Comments on: Review Of ING Direct Savings and Electric Orange Checking Accounts http://www.moneybluebook.com/review-of-ing-direct-savings-and-electric-orange-checking-accounts/ Personal Finance Beyond Credit Cards and Balance Transfers Tue, 16 Mar 2010 21:27:08 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: en http://www.moneybluebook.com/review-of-ing-direct-savings-and-electric-orange-checking-accounts/comment-page-1/#comment-138826 en Fri, 19 Feb 2010 21:01:21 +0000 http://www.moneybluebook.com/?p=4166#comment-138826 INGDIRECT saving and checking account are OK, but their easy orange mortgage is terrible. First of all, when I applied mortgage, the customer service gave me the wrong information. They said that when I relock my rate, the clock does not restart which means that no matter how many times I relock my rate, the prepayment penalty only applies to the 1st year from the initial refinance. But when I signed the paper work, I saw that I still need to stay with ING for another year to avoid the prepayment penalty. Then I called customer service, basically they said that I could get out of my loan now but I still had to pay $300. I went ahead sign the loan because I thought relocking the rate for $700 is still attractive which they advertise it. Then now I am ready to relock, they told me its two month mortgage or $2500 just to relock the rate. I will never use ING mortgage. INGDIRECT saving and checking account are OK, but their easy orange mortgage is terrible. First of all, when I applied mortgage, the customer service gave me the wrong information. They said that when I relock my rate, the clock does not restart which means that no matter how many times I relock my rate, the prepayment penalty only applies to the 1st year from the initial refinance. But when I signed the paper work, I saw that I still need to stay with ING for another year to avoid the prepayment penalty. Then I called customer service, basically they said that I could get out of my loan now but I still had to pay $300. I went ahead sign the loan because I thought relocking the rate for $700 is still attractive which they advertise it. Then now I am ready to relock, they told me its two month mortgage or $2500 just to relock the rate. I will never use ING mortgage.

]]> By: Ryan http://www.moneybluebook.com/review-of-ing-direct-savings-and-electric-orange-checking-accounts/comment-page-1/#comment-59274 Ryan Tue, 10 Mar 2009 11:59:52 +0000 http://www.moneybluebook.com/?p=4166#comment-59274 I've never had to wait longer for a transfer than ING's claim for transfer time. If I deposit to my ING savings, it's on hold for 5 business days (beginning the day the transfer is started, which is the business day after I schedule it online). When I withdraw back to my US Bank account, it takes 2 business days (if I transfer online on Tuesday it leaves ING Wednesday and shows up at US Bank on Thursday). If I move money from US Bank to my ING checking, it is on hold for 2 business days (if I schedule it Tuesday online, it's held for Wednesday and Thursday and is available on Friday). I've never had a problem with this anyway. I use direct deposit to my ING checking and that's available immediately. If I need money, I use my ING debit card. Besides, if I put money into my ING savings, I don't withdraw it in two weeks! What's the point of putting money away if you're just going to take it right back out? I’ve never had to wait longer for a transfer than ING’s claim for transfer time. If I deposit to my ING savings, it’s on hold for 5 business days (beginning the day the transfer is started, which is the business day after I schedule it online). When I withdraw back to my US Bank account, it takes 2 business days (if I transfer online on Tuesday it leaves ING Wednesday and shows up at US Bank on Thursday). If I move money from US Bank to my ING checking, it is on hold for 2 business days (if I schedule it Tuesday online, it’s held for Wednesday and Thursday and is available on Friday).

I’ve never had a problem with this anyway. I use direct deposit to my ING checking and that’s available immediately. If I need money, I use my ING debit card.

Besides, if I put money into my ING savings, I don’t withdraw it in two weeks! What’s the point of putting money away if you’re just going to take it right back out?

]]> By: brista http://www.moneybluebook.com/review-of-ing-direct-savings-and-electric-orange-checking-accounts/comment-page-1/#comment-58864 brista Sat, 07 Mar 2009 21:56:48 +0000 http://www.moneybluebook.com/?p=4166#comment-58864 It takes FOREVER to transfer money to and from my outside bank. They SAY it takes 2 business days, but that is a complete lie. It has taken a minimum of 7 business days every time I initiated a transfer deposit to ING. For instance, on Wednesday, I transfered money from my brick bank to my ING checking. It said that the money would transfer on Friday. On Friday, it said that the money is in my ING account but would not be accessible until the following Friday. That is way more than 2 business day! That's nearly 2 weeks! Other than that, I like ING. But I think the waiting time is ridiculous. And customer service just repeated the same line the website gives -- ACH takes 2 days, if it takes longer it's 'because of your other bank.' Uh, no. It does not take my other bank nearly 2 weeks to process any of my other outside transfers. It takes FOREVER to transfer money to and from my outside bank. They SAY it takes 2 business days, but that is a complete lie. It has taken a minimum of 7 business days every time I initiated a transfer deposit to ING. For instance, on Wednesday, I transfered money from my brick bank to my ING checking. It said that the money would transfer on Friday. On Friday, it said that the money is in my ING account but would not be accessible until the following Friday. That is way more than 2 business day! That’s nearly 2 weeks!

Other than that, I like ING. But I think the waiting time is ridiculous. And customer service just repeated the same line the website gives — ACH takes 2 days, if it takes longer it’s ‘because of your other bank.’ Uh, no. It does not take my other bank nearly 2 weeks to process any of my other outside transfers.

]]> By: Ryan http://www.moneybluebook.com/review-of-ing-direct-savings-and-electric-orange-checking-accounts/comment-page-1/#comment-52104 Ryan Thu, 22 Jan 2009 14:41:31 +0000 http://www.moneybluebook.com/?p=4166#comment-52104 Actually moving money to and from ING takes the same amount of time if you have Electric Orange. It only takes longer if you move money from an outside bank into ING's savings. Besides, if I'm moving money into my savings account, I'm not going to take it out within a week! What's the point of that? :) Actually moving money to and from ING takes the same amount of time if you have Electric Orange. It only takes longer if you move money from an outside bank into ING’s savings. Besides, if I’m moving money into my savings account, I’m not going to take it out within a week! What’s the point of that? :)

]]> By: JimmyDaGeek http://www.moneybluebook.com/review-of-ing-direct-savings-and-electric-orange-checking-accounts/comment-page-1/#comment-51681 JimmyDaGeek Tue, 20 Jan 2009 03:32:13 +0000 http://www.moneybluebook.com/?p=4166#comment-51681 ING (and probably other banks) makes a distinction between withdrawing money from a linked account versus having money electronically transferred into your account (not including payroll, which are available overnight). The former usually takes no more than 3 business days, while the latter usually takes over a week, so plan accordingly. ING (and probably other banks) makes a distinction between withdrawing money from a linked account versus having money electronically transferred into your account (not including payroll, which are available overnight). The former usually takes no more than 3 business days, while the latter usually takes over a week, so plan accordingly.

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