND IS WELL MANAGED." ... !!! IF IT WERE WELL MANAGED, HOW THE FuCk DIT IT GET THIS BAD???

[Leanan]

Eh. It's not that bad. They're in better shape than most banks. They've just decided that the world has changed, and banks should have more cash on hand. Which is, IMO, quite true. At least they're not in total denial like some banks.

Though I repeat, no bank is 100% safe in this climate.

[VMarcHart]

I wonder what they're going to do with that money. A spa retreat? An English hunt? A trip to space? So many ideas ... so much money.

[dbruning]

Pulling my cash anyhow. I'd rather it in a local bank/credit union right now. If they simply closed up shop, can you imagine the pain in the ass it would be to get your cash?

[obixman]

No one else has mentioned it--- so I thought I would....

Shave?

Hmmm it seems like it would make sense at one level, but then it also doesn't.

I mean to stop coin shavng they put the ridges on the edges; shaving paper seems rather pointless, although doable.

If you mean SAVE then ... oh... nevermind.

[thor]

You can leave your money in this bank. The local news channel here in Holland reported that people are not moving their savings somewhere else and the general impression is that this bank is relatively healthy. The Dutch government won't allow anything to happen, ING will be fine.

P.S. This was not a sales pitch.