You might want to move your money out of ING Bank ASAP. | Page 2 | Tangerine Bank | Discussion forum

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.

"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?

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.

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).

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.