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Principal Bank Plans To Transfer Its Non-Retirement Deposits To Bofi Federal Bank

Saturday, June 29, 2013 - 2:16 PMBofI Federal Bank - Details
Principal is another large insurer that is leaving the retail banking business. Part of the process of winding down its retail banking is selling off its deposits, and BofI Federal Bank (aka Bank of Internet USA) has entered into an agreement to receive its non-retirement deposits. Let's hope they can make good use of those deposits so it won't discourage them from offering competitive deposit rates.

More details about this agreement is available at this Business Record article.
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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Saturday, June 29, 2013 - 2:39 PM
Just learned that the deposit amount being considered is only $200 million. So it shouldn't have much impact on Bofi Federal Bank (and our deposit rates at that bank).

Source: The Des Moines Register
7
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
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