4% interest...why not bank online?

Article

This is got to be the most slanted "give me your money" article I have every seen !


NG Direct, a unit of ING Groep NV, recently raised its annual percentage yield (APY) to 3.40 percent from 3.30 percent while competitor EmigrantDirect, the online branch of New York-based Emigrant Savings Bank, is offering consumers a whopping 4 percent yield, up from 3.5 percent – making it the highest-yield account available.


In an age where virii and trojens routinely engage in identity theft where just visiting a web page can get your system trashed and billy boy gates has decided to do nothing about it but pay lip service and fud (fear , uncertainty, distrust among the competition) rather than fix his problems, you want people to go online for a lousy 4% ?


Internet security may also be a concern for consumers particularly as identity theft becomes an increasing problem for the banking industry. But online high-yield accounts generally have security measures in place.


"Generally have" means some do , some don't , or so they tell us. And no one discusses security issues with a reporter.


And if you're looking to have your hand held, online accounts are not for you. ING Direct, for instance, closes an average of 3 percent to 4 percent of accounts a month, when customers require too much personal service.

"We fire our customers is a colorful way of putting it," said ING Direct's Kuhlmann. "While the banking business says the customer is always right, we're online guys and you can only do business with us in a certain way."

He added that it just isn't cost effective to maintain high maintenance customers that need more personalized attention.


Oh , I'm sorry ! You got a virus that stole your personal information and now you're coming to us with this problem and making work for us ? We don't like to do work , we don't want you as a customer anymore !

I smell a disaster in the making, and a bunch of rich bankers saying "too bad ... not our problem" when it happens.