It is only an online bank. Make sure it is FDCA insured.

Ally bank is FDIC insured up to 250k per depositor. Don't know much more than that other than it's an offshoot of GMAC Bank (Part of the General Motors Organization).

I don't do any financial business online... I'm just funny that way.

yes, it is insured. I know, I'm usually the same way. Don't do much on line. I'm just sick of my money not making anything.

I don't have any qualms with dealing with an online bank.
ING is a huge one, and very successful.

Another is President's Choice here in Canada. They only have kiosks where you can withdraw and deposit money, and bank online. They are wildly successful as well. No fees, and comparable interest rates.

Thank you for using President's Choice Financial, Jasdip.

Their program is operated by Canadian Imperial Bank of Commerce (CIBC) ... in which I bought shares, back in '67.

I'd registered them in my name, with part of the reason being that I planned to use some of them as collateral so I could make a loan for investment, at a lower rate of interest if it was fully secured by assets that I owned.

This was partly due to our not buying a home, with attendant mortgage, as we lived in an employer-owned home ... but would likely need to buy one, later (even if not till retirement)(1).

Some time later, when my ex- indicated some displeasure with our relationship, part of the reason given was that all of the assets were in my name ... which I'd done partly due to her reluctance to signing papers to make those investment loans.

So - I transferred some of the certificates into her name ...

... which made her rather angry, due to my reluctance to have done so before she made noises about being so substantialy upset with the relationship that she was considering leaving.

My reply that many husbands, after having heard their wife mention the possibility of leaving, wouldn't have been willing to transfer something worth a nickel into her name after that ...

... didn't seem to cut much ice with her!

Did someone say that sometimes one can't win, whatever one does!

The original price had been something over $16.00 per share, paying about 10 - 12 cents annual dividend (taxed at a lower rate than interest and other usual types of income).

They've split 2 for 1 twice, since, meaning that, as I then had 4 times the original number of shares, the purchase price per share had now become about $4.16. As the price per share advanced, over the years, the dividend increased, as well ... and in 2006 a different rate of calculation meant that the tax rate was even lower ... and, as the government was busy cutting corporate tax rates, and the original reason for the lower tax rate on the dividends was given as an offset for taxes that the corporations had (supposedly) paid on their profits, one would have expected the tax rate on private dividends to have risen. But sometimes one gets the feeling that the governemnt likes to help out their rich friends.

Anyway - I could have sold the shares for $107. each in the spring of '07, and they were paying $3.08 per share dividend (at the even lower tax rate, begun in '06), which they increased to $3.48 in the fall of '07.

Unfortunately, they were involved in the U.S. financial fiasco/(fiascoes?) in the fall of '07 ...

... and the price per share slid slowly down to about $40.00.

Some said that they would cut the dividend rate, but others said that they wouldn't, for that would result in a further lowering of the price of the shares: they didn't. Which meant that $3.48 per annum return on a share whose original price had been $4.16 or so, was about 8 - 9% rate of return: not too shabby!

Share price has recovered to $75. - 80.00, these days (dividend now $3.60).

So - thanks for using President's Choice Financial!

Hope you're having a good week.

ole joyful

1. As I've lived in 22 places during my 83 years ... having bought a home would not have been such a good idea, I think!

o j