I was at one of my local banks today and I couldn't help but overhear a lady in her mid to late 40s ask what her current balance was in her Money Management account. The reply was in the neighborhood of sixty grand. And its sitting there earning a whopping 1.30%. All I could do was grimace a little bit...

Mark

animeva - teach me -- i want my money to make more

i have tried to understand mutual funds but cant seem to make sense of it all

Yes pray tell o' wise one.

jlgrandam said:Yes pray tell o' wise one.

I would be interested to hear what people are using for CD/money market alternatives. I thought the last good one dried up last year when the Treasury stopped offering credit card sales of savings bonds.

Nope. You have to d/l the file and import it manually.

Perhaps if enough of us wrote ING, they would enable Money online access?

Mark

MMinjin said:Nope. You have to d/l the file and import it manually.

Perhaps if enough of us wrote ING, they would enable Money online access?

Mark

For those who decide to write .. could you please scribble somewhere at the bottom, I'd like to have check writing capabilities too!!

I was thinking about transferring $10k out of my crappy savings acct into ING. My question is, does a bank transfer like that mean that the Financial Crimes Enforcement Network (FinCEN) is going to get an SAR (suspicious activity report) on me? I just want to get a decent interest rate on my money.

bassmanben said:i don't see why they would worry about a $10K transfer, that's relatively small compared to the transactions many other people do.

Yeah, and the money is all legit, but $10k is all it takes to get a CTR. And if you try to 'structure' transactions, (moving multiple chunks of money just under $10k) or if you 'act suspicious' then it can trigger an SAR.

Below is a quote from one of many webpages I found re: this topic
What kind of reports do banks file with FinCEN? The two most important are currency transaction reports and suspicious activity reports. A currency transaction report must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer of more than $10,000. Banks file about 13 million CTRs every year. A suspicious activity report must be filed for a variety of activities in excess of $5,000, including check fraud, check kiting, credit card fraud, and loan fraud. (Another example: Attempting to avoid a CTR by making multiple transactions of just less than $10,000 is known as "structuring" and should trigger an SAR.)

IngDirect UK paying 5% thread