I am looking at banks in the States, and I need some more information on ING Direct (have never used them before).
Keep in mind the following:
- I rarely go to the bank machine except to withdraw cash
- I like paying ALL of my bills online
- I rarely use cheques but I do use them occasionally, less than 20 a year
Questions:
- Do they give you a debit card?
- A credit card?
- Cheques?
- Works like a regular bank?
- How do I withdraw money?
- How do I deposit money? Do I need a linked account with another bank like Washington Mutual or something?
- How has everyone found their experience with ING?
Thanks in advance!
- More U.S. Banking questions
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- Last and final cheque: $20,091.50
- I’m really, really going to be debt free.
- Complete, Utter, Unabashed, Unapologetic Rant
Anonymous
on Jan 9th, 2009
@ 12:23 PM:
Hello there! First off, I want to say that I am a new reader and have greatly enjoyed reading your blog.
Now onto your questions:
Do they give you a debit card?
Yes, you receive a blue and orange ING direct debit Mastercard. Retailers often get confused about how to swipe this card since the magnetic strip is orange and there is a see-through orange strip as well. Looks like this: http://www.moneyunder30.com/wp-content/uploads/2007/03/ing-electric-orange.jpg
A credit card?
No credit card, but you do have a
line of credit which acts as a sort of overdraft protection. If you do overdraft, you don’t get charged any overdraft fees. Instead you get charged interest on the amount you owe.
Cheques?
No paper checks but you can send out checks through their website. It saves you on paying for stamps. The one con is that you can’t do what my friend calls “creative check writing” and write checks before the money is in your account. (i.e, making out a check for the rent on the 1st when you get paid on the 2nd)
Works like a regular bank?
Sort of. You can’t ever walk into a local location and deposit/withdraw money. But
How do I withdraw money?
You can either withdraw through an ATM (they have a network they work with so you can get free withdrawals on some machines) or you can deposit the money into a linked account and withdraw it there.
How do I deposit money? Do I need a linked account with another bank like Washington Mutual or something?
You can either link an account or send in a check. I vaguely remember sending in one check previously and it took a while to get there and be deposited into my account. Even though I use ING for most of my banking needs, I still keep a small account in case I need to deposit money or write paper checks.
How has everyone found their experience with ING?
My experience has been relatively trouble-free. Other people have had problems because ING ran credit checks and found some of their customers had undesirable credit and closed their accounts. Not sure if they practice this any more. See this article
beantown baker
on Jan 9th, 2009
@ 1:17 PM:
My husband and I use ING and love it. Yes, we have a debit/credit card from them.
No paper checks. You can send paper checks from their website. You sign in an put the amount, the address and everything and they send a check (for free).
I am not sure what you mean by works like a regular bank, but it seems to me like they do.
I use an ATM to withdraw money, or transfer it to another account.
The only money we deposit in that account is from our direct deposit or from other accounts, so I’m not sure what other options there are.
Like I said, we’ve had ING for about 5 years now and it’s been great.
chelsey
on Jan 9th, 2009
@ 1:24 PM:
I don’t have a checking account with ING, but I do have a savings account. The savings account has to be linked to another bank, but I think if you have your checking there you can just link those. From what I’ve heard, you can get a debit card with the checking account, and you can withdraw money at ATMs.
I’ve had a great experience with ING. I’ve never had any problems, and the interface is really easy to use. I have sub-accounts within my savings account to save for clothes, gifts, a new computer, etc. I’d highly recommend it.
Eric
on Jan 9th, 2009
@ 1:24 PM:
I am at ING and I love it. They do not have an actual bank, so you do need a linked account. Don’t use WaMu whatever you do, they are all going to be Chase within a few months.
As per your questions:
1. Yes on the debit card
2. No on the credit card
3. No check book, but you can send paper checks from their website.
4. Yes works like a regular bank, only just online
5. You withdraw money at one of their partner ATMs for free, pay at another ATM, or do an online transfer.
6. You deposit money through direct deposit or a linked account
7. I have had a great experience and would recommend it to a savvy person such as FB.
asgreen
on Jan 9th, 2009
@ 1:28 PM:
I have an ING checking account as well as a savings account. They don’t give you checks, but you can send checks through them. You do get a debit that you are supposed to be able to use at a tone of atms, but I never use it so I can’t really say much about it.
I basically use it to pay off my credit card. I needed to link my savings to another bank, and I opened my checking later so it was already linked. I have a Bank of America checking account which I use for cash.
I’ve had great experiences with ING! Good luck.
Little Miss Moneybags
on Jan 9th, 2009
@ 1:32 PM:
I don’t use their checking accounts so I can’t answer about that, but I’ve had a savings account with them for years and I’m very happy.
You do need another bank account at a “regular” bank from which to transfer money into/out of the ING account, I think. I don’t know that there’s any way around that.
I’ve found their customer service to be excellent, when I needed it. Their interface is very easy to use and secure. I really like them and next time I need to change banks, I’ll consider using their checking account.
Tee aka The Diva's Thoughts
on Jan 9th, 2009
@ 1:33 PM:
I’d be very interested in this information too.
Anonymous
on Jan 9th, 2009
@ 1:36 PM:
I recommend picking a normal “big chain bank” (BoA, Wells Fargo, WaMu etc) for whatever has the a ton of ATMs in your city. Just in case you ever want a bank for local stuff, depositing a random check, whatever. Get a free checking account. I also have a free savings account, but I just keep $200 emergency money in there. Then use ING (or other online bank) for most of your savings.
I recommend that because it is what I do, but the Electric Orange ING account might serve your needs (combined with savings accnt).
# Do they give you a debit card? Yes- for the electric orange checking they do.
# A credit card? No.
# Cheques? No, but they will mail paper checks for you (electric orange)
# Works like a regular bank? Basically.
# How do I withdraw money? Through a linked account, or through an ATM (I personal have not done this).
# How do I deposit money? Do I need a linked account with another bank like Washington Mutual or something? Yes, you can also get direct deposit, but having a linked account seems easiest.
# How has everyone found their experience with ING? Good. The interest rates were lagging for awhile, but now everyones is pretty low.
Miss M
on Jan 9th, 2009
@ 2:08 PM:
I’ve had an ING orange savings account for years and honestly can’t answer most of your questions! The checking account is probably very different, I have the savings account linked to my checking account at a regular bank. I transfer money back and forth, using my regular bank for withdrawing or depositing cash and checks. Even though ING rates aren’t always tops, I’ve been a happy customer. Their site is easy to use compared to other online banks.
Candie
on Jan 9th, 2009
@ 2:23 PM:
I have a savings account open though them and was looking into opening a checking account as well. I have never had any problems with them though my savings accounts. Easy to use, dependent and convenient.
Deutlich
on Jan 9th, 2009
@ 3:28 PM:
I use ING for savings, so I’m not sure about cheques and debit cards. To transfer, it get set up sort’ve like paypal does and you just click a button (online) to do a transfer.
Michelle
on Jan 9th, 2009
@ 3:43 PM:
I also have an ING account and I love it. Mine is just the plain savings account though. Most every one that has commented so far has answered your questions, so I won’t add to the heap.
As for my experience with them, it has been really positive. I like that it’s not so easily accessible. If you withdraw money (transfer to your linked account), it’s not instant. It takes a day or 2 (or 3? It’s been a while so I don’t remember). Mine is my emergency fund, so I really have to think about whether it’s an emergency or not. If you have the checking with the debit card, I’m sure getting money is a whole lot faster through the ATM.
The interest rate used to be really good, but has steadily gone down. But it still beats a regular bank.
High-heel gal
on Jan 9th, 2009
@ 4:06 PM:
I just started using this late last year. I love it except thta if I need to transfer money between accounts, I have to wait 2 business days for the transaction to go through. Overall, it’s really simple and has definitely helped me with my savings! Plus, there’s not a single card to carry…horray!
Miss Mar
on Jan 9th, 2009
@ 4:26 PM:
I use ING and love it too! I have it linked to my BofA checking account. Don’t have much to add after the responses you’ve already gotten, just wanted to give you my positive review of them.. ING has been great so far (about a year)
Fabulously Broke
on Jan 9th, 2009
@ 4:46 PM:
Wow, thanks a lot for your input everyone. This has helped out IMMENSELY.
So what I’m hearing is that ING is a great place to store liquid savings and manage your savings/investments, but for regular banking, I should rely on a bigger bank, which brings me to my next question – which one?
Leila Marvel
on Jan 9th, 2009
@ 4:51 PM:
I have an ING Savings. It is just a great way to save money through them since they have a high interest. It is 2.50%
chica with issues
on Jan 9th, 2009
@ 5:22 PM:
You can mail checks to ING for deposits as well. I do it all the time. They will not accept money order or credit card balance transfer checks though.
As for ATMs, you can find out where fee-free ones are near you. I’ve never had a problem finding ATMs and I’ve lived in 3 states since I’ve had the account.
Anonymous
on Jan 9th, 2009
@ 6:57 PM:
I like ING as a supplemental bank.
As for which bank you should start an account at, I would look at proximity of the bank to where you will live. See which one of the big ones JPMorgan Chase/Wamu, Bank of America, Wells Fargo, Citibank are closest to you and that’s what I would do. From personal experience it’s a hassle when it’s not nearby. For me it’s the ATM, I rarely go into the real bank. I bank at Citibank because lots of 7 elevens have Citibank ATMs I can use for free. Hope this helps!
-JB
hishersmoney
on Jan 9th, 2009
@ 7:31 PM:
I used to live in Dallas (now in Washington DC) but I used a credit union called Texans Credit Union. Now at a first glance you may look online and say they don’t look the best on paper, but let me tell you, excellent customer service! I still keep them even though I no longer live in Dallas. When you call, you get to talk to a person, a friendly person! I don’t mind the lack of ATMs in my local area but take advantage of the cash back option when I use my debit card in order to get cash without paying a fee.
I bought a car a few months ago and simply called them up, told them what I wanted and within minutes had my loan all taken care of and they even beat their own rate listed on the website.
I believe you would need to wait until you moved there and had a local address to get an account but if you can join I highly recommend it.
Amanda
on Jan 9th, 2009
@ 9:00 PM:
In response to where else to put your $$$ – I'd highly recommend Wells Fargo. Luckily, I have branches where I live. No charge to regularly do transactions w/ a teller, ridiculously helpful cust serv. However, sitting down w/ a rep in a bank I was quickly 'dealt with' when I had my measly $1100 401K rollover to place. Simply wasn't enough for them to take me seriously; I went to Vanguard — prob. would have anyway.
I also use my ING for a saving back-up & even some regular subscription programs (like Netflix) that I use my electic orange checking for. Super convient –wouldn't want it for my reg. bank acct though–no checks! Too bad, as they have incredible cust. serv. & the website works flawlessly.
Sense
on Jan 9th, 2009
@ 9:54 PM:
Some people HATE Bank of America, but I’ve had a checking account there for the past 6 years and have virtually no complaints.
Their ATM’s are everywhere in the US, and they have partners in many other countries, so if you go to say, Europe, you can withdraw money from your account without any fees from either side (the exchange rate is probably not super-favorable, though).
Wherever you go, insist on a free checking account. The BoA account I have remains free only if I have money direct deposited monthly–I no longer have a job in the US, so I get around this by having $1 transferred to and from my ING savings account every month, as it counts as an ACH transfer and satisfies that requirement.
I think BoA has a great online bill paying system, and you can link all of your credit card and retirement accounts in their ‘My Portfolio’ feature. I can track my checking account, my networth, all of my cc purchases, and changes in my retirement stocks on one site, very handy (i think this is similar to mint and wesabe, though, so it may not be such a perk for you).
Also see:
http://www.getrichslowly.org/blog/2007/10/19/ask-the-readers-best-brick-and-mortar-banks/
SimplyForties
on Jan 9th, 2009
@ 10:35 PM:
I “store” money at ING. It’s a great tool. I keep a local checking account though, for check writing and ATM access. It’s a little local bank so it won’t help you in Dallas but I definitely think you’ll need to find another bank in addition to ING.
Living Almost Large
on Jan 10th, 2009
@ 12:07 PM:
Use TD banknorth. My roomie has them because of the same problem and they are the best.
Full o' Debt
on Jan 10th, 2009
@ 1:17 PM:
I’m not sure who you bank with in Canada (I use Royal) so when I lived in the US for 3 years I opened an account with RBC Centura (now RBC USA) which made it super easy to transfer money between with no extra fees (besides exchange rate) so that’s something else you might want to consider… I didn’t use it for everyday banking since there were no branches in New England, they’re all in the southern states (think Snowbirds).
For my daily banking I used BoA and used ING for savings with no problems whatsoever.
breagha
on Jan 10th, 2009
@ 8:51 PM:
I’m a little late in the game here, so forgive me if I repeat what another commenter may have already mentioned.
I have used ING for almost a year. I started just to have a place that was _separate_ from my other money so I wouldn’t spend it (out of sight, out of mind, eh?). Then I later opened a checking account w/ them, which I use for small purchases (using the debit card they issued me).
The thing I like best about ING is that I can open a (virtually?) endless number of savings accounts and then name them anything I want. I have allotments going into one for “Christmas Funds”. Another for “Pet Funds” (I’ve got two kitties). And of course, my emergency fund. I also read (I forget where, but I believe it was on another financial blog) that because of the small risk with using something like PayPal (I’ve never had a problem, I must say), I’ve linked a separate ING savings account to them, and whenever I make a purchase, I have to transfer X amount from another account into that PayPal account (called “firewall account”, I suppose since it acts as a protection from losing more funds than necessary). This works out beautifully. And another great thing (if you get a checking account with them) is that their “overdraft protection” doesn’t transfer money from your other accounts (which could potentially mess you up if you have automatic payments coming out of them). Rather, it backs you up, and “loans” you the amount that you are over by, and then charges you a very fair rate of interest ONLY for so long a time until you transfer money back over. I’ve done this (bad breagha!) a few times, accidentally, and they are ever so good about emailing you about every single little thing that happens on your account. I’m someone who would rather have too much communication than not enough, so this works out great for my personality type.
If I think of more plusses, I’ll comment again. But I say go for it! You’ve probably got a ton of commenters ready to give you a link to open account (you get $25 if you open an account via referral w/ a minimum of $250, and the referrer gets $10), but in case you don’t have a link yet, feel free to email me and I’ll get you one.
Good luck!
Tia
on Jan 11th, 2009
@ 3:38 PM:
ING is fine for savings, but crap for regular checking. Good luck getting your money OUT of it if you actually need it. Husband and I needed a $1,095 deposit on an apartment and had 48 hours to get it there. ING doesn’t have paper checks, and mailing it through ING wasn’t fast enough. They have an $800 a day ATM limit, so we couldn’t take out enough that way. Despite having $2,500 in our account, we had to BORROW MONEY FROM MY PARENTS. Seriously? ING, GIVE ME MY MONEY. Needless to say, we left ING and are now at Washington Mutual. We have our online savings now through Capital One, which gives us a bonus .25% for being Costco members. It beats the rate at ING.