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What are Your Experiences with Internet Banking? Print
Monday, 20th November 2006 (by J.D.)This article is about Choices, Real-Life
Based on reader feedback, this post has been substantially revised from its original form.
What makes a bank good? Some people want great deals. Some want great service. Some want convenience. Many finance bloggers recommend online banks like ING Direct and Emigrant Direct because they offer excellent interest rates.
A GRS reader (who asked to remain anonymous) warns that the deals at these places may not be worth the trouble. When he needed to withdraw his money, he felt that ING Direct made him leap through unnecessary hoops — they required a lot of information that he did not have immediately accessible, including the amounts of two small test deposits. He’s concerned that ING Direct’s policies go beyond security, that they may be actual barriers to withdrawing money.
I use a good credit union where I live. I can always go there in person, proving that I’m me, and having lost my home, my phone, my whatever, can still access my money and obtain full services. My experience with ING has taught me what I get in return for the lower rate of savings on my credit union account: customer service, immediate access to all my accounts, and personal assistance when needed.
Do you do business with ING Direct or another online bank? What sort of experiences have you had? What headaches have you encountered? Or is your impression entirely positive? Convince me that I should (or shouldn’t) put my money at ING Direct.
November 20th, 2006 at 5:28 am
ING Direct is more known as an internet bank. Maybe if the poster of that comment simply went to the website and logged on she would have had a much easier time accessing her money. I’ve used ING Direct for several years now and could not be happier, although some of their more recent security changes seem fairly irrelevant to me.
The interest rate I get from ING on a Savings Account tops all but the best CD rate my brick and mortar bank has to offer (and ING’s CD rates top even that).
One thing that some people could perceive as a problem: it does take several days to transfer money into or out of an ING account. To me this is an advantage: it provides me with an incentive NOT to take the money out unless I absolutely have to (for example last month to make a down payment on my first new home!)
November 20th, 2006 at 5:40 am
I have had an ING account since December 2001. I have never encountered a problem. I have even completely transferred all cash out and effectively closed an account without any interaction or conflict with the company.
My recommend, is if for some reason you loose access to your account, through phone shut-off or cable disconnect, go to your local library and login to your account and transfer all the cash back to your local bank. Although, you would think, if times are getting that tough, someone would have accomplished this prior to the shut-off or relocation.
November 20th, 2006 at 5:48 am
If–like me–you do most (actually, everything except depositing checks) of your banking online, ING is much more convenient. They have a not unreasonably complicated three-step log-in process that requires your customer number and PIN every time, so they’re easy to memorize after a while, and all of the other account information is in your user profile. You can change your personal information online (address, telephone), as well–once you go through the log-in process, it’s you. I just clicked through as if to change my address, and it was very easy. And if I ever need those two tiny amounts again, they’re just a few clicks away in my checking account’s website. I’ve never requested a new PIN or anything, but all the other information they’ve sent me has taken only seconds to get to me through my email.
I don’t know if “ever get your money out of their bank” means transferring money to my checking or closing my account–I’ve (obviously) not closed my account and can’t comment on that. I have closed accounts other places, and I don’t think there’s a bank in the world that wants you to enjoy that process. I’ve never had a problem transferring my money… online.
It’s an online bank. It is designed to work through the website. If you can accept that, and work online, it’s efficient and convenient.
So, in response to this concern: it’s easy to change your information online, and to bank online. If a local credit union is your ideal, an online bank is probably its opposite. And honestly, is it really all that unreasonable to ask you for your account number and PIN if you’re going to do something with your bank account? Are we really getting mad at them for asking for security information? It rather delights me to know that my whole savings aren’t going to get stolen.
November 20th, 2006 at 5:54 am
I’ve had a significantly different experience in the UK at least. Took a significant amount of cash from my ING account to pay for a car last year — online transfer to my checking account took about a minute and the money turned up in my account in 3 days (pretty standard for the tired old UK banking network). I’ve been generally impressed by ING Direct except that the interest rate has not really kept pace with the increases in base rate we’ve seen over the past few months.
November 20th, 2006 at 5:54 am
I just want to echo Melissa’s comment. It’s an online bank account, thus it’s quite easy to navigate and do whatever you need to do online. I’m sure making things not as easy to accomplish over the phone is one way to encourage people to do things with their account online. Even still though I don’t think the information they’re asking for over the phone is excessive or difficult to keep track of.
November 20th, 2006 at 5:58 am
I have an Emigrant Direct account, and I am a happy customer (so far). The account security is similar to that described for ING, but I have yet to see it as an issue; quite the opposite, it feels like they are at least TRYING to protect my money.
Unless ING is different somehow, the easiest way to get money should be to go online and transfer it electronically; it’s easy enough with ED. The reason they can give you such a great interest rate is because they are pinching pennies when it comes to support staff and the other overhead that I just don’t need for the place where I stash my savings. It is still liquid, just a bit slow-moving; any money you might need at a moment’s notice should either be in revolving credit form (for those who can avoid abusing it) or sitting in your Credit Union savings account. I personally have an Amex for such occasions, and I know friends who keep ~1 month worth of their emergency fund very liquid (in a local bank’s savings account) just in case.
Losing a few days of liquidity is a small price to pay for 2-5% better return on your emergency money.
November 20th, 2006 at 5:58 am
i used to have an ING account, and I closed it with zero problems. I closed it because I was leaving the country and needed those savings.
Like a previous commenter, I had no problems — online. Since I had to manually transfer money from my chequing account to my ING savings account, my two accounts were linked. Reversing the money was just as easy. I just told the website to move the funds back. Or at least I think that’s what I did. It’s wasn’t a terribly memorable experience because it was so hassle-free.
Again, that was banking online, and it was with ING Canada.
November 20th, 2006 at 6:12 am
I’ve opened and closed accounts with ING a couple of times and haven’t had a single issue. Obviously, it wasn’t exactly fun, but nothing unreasonable was required.
I certainly don’t think it’s unreasonable for ING to require the information they do for security. Why should everyone else’s security suffer because this guy’s too irresponsible or disorganized to keep track of his account information?
November 20th, 2006 at 6:18 am
that’s funny. I use ING, and I lost my account number and moved to a different province, and had a different phone number and they still gave me my account number, and confirmed if my pin (which I thought I still remembered) was correct.
perhaps it was just the person you dealt with, or how you explained the situation.
November 20th, 2006 at 6:21 am
My husband & I have been using ING for not quite a year, and are very happy with it. Before getting into it, though, we did do our research and realize we needed to not be ‘a nuisance’ by calling ING unless absolutely necessary (like when we never received my PIN in the mail when I was added tho the account) When we did call, I was very impressed with how professional and friendly and easy-to-work with the customer help was. And he spoke English! We went with ING because other online banks didn’t have as easy-to-use an interface and ING didn’t require sending checks or forms through the mail to open the account.
We couldn’t beat the interest rates anywhere, and decided ING was the best place for our emergency fund- an account where it can earn interest comparable to a CD but be accessible in about 3 days for an emergency without penalty.
November 20th, 2006 at 6:24 am
Echoing everybody. The high interest rate is because of low overhead. Thus phone support is not as good as other “high-touch” banks.
Internet banks are “low-touch” where everything is driven through their website.
I remember my first checking account through Bank of America in early 90’s. It was free as long as I didn’t approach a teller. Everything was driven through the ATM. Same principle.
These days, 99.9% of the checking and savings account needs can be accomplished through banks’ websites.
Clearly this reader desires a “high-touch” experience, they should forgo the larger interest rate and stick with traditional banks.
November 20th, 2006 at 6:26 am
I have used HSBC online savings account for over a year because of the 5%+ interest rate and love it. The idea behind most online banks is that you will do everything through there website and never deal with a real person, this lowers their operating costs and allows them to offer the customer a higher interest rate.
My biggest complaint is that I have to wait 3 days for money to transfer to or from the account. This isn’t an issue they control because the three day pause between account transfers is mandated by the US government in the Patriot Act. Somehow the three day wait might stop terrorists (or make them plan three days in advanced).
I did have to call HSBC once when I couldn’t log on to my account, there number was easy to find and all information they asked me for verification was easy things I knew off the top of my head.
I would highly recommend online savings accounts, specifically HSBC, but anyone who signs up needs to understand exactly what the company’s policies are or they will get frustrated with the company over their own ignorance.
November 20th, 2006 at 6:26 am
My wife and I have had ING accounts for years. We haven’t had any problems at all. They are our savings accounts - Our emergency cash and money set aside for large purchases. As commented earlier, the 3-4 day delay in transferring money is a disincentive for taking money out unless really needed. As well, it’s easy to set up monthly automatic withdrawals from our chequing account at our brick and mortar bank. ING’s interest rate for savings accounts is far greater than we get at the other bank, so it fills a specific niche for us.
November 20th, 2006 at 6:36 am
I’ve had ING for over 4 years now and never once experienced a problem. Once I forgot my customer number so I could log in. Called them up, verified some information and they were able to give me all the information I needed. I’ve also moved about 4 times since I’ve had this account and never once had a problem either.
November 20th, 2006 at 6:44 am
I have moved several times and never had a problem. I had ING all through college and they never had a problem even though I had seven or eight different addresses, and five or so phone numbers. I think it is unfair to say that ING has strict security restrictions just so they can keep your money. That’s like saying we have screeners at the airport because the government likes the aesthetic feel of long lines.
November 20th, 2006 at 7:01 am
My fiancee and I opened an account with HSBC Direct, which offers a nice interest rate and the account is online-only. We are able to transfer funds in and out of the account electronically, as well as through HSBC’s ATM network (for withdrawals and deposits).
Their customer service is available 24×7 and we call from any phone.
November 20th, 2006 at 7:01 am
I have an ING Direct for a little over 3 years. Never had any major issue withdrawing my money. You have to keep your records organized.
November 20th, 2006 at 7:10 am
My wife and I use USAA and VirtualBank. VB is fairly new, but extremely customer friendly. I haven’t had any problems getting money from VB. They also have the best interest rate that we’ve found. Whenever I need money I can transfer funds to my USAA account to write a check or use my debit card. I only have a one day delay. We don’t use it for everyday transactions, but it is great for major, planned purchases.
November 20th, 2006 at 7:15 am
Thanks for all the feedback. This sounds like one of those unfortunate instances where one person has been forced to bear the brunt of some bad experiences. This is similar to the experience I had with our insulation contractor — everybody else says they do great work, but when it came to our house, they displayed a perfect storm of incompetence. I’m sorry that the reader who sent this in had such a bad experience, but I can empathize.
Also, I must say that I’m shocked that so many people use internet banking. I had suspected it was something done by only a few…
November 20th, 2006 at 7:23 am
Everyone has already said it, so no need to repeat.
But, I will add this:
ING Direct IS awesome, dood!
Ok, that was lame.
November 20th, 2006 at 7:56 am
I myself use GMAC bank for an MMA Savings. I consistently get a higher interest than these other banks and I’ve never had trouble. I only use it by the Internet to transfer money between it and my checking account at a local bank here in town.
I’m sure lots of others use it, but I find Bankrate’s list of high yield accounts to be awesome reference material for figuring out which place I want to plop down my dough in.
http://www.bankrate.com/brm/rate/mmmf_highratehome.asp?params=US,416&product=33
November 20th, 2006 at 8:24 am
If someone has such poor record-keeping skills that this happens to them, they have much bigger problems to worry about than getting 5% on their savings.
November 20th, 2006 at 8:30 am
The comments here about ING are all accurate. Everything you need to do with the account can be done easily online with no hassle. I’ve added money, withdrawn money, and transferred money and only called the bank one time ever (and this was due to my own stupidity, not any policy of theirs). They’re very diligent about security over the phone, however, because virtually all of their customers just do everything online, meaning that callers have an extra level of suspicion. In other words, I’m rather glad they do this - it lets me know my money is safe.
November 20th, 2006 at 9:09 am
I have had Netbank for several years. I cannot speak for ING, but I have had great luck with Netbank. I even seamlessly managed a move between states. Too bad they are getting rid of QuickPost for deposits, however. Now I will have to use snail mail to deposit my rent checks.
November 20th, 2006 at 9:12 am
Put a Digg-like “Marked by users as potentially inaccurate” disclaimer. I will echo the chorus of those who use ING Direct’s Orange Savings (about 16 months now), and I have transferred money in, transferred money out, changed my address, phone number, PIN, etc, all on line. Yes, you have to have that account number… which they tell you when you sign up. I printed it out, made a copy, put one in my home files, one in a safe deposit box, and put the number in an fSekrit-encrypted text file on my goes-with-me-anywhere USB drive. I suppose if you’re irresponsible with your own financial information, you may have a tough time getting your own money. But isn’t that better than letting just anybody walk in and take it?
November 20th, 2006 at 10:07 am
couldn’t you just transfer funds from ING to your checking instead? wouldn’t that make things easier?
i’ve had ING for two years now.. no complaints
November 20th, 2006 at 10:43 am
I also made a phone call recently to ING Direct customer service. While the above post is true with respect that the CS Rep on the phone asked a LOT of security questions, I didn’t find them to be as difficult to deal with as described in the post.
In fact, ING Direct had the wrong birthday date on my account, and corrected it after I answered the other questions — so I wouldn’t say that each and every question is a “deal breaker”.
November 20th, 2006 at 10:53 am
I’ve only had good experiences with ING. The two times I’ve had to call them (forgotten PIN or account number), a customer service representative has picked up after the *first ring*. None of the touchtone BS, just straight to a real person. Gotta love it. Don’t know if that’s still the case, but it made a believer out of me.
November 20th, 2006 at 11:09 am
this guy was just an unorganized idiot. If ING had transferred the money to someone else he would have been complaining that their security wasn’t good. I hate dumb people who blame their mistakes on other people or a company’s policies.
November 20th, 2006 at 11:16 am
I agree that there should be a disclaimer on this post, as it wouldn’t be good to attach a stigma to online banking.
I’ve had an ING account for several months now and I love seeing the interest roll in. My wife and I have money set aside in this account as an emergency fund…it’s money that we don’t plan to access unless it’s absolutely necessary. I have been curious about transfers though…are there charges to do transfers between your ING account and your “brick and morter” bank? Bank of America is where we have our short term savings and checking…
November 20th, 2006 at 11:50 am
I dislike using the telephone banking option with ING, but once you’ve got your bank accouts linked it’s very easy to move your money back and forth. I’ve cleared out my ING savings account this way with absolutely no problems. I’ve been a customer for about five years now.
It is really awkward in the setup, and you’re right, if you have to telephone them for any reason it’s a big pain, but if you persevere it’s worth it. The money you save makes it worthwhile.
November 20th, 2006 at 12:08 pm
I have used ING for a few years now and I have never had a problem so I guess this statement makes sense. I have always found the site easy to use and did not have all of the problems with customer service that were mentioned in the article.
I don’t understand why the person would say that the only way to get your money is to basically jump backward through burning hoop. I use ING all the time with no trouble. You log on to the site and click on the transfer tab and transfer money to and from your linked account.
It takes few days for the transfer to go through but it is not an unreasonable amount of time in my opinion. I think it takes an average of two days more than it takes for my Paypal transfers to go through. Is it really going to kill this person to wait 4 days for the funds to become available.
It is also very easy to change your information online…..after all it is an online bank. Again, you log in and presto changeo!
The only thing that may be slightly annoying is the fact that you have to put in your customer number and pin each time you log in from a dedicated computer. Those are not numbers that the average person would have chosen and are not as easy to remember as a password.
If you try to log in from a computer that you have not designated as ’safe’ then you have to verify your secret questions. However, when you think of the alternative of someone having access to your customer number you get to appreciate the security measures.
November 20th, 2006 at 12:15 pm
[...] ING Direct: The Dark Side of Online Banking? [...]
November 20th, 2006 at 1:26 pm
My favorite part was when the poster complained that:
“I had to provide exactly what was agreed to in the terms.”
Really? The bank expects you to follow the terms you agreed to? That’s an outrage.
November 20th, 2006 at 2:55 pm
I’ve had nothing but great service from ING. Even the one time I messed up my PIN (can’t remember what I did) it took a single call to their Customer Service to get a reset code sent to either the registered email or the registered home address (can’t remember which went where…).
The rep simply said “I can’t do anything for you over the phone, but I can send info to your registered address” which was fine… since I AM me afterall.
November 20th, 2006 at 3:15 pm
I’m a very happy ING customer; my comment here has to do with remembering your PIN, which the original poster (and several others) have mentioned as an issue.
There are a few easy solutions to this:
1. If you have a Mac, go look in your Utilities folder and you’ll find an item called “Keychain.” This is a fantastic tool: you can keep all your passwords (ATM card, online banking passwords, software serial numbers, combination lock combinations, whatever) in your keychain, and all you have to remember is one password: the one you use to unlock your keychain. You should keep a backup copy of your keychain somewhere…burn it to a CD and keep it offsite or if you have a .Mac account store it there.
2. If you have Quicken for either Mac or Windows, there’s a keychain built into that program, which you can use for the same purposes(MS Money probably has this feature as well but I’ve never used it).
3. There are lots of third-party keychain products available if the first two items here are not an option for you.
We all suffer from password fatigue; most of us try to use the same password for most things but each site or service has different requirements for the number of characters, letters, etc., resulting in password proliferation. Using a keychain will save you lots of headaches down the road.
November 20th, 2006 at 4:11 pm
The type of bank account really depends on what type of service you need. I personally prefer online banking more than in-person banking and have had no problems with ING. However, for someone like my mother I recommended her to continue using her bank’s high-interest savings account just so she can get help easier if she has any issues. The interest rate difference is only about 1% and the branched banks have more conditions, however many banks are now just as flexible as ING.
November 20th, 2006 at 4:20 pm
The part about the test deposits only happens when have to link a new account to your ING account. The one time I changed checking accounts after opening my ING account, I made sure to link the account right away so that it would be available the next time I needed to transfer money. This seems like basic security when dealing with an account that you really only access online. Once you link the account, it will remain available with no further effort on your part. I have been perfectly happy with ING Direct.
November 20th, 2006 at 4:41 pm
Ok guys. I’m the original message poster. I’m not appalled that a company expects me to abide by their terms. Nor am I a disorganized idiot. And, I’m not even a “brick and mortar or else” person. My credit union has a kick-ass web site that I use all the time. They even have a bill pay service so I can handle bills for any companies that aren’t up to speed to provide for electronic payments. I don’t think I’ve written a paper check in over a year.
Ok… so what was the problem? Most of you posters got past the original log in and wrote about how easy it was to transfer money, update your address, etc. Well, I’m sure it’s great after you log in, but I was never able to… never got that far.
I opened the account, created a PDF of the account info, stashed it away and didn’t think much about it. Money saved earning interest. One day the PIN sheet arrived, but ended up with some magazines instead of filed away. Then one fine day - months later - I needed to get some of that money out and tried to log in to the web site. That’s where all my problems began and later ended. I never did get past “Go”, and my experience with customer service (yes, they picked up the phone immediately and spoke excellent English - double bonus) was just so very bad - first it was the missing PIN, then the mini-deposits, then the phone I was calling from, then the new PIN, then the mini-deposits again, which by that time no longer appeared in my online checking register (had to dig up my paper statements and since I do everything online, it wasn’t pretty), etc. By the time I was done I felt not that they had great security, but that the requirements were extreme. Maybe it was just what happened to me….
For all those who love ING, that’s great. For those just opening accounts: please take some advice - store all receipts and related info very carefully, so you can log in without issue and be a happy customer. Or else…
schubash
November 20th, 2006 at 8:35 pm
I’ve used GMAC for a few months now, and I love it. My MMA has:
- Great interest rates (5.3% at the moment)
- Free checking (up to three checks written per month, which is all I need)
- Free ATM usage
- ATM fee refunds (when charged by other banks)
- OFX data export (which I import directly into GnuCash)
So my MMA is my checking account and savings account in one. Transfers to or from other accounts in other banks is a snap once it’s setup, and they only take a few days.
I took a lot of time researching different accounts before choosing GMAC (which is perfect for my specific needs), and I recommend BankRate as well for that sort of thing.
November 21st, 2006 at 1:10 am
so…you’re not appalled that a company expects you to abide by their terms, but you complain about it anyway…and you’re not a disorganized idiot, but you lost the PIN.
Thanks for clearing that up.
November 21st, 2006 at 4:59 am
“…stashed it away and didn’t think much about it.”
“but ended up with some magazines instead of filed away.”
“had to dig up my paper statements…it wasn’t pretty)…”
I’m not an unapologetic fanboy of ING by any stretch of anyone’s imagination, but from your post above, it seems pretty clear to me what the problem REALLY was.
MH
November 21st, 2006 at 7:04 am
I guess some people just need to have their hands held with everything they do. They need some banker to sit and do basic stuff like fill out a withdrawal slip. Well I guess that’s why most local bank interest rates are at 0.5%, they need to pay the bankers.
Yes, a personal banker is nice sometimes, I guess. But screw that. It’s faster and less hassle online. What he complained about: verifying the two deposits. Isn’t that the first thing you do with any online bank account? I bet if ING had somehow routed his money to someone else he’d be pissed huh???
Personally, I just find the ING login process a bit of overkill. I don’t like having to remember my account number. They should use a standard username or something. I don’t mind the pin so much, but remembering my account number is a pain.
I’ve personally had worse experiences with local banks and issues with my money. I was once out of town and needed to pay tuition before a deadline, so I needed to raise my debit card limit to make that huge purchase. I called in and do you know what they told me? “You need to come in sir”. Yep, bottom line, they refused to raise my limit because I needed to come into the bank in person to verify my identity. They had changed their policy and not informed me. I kept arguing with the official as she was insisting it was for my own security that she was refusing access of my funds. I offered to verify my identity with all sorts of information: telephone number, social security, mother’s maiden name, all the shit they made me fill out when i started. No dice. As soon as that tuition issue was verified, I did a huge transfer to ING and close that account.
In this day and age, we should be able to handle our own money. Things are simple enough people. I can count on one hand the number of times I’ve been to the actual physical bank. There is no need.
November 21st, 2006 at 7:08 am
I just read the post of the original dude. *Sigh* Of course he got hassled by customer service. He had nothing to show that he was the actual account holder. What did he expect them to do?
If his credit union has a “kick-ass” website, then shouldn’t the two mini-deposits be easy to locate?
I’m just saying..
November 21st, 2006 at 7:33 am
ING Direct helped me save over $5000 for a trip I took this summer; towards the end of the saving period I was making a little over $20 with each interest payment!! I never got asked about any initial deposit though… I think its a new security system they installed; but i keep the notice of deposit for my initial check in my wallet with my bank card.
I was very happy with ING Direct. Very easy banking, in plain English.
November 21st, 2006 at 9:31 am
I just completed setting up my ING Direct account this past weekend (baby step 1, for those who know of it). It’s no different than establishing a PayPal account.
November 21st, 2006 at 10:45 am
One thing to note from the original post - it sounds like this person had lost all his paperwork and forms of ID for some reason. Of course an internet bank would be very careful about dealing with you in that case, but there’s a lesson to be learned here…
I’ve had an ING savings account for years, and an Everbank checking account for years, and I love them both, and recommend them totally.
But when I had my house broken into and all my paperwork taken, the first financial tool I got back was my credit union’s credit card on the same day. It was completely invaluable since I had no other money, so even though I hardly use that credit card, I continue to maintain it because having that connection to a B&M credit union can be incredibly useful in a messy situation.
November 21st, 2006 at 11:22 am
My husband and I have kept an ING Direct account with an automatic 2x/month withdrawal for a couple of years now and I can’t say enough good things about it. We initially had some problems with getting our “real bank” checking account linked with the ING account, but it was all cleared up with a couple of phone calls to very polite and helpful customer service staff. No problems since, and I can’t complain about the login process, but then I’ve never had a problem memorizing long numbers. The two big draws are the automatic withdrawal and the high interest rates. I don’t think I’ll ever go back to not saving regularly, even if it’s only a little bit here and there.
November 21st, 2006 at 11:53 am
I haven’t read all 48 responses above me, but ING is an internet bank. I have never had an issue transferring money to or from my account. I’ve had it since Jan 2006. As others have noted, it does take a few days to transfer money in, but this is a benefit in my eyes because you can’t make impulse purchases.
I’ve also earned $20 with two referrals which has also landed those referrals $25 each. No complaints on my end about ING!
November 21st, 2006 at 7:53 pm
After reading the link about 20 something’s and their debt, it was great to see the response to Internet Banking and how savvy people are in getting the highest interest rates they can. I have a Citibank E-Savings and a few ING Accounts, and love how easy they are to use, 24/7, from any computer. If you think back to the “banker’s hours” of times past, and the ridiculous rates given to savers, you’ll never get into that time machine your Uncle Kevin built in his garage.
November 21st, 2006 at 10:56 pm
I have used ING for over a year now and have never had a complaint. This account is one that where I put money to forget about it - until a rainy day. I can get money out (into my checking account) in about 3 to 4 days. Not exactly liquid, but definitely not concrete - more like runny jello.
November 21st, 2006 at 11:24 pm
OK, because of this post, I’m realizing that I really need to open an account with one of these high-yield-savings internet banks. The question is: Which one? So many of you are with ING, but according to bankrate, there are quite a few with APY’s well above ING’s current 4.40.
So why should I go with ING instead of AmboyDirect? Or AmTrust Direct? Or HSBC Direct? They all have comparable requirements (with the exception that AmTrust requires $1000 to open the account, but after that it’s a $1 minimum).
November 22nd, 2006 at 11:50 am
To schubash:
Honestly, when dealing with any bank account, I think it would have behooved you to familiarize yourself with the banking system after setting up your account. If you never bothered to set up your log in information for an account that is mainly accessed online, I can’t see how that’s ING’s fault.
November 23rd, 2006 at 11:45 am
We had our savings, retirement savings (some), and our mortgage at ING. They were really sloppy in approving the mortgage and waited till the VERY last minute to finish the paperwork, almost causing us to lose our first home.
When we bought a home again recently, ING was a pain again. At the close of business the day before we were to close, ING backed out of the deal — despite having pre-approved us, given us a commitment letter, signed off on our financials and the like. The reason? They didn’t like a clause in the contract. Our mortgage broker pointed out this clause on the first day he contacted them. He highlighted it and put a yellow sticky on it. And ING said nothing about it…until rejecting our mortgage at the last minute.
Although we were pre-approved elsewhere, it takes a few days to get a mortgage through. We suffered a penalty in breaking our existing ING mortgage. We lost our locked in interest rate portability. We lost the pre-approved rate (which was lower, since rates had gone up in the 3 months). We had to reschedule our movers, painters, flooring, etc. We lost renovation time. We didn’t know if the sellers (an investment company overseas) would sue us. The sellers didn’t even respond to us when we said we couldn’t pay on the closing day.
This was incredibly stressful, unexpected and not in good faith.
We have transferred all our money out of ING and we will never do business with them again.
I should note that their rejection of our mortgage had to do with a clause in the contract that none of the other banks minded. It had nothing to do with our stellar credit ratings, high incomes or other “good customer” details.
ING sucks.
November 23rd, 2006 at 3:05 pm
Indeed, ING licks balls.
November 25th, 2006 at 11:42 am
For a home mortgage, I would only use a local bank or mortgage broker. I couldn’t see using ING or any pop-up advertiser for my mortgage. It’s just too complicated and time sensitive. Adding interest to a money-market savings account is not complicated. Money Magazine always has a list of the highest yielding money market accounts, so I would look there to start, then go to the sites and read the information about their services. Good luck Rich.
November 25th, 2006 at 11:45 am
Oh, I wanted to add something and that was the wait time for your large money transfers is not unique to on-line banking. If you take a large check to your local bank, they will probably give you a sheet with the wait times for each amount to be available to you. It may surprise you, but they do this to protect themselves and satisfy security requirements. If you’re buying a home, car, or other big time-sensitive item, expect delays and remember that “business days” are not the same as actual days.
November 26th, 2006 at 1:09 pm
Like many others, I love ING.
I’ve been a happy customer for more than 6 years, and never had a problem. I’ve had two Savings accounts, several funds, and I even refinanced my mortgage through ING. Zero problem and everyting was so easy, quick, and economical.
Now that its interest rate is not very competitive, I moved my acocunts to other online banks, but I still think highly of the service ING offers.
Another online banking service I recommend is First Internet Bank of Indiana. I’ve been a customer since the year it opens its business and have got nothing but praise on its products, service, and costs.
I still have a local bank accounts for quick deposit, but most of my funds are with internet banking services, and I accrue much more interests while getting excellent service.
February 10th, 2007 at 9:16 pm
I work for a bank receiving calls from customers needing help with their accounts, and it is absolutley mind boggling how inept the majority of our customers are in regards to their banking. The so called security questions we ask are for the protection of customers account and people just don’t appreciate this fact. If you want anyone to call in and get all your banking information, then so be it. I would call you an idiot. Because when that happens and you lose all the money in your account, you’re going to come crying and yelling at the bank for not protecting your money properly.
There is lots of sense to this so called overkill of security. If you don’t appreciate it, take your money out of the bank and put it under your mattress in your bedroom. Then you can protect it yourself.
March 21st, 2007 at 1:01 pm
[...] reader sent in a story about online banks last November, but that discussion was specifically about customer service. I’d like to hear from people [...]
March 21st, 2007 at 1:54 pm
We’ve been using Nexity (http://nexity.com/rates.asp) for several years now and are very happy with them.
I originally found them through a listing on BankRate.com, which is also a great resource.
March 25th, 2007 at 12:49 am
I’ve used ingdirect for years. There are lots of times when my account goes down to a piddly $1.00, and there’s never a service charge. I use it to transfer money among various accounts. I am on webtv at home. If I ever have trouble with accessing anything on webtv, I go to the library and use a computer.
Once you get all your acounts linked, you can make phone transfers on the toll-free line.
Sometimes I think about going to emigrant bank, but I’m REALLY satisfied with ingdirect.
I’ve found the customer service superior at ingdirect. One night I called ingdirect after I’d thrown a fit at a Wal-Mart pharmacy over lousy customer service.
The phone banker was so nice I commended him and told both him and his supervisor that I’d just had a fit at Wal-Mart.
I use ingdirect to transfer money among accounts quite a bit. I like to open new acounts and get $50. Many banks waive monthly service charges if you have an automatic deposit coming in. You can link up to three checking accounts to ingdirect and make recurring monthly deposits to all of them.
I like having several accounts, because once I got almost $1000 stolen in debit card fraud from a checking acount. That bank, Bank of America, gave me my money back in just a few days. But I like to spread my money out, because if I don’t keep too much money in an account, and I get hit again with theft, it can’t hurt me so badly at once. Also, I can leave some checking account debit cards at home while I go out and use a different one.
Caution: some banks no longer allow ingdirect deposits as ACH deposits that qualify for waiving the monthly fee.
The key to using something like ingdirect is to make sure you understand all the policies and procedures in advance.
Most of the internet stuff will help you make life easier if you are self-reliant and internet savvy. It beats standing in a bank line. It makes life easier when it works, but you should always have backup plans like phone banking and the library.
If you need more personal assistance with your banking needs, you should bank in town.
May 22nd, 2007 at 11:02 am
ING is terrible. They have no regard for their customers, and they flaunt it.
“We fire our customers is a colorful way of putting it,” said ING Direct’s Kuhlmann. “While the banking business says the customer is always right, we’re online guys and you can only do business with us in a certain way.”
If you knowingly do business with a company like this, you deserve to get burned by them (and you will).
The “system” is set up that it’s easy and to give them money, and that transfer is immediate, but it’s nearly impossible to gain access to your money, especially in a quick manner (even by banking standards).
October 12th, 2007 at 8:35 pm
I had Netbank and they closed recently and ING is getting Netbank’s accounts. I saw those multi-million dollar buidings ING put in and they waste too much in advertising. That stuff scares me away. I don’t like the thought of my thousands of dollars in deposits going into stuff like that. I found a bank that doesn’t blow millions on advertising and waste millions more on glitz and glamor. I thought it was kind of strange anyway since ING doesn’t have checking accounts to replace my Netbank one. ING can kiss my money goodbye.
November 28th, 2007 at 9:45 pm
I no longer use INGDirect because they are no longer as competitive in terms of rates, however I was always pleased with them. Back in 2002 when my first ING account was opened, I was your typical starving college student, and not managing my money well. After a few failed transfers due to NSF, ING never charged me a fee, but instead sent me a check with my money, and an apology letter suggesting I not save until I could better afford to. An odd experience, sure, but a huge contrast to the common overdraft fee to oblivion approach of many B&M banks.
February 28th, 2008 at 8:43 am
People who want to access their cash quickly but still use an online high interest saving should look into accounts like Capital One and HSBC which offer ATM cards.
I am like some of the earlier posters and I have an ING account and love it but I also have accounts with other online banks. I use different accounts to save for different things. I personally LOVE ING and online banks in general because they keep me from going and taking out my saving for stupid things.
March 24th, 2008 at 2:01 am
Zions Bank just increased the yield on the top tier of its Deseret Money Market Account from 5. 36% to 5. 56% APY. This top tier requires a minimum balance of 50,000. Balances between 1k and 50k continue to earn 5. 30% APY. It’ s listed on their website at two alternative URLS: deseret. zionsbank. com and deseretfinancial. zionsbank. com. The Deseret money market account also includes the no monthly fees and limited check writing.
March 24th, 2008 at 8:11 am
Eh? zionsbank.com is listing APYs of 3.98% and 4.03% for the tiers you mention.
July 7th, 2008 at 10:33 am
I’m perplexed. I’ve been looking into ING online, and have found 2 other sites filled with negative experiences concerning ING. And then I find this site with more positive experiences than bad.
Its crazy that a company can have customers with great experiences and nightmare experiences.
Indicates that the company is not good. A roll of the dice if you will have a good experience or bad.
I’ve also read that you need to keep a sharp eye on your account to make sure that they are really giving you the interest you should be getting!
July 10th, 2008 at 1:34 pm
I found ING to be an excellent place to keep my money and have been impressed with their rates and site but their customer service has disappointed me. With recent rate reductions (they were very quick to implement these) and the fact that their Electric Orange checking account has limited bill pay/presentment capabilities (despite the cool Electric Check feature), I am shopping around for a better bank.
I was also a former NetBank customer and left them before the complete failure because of declining customer service. ING held my mortgage and offered attractive rates so I made the move. It was extremely easy but I should have been concerned off the bat since they required a “linked” account and could only accept direct deposits or transfers.