Are You Leaving It In ING

fredbear_2

I have just withdrawn the remaining money in my KE account except £100 + interest. I assume/expect I will receive this on Thursday.

Does anybody know a "non-premium" alternative to 0845 phone-number now on their site? The sayno20870 site does not.

uk_steve

just done the request on the phone, the women was well helpfull and her own words was i understand why you are moving your money,i dont blame you either!... estimated time to bank 2-3 weeks (real time max) can be sooner... i love people to be honest to me, i am happy

(it did take 25 mins in total becaue of the cueing system)

Richchad

I have a 1 year fixed term account with Kaupthing, only switched from the savings account to the fixed term last month, I can't see any option online to withdraw this money, normally a withdrawal wouldn't be allowed but now it is ING surely I should be allowed to now choose if I want to keep it there?

I also have a Post Office Growth Bond, no facility to withdraw if I hear that the Bank of Ireland is having any sort of problems, it seems as if you are locked in just to possibly watch your money dissappear....:eek:

pararct

foreverbrassic wrote: »

In the event ING were to collapse and the Dutch govt had difficulties sorting the compo out surely the UK Govt would step in and sort it .... after all it was them that put peoples savings in ING in the first place!

Just like the Government are honouring savings held in the Guernsey bank failure?

You have far to much faith in the Government for your own good. I will be part of the flight to safety and have already started proceedings to repatriate funds to the UK banking system. Peace of mind is worth far more than the small interest advantage.

Given the level of warnings this time there can be no excuse for crying foul as in the Icesave scenario.

angiek

'I can't see any option online to withdraw this money, normally a withdrawal wouldn't be allowed but now it is ING surely I should be allowed to now choose if I want to keep it there? '

reply to Richchad

Yes, you can close FTD account but have to do it on phone - takes up to 30 mins to get thru' at the moment tho!

MKUX3

i have a FTD with Heritable and wrote about 10 days ago asking to close it but got a letter back on saturday saying no.

are you saying i can close it?

is there a free phone no????

Andrew64

I removed most of the money in my KE account before it was transferred to ING Direct. I have been considering whether or not to leave the few hundred I still have there in ING or not. Now, I know that many banks, including in Britain have had government bailouts, and I also know that it's very unlikely that ING would go bust. But I now just feel that all the banks I have accounts with should be completely British. I have just seen that ING has been forced to have an emergency sale of its Taiwanese assets and more overseas sales are likely. I wouldn't be surprised if ING Direct in Britain gets sold to another bank!

Paul.J.M

3 things to reassure you.

1. ING has the 100,000 Euro safety
2. They have borrowed money from the government, so there is no issue with funding anymore.
3. All european countries have agreed that no euro bank will be allowed to go bust.

These 3 things reassure me. You decide

Steve_xx

I think that there really is no need to panic here. The Dutch government is offering to strengthen ING's balance sheet, similar to what a multitude of governments around the world are currently doing. The UK banks are hardly the most desirable residences for your deposits since they're all cap-in-hand to the UK government.

Granted that the perception is that if a UK bank goes belly up then the UK government will pay compensation to depositors, or so they say.



DUTCH GOVERNMENT REINFORCES ING’S POSITION
AS ONE OF THE WORLD'S STRONGEST BANKS


You will all be aware of the extraordinary market conditions that are affecting banks worldwide. Today (Sunday 19 October) our parent company ING and the Dutch government issued two press releases (click on link for full versions) that announce that ING will sell €10 billion in ING bonds to the Dutch Government in order to reinforce its position as a healthy and strong bank. This investment by the Dutch government is good news for ING Direct savers as it means that your savings are ultimately with an even stronger bank.
This joint initiative by ING and the Dutch Government comes at a time when governments all over the world are taking steps to support major banks as it becomes obvious that they have a major role to play in bringing stability back to the financial system. I thought you would appreciate a personal update from myself. See below for some questions and answers on this announcement.
I would like to draw your attention to a recent quote from the Dutch Minister of Finance Wouter Bos stating that "The strange thing about the situation now is that distrust of banks towards each other is so big that even healthy companies can become a victim of circumstances... That's got nothing to do with their performance. We want to protect healthy companies that we need in our economy."
Kind regards,

Johan De Wit
CEO, ING Direct UK
What does the Dutch government investment/participation in ING mean for me?

• For you this is good news. It means that your savings continue to be safeguarded and secured by ING’s strengthened financial position and by the Dutch government’s increased commitment to ensure that its number one financial institution continue to be a healthy and prudent bank. This means you will be dealing with an even stronger bank backed by a government of one of the world’s leading economic powers. The Dutch economy is rated at the maximum-possible rating of triple-A (AAA) just like the UK.
• For you nothing will change in the way you access your account and your savings. You can continue to count on our service as you are used too.

Does this impact my savings guarantee scheme?

• Absolutely not. Your savings are protected by:
  • Local guarantee scheme / Dutch Deposit Guarantee Scheme of up to €100.000 per person (£77,700 approx). By the solvency and strength of ING. By the support of the Dutch government.
  • By the commitment of worldwide leaders and governments to restore the stability of the financial system.
• Furthermore, you should feel confident about your money with solid banks as governments around the world have clearly demonstrated that customer savings deposits are safe.

Why has the Dutch government made this €10 billion investment in ING?

• The current market environment has changed over the past weeks and has led to an international belief that governments must be more involved to secure the health of all banks and therefore protect consumers such as you. We welcome that move in these unusual market circumstances. One of the key measures of a company’s strength is the so-called ‘Capital Ratio’. ING’s ‘Capital Ratio’, our financial buffer, was already well above the target set by European regulators. Amid the current turmoil, governments and regulators have concluded that bigger buffers are needed as a precaution measure. This way governments can guarantee the health of banks and protect consumers such as you. The investment by the Dutch Government gives ING a more comfortable financial buffer that protects our business and our customers.
• At a time when all major banks in the world are increasing their capital ratios to adapt to current conditions, it’s only natural for ING to be a part of this move.

Is this investment by the Dutch government connected to the financial performance of ING and its ratings?

• No. It shows the confidence of the Dutch government on the strength of ING’s financial position, reflected in its high ratings.
• But, in today’s market circumstances even the most healthy financial services companies, like ING have chosen to use the government’s support to reinforce our position of strength as the world’s third largest savings bank and the largest financial institution in Holland.

Is the Dutch government nationalising ING?

• No, ING is in a position of strength. This investment is a sign of confidence from the government and a reinforcement of ING’s financial position amid market turmoil.

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skyt

I was fortunate enough to have my savings with KE 'rescued' by ING -I had the proceeds of selling my house there, so I was very relieved!- I was going to spread the money round but the process of opening accounts is so tortuous that I'm inclined to leave it where it is.
It seems can take weeks to process all the ID checking and by the time I've opened 10 accounts to cover me with the FSA guarantee it will be too late anyway...