ING Direct 5.30% Electric Orange Savings Account

It’s not a MMA - it’s a checking account. The invitation went to 400,000 of the most active ING account holders; all others will be able to apply for the “Electric Orange” account in February 2007.

The current money market account (their “savings account”) available to the public is at 4.50%. No fees, very user friendly. Some lag between online transfers from your bank, it takes about 2-3 days, but i could just be picky. Overall very good…

I’ll stick with my no-minimum PayPal MMA for now.

I’ve had an account with ING for over a year and recently moved three quarters my money to amtrust based on a post i saw on bankaholic. Moving money across my traditional bank accounts to my amtrust account is quicker than ING. I wrote to ING about there rates no longer being competive and i got a crappy template email response touting there service. has anyone else moved money to amtrust?

ING cheated me out of $36 in interest last year during their “winter save-up sale.” Despite my making numerous complaints to ING, I was always given the runaround. I will never have any money on deposit or do any kind of business with ING ever again.

AmTrustDirect.com FDIC insured in Ohio is offering 5.05% which I switched to from ING Direct. It has no minimium and is the same as ING Direct with the requirements.

Bad point about ING is that they do not let you put
a BENEFICIARY. you are out of luck, if you die and leave
your money for the state.

I’m another one that ING cheated out of interest. Apparently, there are lots of people who have accounts with them who don’t keep track of what they should be paid. Everything was fine with them for the first year or so, but then the amount they paid was not consistent with their going rate. They admitted that a mistake had been made with some customers, but would they only made restitution with those who have made deposits after a certain date. Never would I trust this Dutch corporation.

Skip,

FYI: No, they weren’t from the same source, and it was a lot more than $1.98. Make sure of your facts before you comment. And no, it makes no difference that they are Dutch, just that they are dishonest.

lets keep it friendly guys. we are here to discuss the best savings accounts like ing direct bank electric orange

Has anyone had trouble with Emigrant? they offer the same services as INg

Just received an email from AMTRUST…they are upping the online savings rate to 5.36%…ING and the others will likely follow suit. All this happening because of 6.00% teaser rates at some banks, I think. Like hearing the open criticism…keeps them honest. IMHO

So do yo uthink ING is trying to simply keep their high balance customers with this account who have probably been leaving in droves over the past few years or do you think they’ll activiely promote this and try to get their customers back who left for HSBC, Citi and others?

I quit ING as well. At first, I was able to link to my ING account externally from my other online accounts, because I hated having to transfer money from ING to my checking account, then to the account I wanted to move funds to. But then ING put a stop to that! Since then, I’ve had much better luck with other online accounts, such as Apple Bank, Amboy, and others. Both pay near the top rates without large minimum balance requirements and their service has been much better than ING’s. As a side note, just think, if ING has shorted hundreds of thousands of customers on even a small amount of interest for each customer, that’s a lot of money in the ING coffers!

Keep in mind that FDIC ensures only upto 100k so you may be at some risk on deposits above that

Dam, I wish I would have read this site before transfering 25K in ING.O Well I wait for a few months and look into something different.
Thanks all

I wouldn’t recommend ING to anyone, $25 bonus or not, because of similar experiences as some of those who have commented. Consumers need to be protected from corrupt organizations such as ING.

Gotta side with the warnings about ING. Not a good place to park your money. Lots of better options out there.

You guys and girls are acting like a bunch of bitchez. Man just put your money u still get a return, stop worrying.

If you are really serious (you are just trying to be funny, aren’t you?)…but I’m responding as though you are serious…banks like ING are a lot richer than any of us, even a lot more so than Bill Gates or Warren Buffet. If they have become that way through honest conduct, all well and good. But when ING rips off consumers, I don’t have a lot of sympathy for them. When ING offers a return, people should get that return and not get ripped off…just as one would expect with any product. If enough consumers would not do business with ripoff organizations like ING, ING’s practices would soon change. As a side note, it takes a 6% return before taxes and inflation to just break even long-term, so I hardly think anyone trying to get the best return they can get from their liquid savings is being greedy.

Yep, ING stinks! I’ll never have another dime on deposit with ‘em. I quit doing business with those who enage in bait-and-switch tactics!

I too am an ING defector, never to return! Why? They lied to me, so why should I give them my business?

Thanks for all the info. I’ll not open an account with ING.

Don’t be suckered by ING.

i have a savings account with Countrywide - 5.4% APY for min balance 50,000. I have been happy so far.

ING offers such an inferior product to some of its competitors that I don’t know why anyone would want to bank with them anyway.

I’ve heard more bad than good things about ING…now all this. I’m glad I never opened an account with them.

That’s true most of the time. But suppose you’re saving up for a large purchase such as a house or car that you want to pay for in cash, and you can save up that amount in less than 5 years, and you’ll be using the money within that time frame. You typically wouldn’t want to put money in the stock market that you can’t leave for at least 5 years. Also, some will take stock or fund profits from time to time and need a liquid place to keep it for a few months. Also, what about someone who has inherited a large amount and needs a year or so to learn about investing decisions instead of making an abrupt stupid mistake? And there are yet others who need more than $10k for an emergency fund. The point is, don’t over-generalize. People’s situations vary.

I agree. If anyone likes ING’s customer service, their experience has to have been a lot different than mine. ING is just a huge corrupt organization who couldn’t care less about its individual customers.

Why in the hell would we ING Direct pay you interest on money that isn’t even in your acct yet? That’s why you don’t accrue % until your third business day!

To ingassociate:

The whole point is, the ACH transfer takes 2-3 days to complete. Then it’s another two business days to begin accruing interest. This is AFTER the funds are already in your account. If the transfer is completed on a Thursday, it’s not until the following Monday that interest begins to accrue! If you really are an ING associate, your post is an example of the belligerent know-it-all attitude of ING that some of these bloggers are referring to.

And, I never borrow money, so ING’s fast loans are of no relevance to me.

I comprehend that you need spelling lessons as well as lessons on proper customer treatment. I’m one of those who got cheated, but of course, ING would not make it right. No thanks on dealing with a crooked bank who had no regard for me as a customer. There are lots of better options out there.

Based on ingassociate’s comments, an appropriate slogan for ING would be “We cheat our customers without even trying!”

ING has the lowest interest saving account right now. I moved my money long ago when Emigrant rised to the top. Now Emigrant isn’t doing so well either so I switched to Amtrust.

The only reason I stay with ING is because of their orange checking account that give me 4% interest while local branch gives to 0%.

E-mail me to get a link for $25 FREE I have made over 200% interest by doing this and they have ALWAYS followed their proceedures with me just READ IT! If you don’t like the fine print, then don’t take the checking account with 4.1% interest

Ya gotta put in $250 at least, but e-mail me

thegemologist
@
gmail
.com

If your interested in opening an account with ING. I got invitation to both ING Saving and ING Checking. Both gives you $25 to open up. Email me for the link along with full name and email address.

You’ll notice how ING lowered their rates immediately after the Fed funds rate reduction, even though they paid lousy interest before that anyway…ING is SCUM SCUM SCUM!!!

Please read this!!!!!

We want to ensure our Customers are a good fit for Electric Orange, so we are reviewing their accounts to determine whether the Overdraft Line of Credit feature is helping them save money. To help make the decision, we assessed Customers’ Electric Orange payment history and credit information (provided by Equifax). Based on this information, we either reduced the Customer’s Overdraft Line of Credit to $25 or closed the Overdraft Line. We are mailing letters to approximately 45,000 of these Customers to notify them of our decision. The toll-free number for the Sales Center will not be included in the letter. We have also sent emails to Customers to notify them of the change.

Customers Who Aren’t a Good Fit for a High Overdraft Line
Closing the Overdraft Line
After reviewing these Customers’ credit and Electric Orange account history through an account review process, we determined that it was in the best of interest of the Customer and ING DIRECT to close his/her Overdraft Line based on information obtained from a credit reporting agency (Equifax) and his/her current financial situation. If a Customer has an outstanding balance on his/her Overdraft Line when we close it, he/she must pay off the outstanding balance. Click here to view the letter.

Reducing the Overdraft Line to $25
Similar to the group above, we determined these Customers have an Overdraft Line that is inconsistent with information obtained form their credit bureau and current financial situation. These Customers also have the option to re-apply at any time to increase their Overdraft Line. Click here to view the letter.

Why did we lower or close these Customers’ Overdraft Lines of Credit?
It’s in ING DIRECT and Customer’s best interest to periodically review Overdraft Lines to determine if the Customer’s current credit situation is still reflective of the original decision. We are involved in a market place where businesses of different sizes and services are tightening their standards for extending lines of credit to Customers. Basically, we are working to prevent any potential losses associated with products like the Overdraft Line of Credit. If we discover the Overdraft Line doesn’t match a Customer’s current needs, we will take action by reducing or closing his/her Overdraft Line. This ensures we’re matching our products (and features of these products) to the right Customers.

How are we notifying these Customers?
As stated earlier, we are mailing letters to these Customers to notify them of our decision. In addition, we have sent follow-up emails to impacted Customers to let them know about the Overdraft Line of Credit reduction, so they can plan their Electric Orange transactions accordingly. Please click here to see the emails.

How should I handle calls from these Customers?
This is what you should do if you speak with a Customer affected by this change:
• Please provide the following explanation:
o We are making our credit standards more rigorous to limit ING DIRECT’s exposure to potential losses from products like the Overdraft Line of Credit, which is an unsecured open-ended loan. Everyone from major corporations to small business are keeping a close watch on the lines of credit they offer to Customers, given the changing marketplace. ING DIRECT reviews all lines of credit periodically, including Customers with Electric Orange Overdraft Lines of Credit, to determine whether the Customer meets the Bank’s standards for having a loan account. These reviews include obtaining credit information about our Customers with loan accounts. We encourage you to contact Equifax directly to learn more about your credit rating. This way you can get a copy of the most recent credit report we used to revise your Overdraft Line. Here’s how you can contact Equifax:
 Phone – 1-800-685-1111
 Online – http://www.equifax.com
 Mail – Equifax Consumer Services, PO Box 740241, Atlanta GA 30374-0241
NOTE: If a Customer is interested in increasing his/her Overdraft Line, please explain he/she may re-apply for an Overdraft Line increase at any time; however, it is not guaranteed he/she will be approved.
• Ask the Customer if he/she has any pending or scheduled Bill Pays or transactions.
o Advise the Customer to transfer money from his/her Orange Savings Account or external link to ensure there are sufficient funds to cover all pending and scheduled transactions.
o Bill Payments and transactions will not be processed if there are insufficient funds in Electric Orange.
• If the Customer’s Overdraft Line was closed and he/she has an Overdraft Line balance, please advise him/her to continue to payoff the balance by making deposits into his/her Electric Orange.
• Assure the Customer he/she will not be charged any fees from ING DIRECT in the event a transaction is rejected.
• If the Customer is adamant about disputing our decision, you can email Unsecured Credit as a last resort. Do not forward all inquiries about this issue to the Credit Team.
o Send an auto-index email stating the Customer is disputing our recent decision to close/reduce his/her Overdraft Line.
o Set the expectation a member of the Credit Team will contact him/her via email within 24-48 hours to follow up on the request.
o If Customers want to file the dispute themselves, they can email UnsecuredCredit@ingdirect.com.
• If the Customer is calling to complain about our decision, please make sure you log the Gripe in SASSy.

Some Customer Concerns
What happens if a Customer doesn’t have enough funds to cover a preauthorized, pending or prescheduled transaction?
• Preauthorized Card transactions (e.g. hotel stay, car reservation) and ‘Pending’ status (the funds have been verified and the transaction is scheduled to occur) – These transactions will go through, even if there are not enough funds in Electric Orange to cover the transactions.
• Prescheduled Card transactions and Bill Pays (the transaction has not occurred and payments were previously set up) – These transactions will not go through if there are not enough funds in the account. Please assure Customers they will not be charged any fees from ING DIRECT for this rejection.

Did we ever tell Customers ING DIRECT would check their credit after opening an Electric Orange?
Yes, the Overdraft Line of Credit Terms & Conditions specify the Bank may obtain information from a credit bureau in order to manage the account. Customers were provided with the Terms & Conditions during the application process. They are also available on our website for Customers to easily access. Here are some important excerpts that relate to this issue:
• We’re allowed to increase or decrease your credit limit at our discretion, at any time, without advance notice to you, as allowed by applicable law. You also agree that the Bank reserves the right to obtain follow-up credit reports on you in connection with the maintenance, review or collection of your OLOC.

Once again, the ingassociate demonstrates his contempt for former and potential ING customers. The question is: Do you really want to do business with an organization that has such disregard for you as a consumer?

I am very interested in opening up a savings account for emergency purposes. At first, I was going to open an account with ING. I heard nothing, but good things until I came here. I’m not to sure about ING now. What does everyone know about Emigrant? Thanks!

I’ve had good experiences with Emigrant Direct.

I don’t like ING for the same reasons as those who ahve negative comments. It’s possible they’ve cleaned up their act, but they certainly cheated me out of interest during their 4.75 APY special as with others…even admitted the discrepancy, but would not correct it. I’d never give my business to them again.

They are a bunch of scam artists. They bought out Netbank, my original account. They stopped my debit card a month ago and said they would send a welcome package and a new debit card. Here I sit, a month later, with no access to my money. When I called to complain, they were not sympathetic and basically treated me like I was the one at fault. I would like to hear from other Netbank customers who were converted over to ING. I bet that I’m not the only one who complained. Asswipes.

I got the $25 bonus for opening an account too…then later they ripped me off for that amount and more!

Another vote for “ING SUCKS!” I’d personally file charges against them if it would put them out of business!

Yep, ING does bite the big one. I friend told me about ING’s savings 4.75APY special a couple of years ago, and guess what? I had the same problems with them only paying me less than 1% interest for the first several days and taking a long time to credit the transferred funds to my account. If ING is that petty, then I say they’re a**wipes too!

If you want an invitation for ING checking/savings email me at jame0182@umn.edu

Eric