# So. Is my money safe at ING Direct? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [February 24, 2009, 6:14pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240 "2009-02-24T18:14:18Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![teela\_brown](https://avatars.discourse-cdn.com/v4/letter/t/d9b06d/32.png) [@teela\_brown](https://boards.straightdope.com/u/teela_brown)\ **Post date:** [February 24, 2009, 6:14pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/1 "2009-02-24T18:14:18Z")
Two years ago, I started several CD’s at ING Direct and I’ve loved them ever since. However, lately, I’m starting to get nervous. Anyone have any opinions on the security of ING Direct? Any rumors flying around about their solidity? ---
**Author:** ![friedo](https://avatars.discourse-cdn.com/v4/letter/f/8edcca/32.png) [@friedo](https://boards.straightdope.com/u/friedo)\ **Post date:** [February 24, 2009, 6:33pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/2 "2009-02-24T18:33:21Z")
CD’s are insured by the FDIC. I wouldn’t sweat it. ---
**Author:** ![ParentalAdvisory](https://avatars.discourse-cdn.com/v4/letter/p/53a042/32.png) [@ParentalAdvisory](https://boards.straightdope.com/u/ParentalAdvisory)\ **Post date:** [February 24, 2009, 10:27pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/3 "2009-02-24T22:27:14Z")
> [@friedo](#): > > CD’s are insured by the FDIC. I wouldn’t sweat it. As long as you’re within limits. ---
**Author:** ![Canadjun](https://avatars.discourse-cdn.com/v4/letter/c/76d3ee/32.png) [@Canadjun](https://boards.straightdope.com/u/Canadjun)\ **Post date:** [February 24, 2009, 10:29pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/4 "2009-02-24T22:29:27Z")
I’m still reasonably confident (or I’d be pulling money out a lot faster and not worrying about forfeiting interest), but I have decided to move enough money out to get below the CDIC (like your FDIC) limit. The goings-on do make me a little bit nervous. ---
**Author:** ![Savannah](https://avatars.discourse-cdn.com/v4/letter/s/b3f665/32.png) [@Savannah](https://boards.straightdope.com/u/Savannah)\ **Post date:** [February 24, 2009, 10:47pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/5 "2009-02-24T22:47:35Z")
Um… what goings on? I have accounts at ING Direct. I haven’t heard/read anything?! Perhaps I should pay closer attention to the Globe & Mail financial section? I am well under the insurance limit, however. ---
**Author:** ![ftg](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ftg/32/2801_2.png) [@ftg](https://boards.straightdope.com/u/ftg)\ **Post date:** [February 25, 2009, 2:39pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/6 "2009-02-25T14:39:23Z")
ING Direct’s parent company [ING Group](http://en.wikipedia.org/wiki/ING_Group#Recent_troubles) is in a lot of trouble and is getting and will get more money from the Dutch government. ING Direct is viewed by some as on shaky ground and has the same issues that effected NetBank (which it took over). Good business model in theory (no branches to build) but hard to ramp up in reality. I don’t know how much the parent company’s problem effect ING Direct, but it can’t help. ING’s managers have apparently been working around the edges of the rules, which shouldn’t surprise anyone nowadays. ---
**Author:** ![Joey\_Tightlips](https://avatars.discourse-cdn.com/v4/letter/j/57b2e6/32.png) [@Joey\_Tightlips](https://boards.straightdope.com/u/Joey_Tightlips)\ **Post date:** [February 25, 2009, 4:16pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/7 "2009-02-25T16:16:06Z")
Can you shed some more light on this for those of us who don’t know what “on shaky ground” means? I’ve had an ING savings account for years now and haven’t given it a second thought. Is this more of a “they are gaming the system” type problem, or more of a “they are lying about having my money” kind of problem? So if worst comes to worst, what exactly are we dealing with? How would things be different than for American banks since this one is run out of the country. Do the FDIC rules change at all? ---
**Author:** ![ftg](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ftg/32/2801_2.png) [@ftg](https://boards.straightdope.com/u/ftg)\ **Post date:** [February 25, 2009, 6:07pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/8 "2009-02-25T18:07:56Z")
> [@Joey\_Tightlips](#): > > Can you shed some more light on this for those of us who don’t know what “on shaky ground” means? I’ve had an ING savings account for years now and haven’t given it a second thought. Is this more of a “they are gaming the system” type problem, or more of a “they are lying about having my money” kind of problem? > > So if worst comes to worst, what exactly are we dealing with? How would things be different than for American banks since this one is run out of the country. Do the FDIC rules change at all? 1. It’s a general assumption that they have the usual amounts of poor mortgages and such. (It was overextended loans the killed NetBank.) With things like the takeover of NetBank and buying Sharebuilder, there are some concerns about how the business is going to maintain solid growth. But this is not a concern to many others. 2. The ING Direct in each country is it’s own subsidary. So the FDIC rules apply to it here, etc. The only concern would be how the top company runs things, gets into trouble, doesn’t support ING Direct right, etc. The mindset of the top of a company affects the whole business. ---
**Author:** ![Canadjun](https://avatars.discourse-cdn.com/v4/letter/c/76d3ee/32.png) [@Canadjun](https://boards.straightdope.com/u/Canadjun)\ **Post date:** [February 25, 2009, 6:36pm UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/9 "2009-02-25T18:36:56Z")
> [@Savannah](#): > > Um… what goings on? I have accounts at ING Direct. I haven’t heard/read anything?! Perhaps I should pay closer attention to the Globe & Mail financial section? I am well under the insurance limit, however. See [this](http://www.cbc.ca/money/story/2009/01/26/ingcanada.html)CBC article from a month ago. That’s what decided me to spread the wealth a bit and get my ING stuff below the CDIC limit. [This](http://www.ingdirect.ca/en/aboutus/whoweare/whatwereupto/PR_2009-02-03.html)comment from ING Direct doesn’t say much, but I’ll let someone else search for something meatier. Again, I’m not panicking. It’ll take quite a few months for me to move an appropriate amount of $ to HSBC Direct because I don’t want to forfeit interest on my GICs, but I’m not too worried about the delay. I don’t believe there’s much risk of it going belly-up **that** fast. (Then again, I could be wrong :eek:). ---
**Author:** ![Savannah](https://avatars.discourse-cdn.com/v4/letter/s/b3f665/32.png) [@Savannah](https://boards.straightdope.com/u/Savannah)\ **Post date:** [February 26, 2009, 2:05am UTC](https://boards.straightdope.com/t/so-is-my-money-safe-at-ing-direct/487240/10 "2009-02-26T02:05:26Z")
Thanks for the links, folks. I’m well, well under the CDIC limit in my savings, but they’re my savings, and I do value them.