My second quibble is that I can’t do a “pull” activity download from Quicken – I have to actually go to the ING site and then “push” the download to Quicken. This is also the case with my Chase credit card. This may be a security feature, but I find this a very inconvenient aspect of these two accounts. (Sorry I don’t know the technical terms for what I am describing.)

I think the complaint in the article about the test deposits is a little ridiculous. (Is this the first time this person has done any online/electronic banking?) These test deposits are done ANY TIME you do an electronic financial action with a new account/institution in order to verify the exchange. And it’s why direct deposit for your paycheck takes 2 cycles (the first cycle they do a test run to make sure it is correct before actually risking your paycheck.)

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.

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).

I originally found them through a listing on BankRate.com, which is also a great resource.

[...] 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 [...]

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.

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.

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.

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.

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).

I’ve also earned $20 with two referrals which has also landed those referrals $25 each. No complaints on my end about ING!

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.

I was very happy with ING Direct. Very easy banking, in plain English.

If his credit union has a “kick-ass” website, then shouldn’t the two mini-deposits be easy to locate?

I’m just saying..

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.

“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