If it's FDIC insured (I don't know if it is), can I go forth with it, or are there other things to consider? Any questions I should ask about the institution?
I guess it's a Swiss bank.
http://www.mlnbank.com/Services/premCDs.htm?gclid=CJm4k7HA1ooCFR1BggodQyNq6A
2007-03-02 03:31:51 · 5 answers · asked by itry007 4 in Business & Finance ➔ Personal Finance
This bank is very suspicious to me. Their mailing address is in the Caribbean. (See the link.) Caribbean banks are known to be less than safe. A Caribbean bank pretending to be a Swiss bank is a scam.
2007-03-02 04:02:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
They look pretty fishy to me. They say that they are swiss but thier mailing address is in the West Indies. It says nothing on the site about being FDIC insured and they also say that thier rates are subject to change at any time.
They also say that they are a subsidiary of United Trust of Switzerland, but I can't find any information about that on the web.
The link below has some testimonials about people being scammed by Millenium Bank.
I would stick to places like ING DIrect, and HSBC they have good rates too and are legit.
2007-03-02 11:47:02 · answer #2 · answered by Louis G 6 · 2⤊ 0⤋
The premium CD is NON-redeemable until maturity.
Non US banks don't conform to FDIC policy.
There's no mention anywhere on the site in regards to insuring your money. You'd have to ask about that.
Don't forget to make sure they add your beneficiaries to the account. Too many people forget that.
2007-03-02 11:46:01 · answer #3 · answered by mrnaturl1 4 · 0⤊ 0⤋
Just put your money in a money market fund. Vanguard is paying over 5% right now--and you can take the money out anytime you want--as opposed to a CD which will charge you a penalty to remove funds early.
2007-03-02 13:09:29 · answer #4 · answered by lizzgeorge 4 · 0⤊ 0⤋
Ask if the CD is liquid, if you can withdraw money with out penalties.
2007-03-02 11:45:26 · answer #5 · answered by novabludag 2 · 0⤊ 1⤋