ING Gets a $13.4 Billion Bailout from the Dutch Government

I was listening to the Clark Howard show the other day and he said that over the last 6 weeks he has been getting numerous calls from listeners about ING Direct (internet bank). People wanted to know if their money is safe. Clark repeatedly said that you don’t have to worry because ING Direct (a U.S. subsidiary of Dutch giant ING) has full FDIC insurance — like any other bank — on deposits up to $250,000.

Well guess what? ING needed a huge bailout from the Dutch government of 10 billion Euros, which is roughly $13.5 billion. Yet even if the Netherlands hadn’t intervened, it would have made no difference to your money. You can have piece of mind — up to $250,000 — so long as your bank is an FDIC member or your credit union is an NCUA member. Read the full story on the Dutch bailout of ING.

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Tags: bailout, Clark Howard, dutch, fdic, ING direct, ncua

One Response to “ING Gets a $13.4 Billion Bailout from the Dutch Government”

Mr. Money Says:
October 22nd, 2008 at 12:04 pm
It’s true that the money is protected, but it’s also true that if any FDIC bank goes under you will lose immediate access to your money and will have to file with the FDIC to get it back, which could take a while.

So for anyone who is concerned about liquidity…put your money under your mattress!

Kidding, of course, though a small stash is not a bad idea. Better yet, if you’re truly concerned about liquidity ensure you have multiple accounts open at various institutions.