I was looking at opening an account and was wondering if anyone has had any issues with them and their service, pulling out your money whenever you need it etc? Thanks
I like the service -- I can transfer money into my BofA checking account in about 48 hours. It is also convenient to use with a good rate.
how does the interest on these accounts accrue? I know it sounds like a stupid question but for the sake of easiness if the APY is 1.80 and I put in 1,000, how much will that be in 1 year? I know about credit cards and interest rates but have no clue how these are calculated, please help a 21 yr old learn a little about investing
I have an ING Direct Savings account and interest is accrued daily and compounded monthly. In plain english, compounding is how often your interest is added to your account. The more often it is added, the sooner you earn interest on that interest. APY is actual interest earned on your account. Since APY factors in compounding you can use it to compare different investment alternatives. For your example, at an 1.80% APY (interest rate of 1.785%, compounded monthly) $1000 would grow to $1018 in the first year, $1036.32 in year 2, $1054.97 in year 3. Be aware though that the 1.80% published by ING is a variable rate and not a fixed one. When I signed up last year, they were pushing a 3.0% APY. So, figure that into your calculation too.
one issue I have involves transfers. If you request a transfer online, they will not process it until the next business day no matter what hour you submit the request... then it takes 1-2 days to get to your account and possibly 1 day for the bank to process it... so sometimes a transfer can take 4 days and even longer if it is a weekend. As long as you are thinking ahead about when you need the money transferred, you should be OK.
Re: Re: anyone use INGdirect still? I actually like the fact that it takes a few days to access the funds. It forces me to use it as a savings vehicle and not a quick purchase tool.
Re: Re: anyone use INGdirect still? ero2: You also can get $25 for open an account but you need to someone refer you. If you e-mail me I can send you the link. Or if not me anyone with an ING open account can refer you. Just need your e-mail.
I like them and still have accounts there. They are extremely competitive with their interest rates and seem pretty focused on CS. When I got my ING accounts a few years ago, they were at 4.25%. I made everyone in my house open an ING at the time(me, dh, and his parents), that was when they were offering $50 for opening a new account......$200 in total went back to the family. I used to be so cheap!! Me and DH still have our accounts.......I haven't touched it in over 2 years, I figured keeping some $$ with them for some time was only fair after the $200 they gave out.
is all the money that you earn from ingdirect(including the signup bonus for a referral) taxable interest? if so, does the fact that it is taxable negate it being in there at all? with ing direct, how hard is it to signup? is there anything involved that they send you, you send back etc before you can access your money, similar to signing up for a checking account online through citi? also, if you open a checking account and they give you 100 dollars for signing up(hawthorne savings and citibank) would this be considered taxable? My mom told me if they don't send a 1099 for it, you don't need to worry about it, is this true? sorry for the bombardment of questions, just have a lot of questions because my taxes have always been telefile and the amount I earned, and nothing else, so I don't really understand this tax thing at all yet. Thanks in advance for any help
okay I am still a little scared to give a company I have never seen in person my entire savings account. Is there any reason I should worry? I am just worried that, what if the website goes down and the company goes under? then you have no access to your money. it scares me but I wan't to do it, I just worry about losing my entire savings...
ING is a large bank that seems to have been around for a long while (www.ing.com). It is also FDIC insured.
It's good to be cautious about a Company you've never heard of before. Do some research to make yourself comfortable. Check out their website, www.hoovers.com, and epinions to see what others have to say. ING Direct is a subsidiary of ING, a huge Euro financial mega-company. If it reassures you, ING is the retirement advisor of Financial Executives International, the association of CFO's. Just cause you haven't seen a branch doesn't mean it is a internet scam/shady company. Remember that Citibank isn't "in person" in everybody's state either but they aren't exactly small peanuts.
if the new bank am looking at says this in its fee schedule does that mean I cannot transfer to and from ING without paying a fee? electronic funds transfer ACH/atm/pos/debit transaction paid or returned against unavailable or non-sufficient funds $25.00 or would this apply to what I would be doing with INGdirect?(sorry I just don't understand the lingo too well and need some help making sure I don't get screwed) Preauthorized/Automatic Transfers. Pre-authorized electronic fund transfers may be made to or from consumer checking and savings accounts by means of a computer or magnetic tape, including pre-authorized electronic fund transfers made to your account from a third party (e.g., Social Security, a pension fund or your employer) or from your account to a third party (e.g., checks converted to electronic automated clearing house ("ACH") transactions and recurring mortgage or insurance payments through the ACH). Pre-authorized transfers do not include: (a) transactions initiated by check, draft or similar paper instrument, (b) transfers to or from business or other non-personal accounts, (c) individual transfers we initiate under an agreement with you, but without your specific request (e.g., automatic savings and automatic loan payments to us from your account), or (d) transfers initiated by telephone. Please note: If federal recurring or other electronic payments are made into your account, the payments may be affected by a change in account status or transfer (e.g., to another office). If you plan to transfer your account or change its status, please speak with us in advance about the impact the change may have on your electronic fund transfer services. Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic fund transfers between your account and the third party's account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the ACH or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, you authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers.
Re: Re: anyone use INGdirect still? That is a fee charged for not having enough money in your bank account to cover one of those transactions (e.g., charging on your debit card when there is no money in your checking account). It does not apply to the ING ACH deposit to your bank account. This applies. It explains that it is possible to do transfers between your bank and another financial institution. If you are having trouble translating some of the language on the account terms, you may want to just give some of these banks a call (or send them an email if you want something in writing). Tellers/Reps are trained to answer these kind of questions and we can only giving you our "best effort" translation from the parts of the document you post. Don't take as gospel our "i thinks" when you could really have a statement of fact from the institution itself.
Re: Re: anyone use INGdirect still? thanks for reading it and helping me out anyways I'll call the bank with any more issues I have.
Re: Re: anyone use INGdirect still? To answer your question, I use INGDirect and all my savings are in there. I haven't had any problems now for over 6 months and it's been a pleasure. They transfer money with no problem and they still have the best interest rates anywhere (although they've now dropped to 1.8%, they were around 2.4% when I signed up). And if it helps you, they have a picture of a building where they actually work on their website!! And it's in the United States too! I do have to admit that the fact that there's no place I could walk into to get my money is slightly bothersome but I've gotten used to it. It's really no different than a bank.
Re: Re: anyone use INGdirect still? Currently I have over 10K on my account at IngDirect. No problems ever.
Re: Re: anyone use INGdirect still? I tried to open one a couple of years back... dinged me with a hard inquiry and terminated my account 3 days after it was opened...
Re: Re: anyone use INGdirect still? Does anybody know which CRA they pull? Do they actualy report activity/opening of a Savings Account and if, any idea how long it will take before that shows at the CRA. Sorry if this question is very basic but I did have experience with credit reports for a while as I just moved back to the US. Thanks for the help.
Re: Re: Re: anyone use INGdirect still? SAVINGS/CHECKING ACCOUNTS DON'T REPORT (no credit is involved)...THAT IS ONE REASON YOU SHOULD NOT ALLOW THEM TO PULL YOUR CREDIT REPORT...if they say they MUST...TAKE YOUR CASH AND DASH...BUT NOT TOO FAST, BECAUSE YOU WILL PASS UP THE BANK NEXTDOOR!!!
