Virtual Bank Palm Beach Gardens, FL any have CD's there?

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HOSED

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I have been shopping for a decent CD rate for 5 years, they offer 2.31% which seems to good to be true? Does anyone have any personal experience with this bank? Thanks in advance!
 

mshan

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"On Friday, August 19, 2011, Lydian Private Bank, Palm Beach, FL, including its division Virtual Bank, was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed."

"Sabadell United Bank: commercial banking brand in the United States. Resulting from the acquisition of Mellon United National Bank and the integration of TransAtlantic Bank."

"VirtualBank ℠ is a trade name and service mark of Sabadell United Bank ®, N.A., member FDIC.

Deposits in VirtualBank and other divisions of Sabadell United Bank, N.A. are included within Sabadell United Bank, N.A.'s FDIC Insurance coverage and are not separately insured.

© 2014 Sabadell United Bank, N.A., a subsidiary of Banco de Sabadell, S.A. All rights Reserved"


http://en.wikipedia.org/wiki/Banco_Sabadell

https://www.sabadellbank.com/cs/Satellite/SabadellBank/History/2000012062531/en/

http://www.fdic.gov/bank/individual/failed/lydian.html







And if Fed is supposed to normalize rates (4%) in next several years (after 2016 maybe?), locking in a rate around inflation rate for 5 years might not be best choice, especially given you might also be lending your money to a Spanish Bank.

If it's too good to be true...
 
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alkemyst

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Feb 13, 2001
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I live in that area and I have never heard of them.

Virtual Bank has been around a long time, their building is visible from I95 IIRC.

They have placed in the Top 10 of "online banks" many times.

Online banking is the future. My family and friends have been scoring great deals and the "ATM" problem is usually solved by no ATM fees even if charged.

Some are worried about cash deposits at an ATM, but in today's age if at an ATM at a financial institution; your money is safe.

I was offered a job with them long ago.
 

alkemyst

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HOSED

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I really appreciate all the input! I believe Fed money policy is doing everything to discourage conservative (IE savings bonds, CD's, etc) and push people toward the stock market. With my luck the bubble potentially being created will burst soon after I get it.
I have always thought FDIC insurance was the key selling point for banks but after some research it appears that the problem bank list is confidential ?? http://en.wikipedia.org/wiki/FDIC_problem_bank_list . So much for open and honest ..
I will probably end up sticking with Ally - 1.1% for 12 month, includes .15 loyalty bonus (I hope they are too big to fail LOL).
 
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