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A Checking Account Without Checks

Is this the wave of the future?The new Electric Orangechecking account from ING Direct doesn't come with checks.

The new Electric Orange checking account from ING Direct doesn’t come with checks.

It’s the closest thing to a truly paperless checking account we’ve ever seen.

The online bank owned by the Dutch financial giant ING allows customers to access their money through:

  • A debit card.
  • An online bill payment system.
  • Person2Person electronic transfers, which allow you to send a friend or relative money without knowing their account number.
  • Electronic checks. If you simply must give someone a paper check, ING will print and mail it for you.

All of that is free (even the postage for electronic checks is covered), and there’s no minimum balance or monthly service charge.

You can use the debit card at 35,000 Allpoint ATMs without charge.

What you never, ever get is a book of checks.

A short Electric Orange video explains how this electronic checking account works.

ING emphasizes the fact that this is an interest-paying checking account that acts “like a savings account” — which isn’t saying much these days.

Electric Orange pays a modest 0.25% APY on balances of under $50,000, 1.35% APY on balances between $50,000 and $100,000, and 1.40% APY on balances over $100,000.

But it’s the paperless operation that sets this account apart.

“Writing checks is a thing of the past,” the video claims.

We think ING may be right.

Comments (3)
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3 Existing Comments
  1. R Carr said:
    on February 17th at 01:34 am

    How is this news? I’ve had my paperless electric orange account for at least 3 years, probably longer.

  2. Chris said:
    on February 21st at 04:39 pm

    The Citibank Access account offered “paperless” checking. They did not provide or offer physical paper checks for use, and offered bill payment, a Debit Mastercard, free ACH transfers in & out, and was no fee until recently. Paired with the Ultimate Savings Account, it provided a solid link between electronic banking with B&M presence if ever needed.

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    on April 6th at 05:07 am

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