Electric Orange Ing checking account

[blueskeet]

Has anyone else heard about this? It looks pretty tempting.

 

3% APY, debit card, no checks, no fees and no minimums.

 

You could earn interest while waiting for your bills to clear. If my apartment complex would break down and except auto-payments, I wouldn't even need checks.

[f0rbidden]

wow. I hadn't heard they were offering checking accounts - but they do have a GREAT savings account program, including $25 free for signing up -- check in the main forum, for the ING savings thread, there are a bunch of us (me included!) that are listed as referals..you get $25, we would get $10.

way to go. I'll check this out!

[sfbehr]

Nothing about it on ING Direct's website...just checked. But it sounds interesting.

 

Any link to the info on FatWallet?

[blueskeet]

Fatwallet thread

 

It references the Wall Street Journal as the source. I don't subscribe so I can't get that article.

[CargoJon]

Now if my stupid cable company and water company would accept electronic payments and get out of the 1980's, we'd be in business.

[DHK]

http://online.wsj.com/article/SB1144712436...ON=wsjie/6month

 

ING Direct Plans

Checking Account

With High Yield

 

By JANE J. KIM

April 11, 2006; Page D2

 

In the latest move by an online bank to expand its offerings, ING Direct, a unit of ING Groep NV, is getting ready to launch a high-yielding checking account.

 

The new account, dubbed "Electric Orange," is expected to offer an initial annual percentage yield of 3%, although that may change depending on the actual launch date. The account will have no minimum-balance requirements or fees. ING Direct -- which until now has offered only savings accounts, certificates of deposit, home loans and mutual funds -- plans to roll it out to customers this summer.

 

Customers who sign up for the account will get a debit card instead of an actual checkbook. Instead, the bank will issue "virtual checks" by transferring funds between bank accounts. Customers can also request that the bank issue paper checks for payment purposes.

 

ING Direct won't charge a fee for using other banks' automated teller machines, though it will pass along any fees charged by other banks for using their ATMs, says Arkadi Kuhlmann, the bank's president and chief executive. ING Direct has four million customers with $60 billion in assets in the U.S. Customers have an average savings-account balance of $12,000, Mr. Kuhlmann says.

 

ING Direct's move into checking accounts comes at a time when banks are aggressively courting new customer deposits to bolster profits. Competition among online banks is especially fierce. ING Direct offers a 4% rate on its savings account. Last month, Citigroup Inc.'s Citibank unit launched its own Internet bank, Citibank Direct, which is offering a 4.5% rate on a savings account to customers who open a linked Citibank Direct checking account.

 

HSBC Holdings PLC's HSBCDirect is paying 4.8% on its savings account until April 30, while EmigrantDirect.com, a unit of New York's Emigrant Savings Bank, is paying 4.5% on its savings account. By contrast, the average rates on statement savings accounts and interest-bearing checking accounts are 0.53% and 0.29%, respectively, according to Bankrate.com.

 

Online banks have typically focused on offering high-yielding savings vehicles, such as savings accounts, money-market accounts and CDs, often requiring customers to link those accounts to checking accounts held at brick-and-mortar banks. Still, there are some online banks that offer checking accounts.

 

EverBank Direct, a unit of EverBank Financial Corp., is offering new customers an introductory rate of 5.51% for three months on its online interest checking account; after the introductory period, the rate drops to 3.01% to 4.01%, depending on the balance. The bank reimburses up to $6 a month in ATM fees. Presidential Bank FSB of Bethesda, Md., is offering a checking account paying an annual yield of 4.37% to customers who open the account online or through one of its branches; a minimum of $1,500 is required to open the account, and customers must maintain a minimum balance of $1,000 to avoid monthly fees.

[squirrelgirl]

Interesting...

[f0rbidden]

wow! that will be a great thing!

 

but....it's gonna be hard to pay the rent without checks in hand and I'm not sure about the virtual check thing.

 

if the debit card is branded, then paying most things won't be an issue at all.

[Nummerkins]

Very interesting. I'll sign up on day 1 since it has zero minimums. I've often wondered if ING would have a checking account one day.

Edited April 28, 2006 by Nummerkins

[angeleyeskkhr]

wow! that will be a great thing!

 

but....it's gonna be hard to pay the rent without checks in hand and I'm not sure about the virtual check thing.

 

if the debit card is branded, then paying most things won't be an issue at all.

 

 

It did say it would offer paper checks for payments...

[f0rbidden]

rockin'

then I imagine, especially since DH is a HUGE fan of theirs (he's from NL, home to ING) that we'll be switching banks when this is available.

[VibrantEcho]

My only concern with this is that neither DH nor I have auto deposit for our paychecks (not to mention all the other miscellaneous deposits we make throughout the year - birthday checks, etc.), and I can't imagine dealing with the hassle of having to mail every deposit across the country somewhere...thoughts???

[andol469]

My only concern with this is that neither DH nor I have auto deposit for our paychecks (not to mention all the other miscellaneous deposits we make throughout the year - birthday checks, etc.), and I can't imagine dealing with the hassle of having to mail every deposit across the country somewhere...thoughts???

 

Get a free checking account at a B&M bank, make deposits at a branch, ACH the money to ING. Pay bills from ING online.

[Pam]

My only concern with this is that neither DH nor I have auto deposit for our paychecks (not to mention all the other miscellaneous deposits we make throughout the year - birthday checks, etc.), and I can't imagine dealing with the hassle of having to mail every deposit across the country somewhere...thoughts???

 

We have to do this with USAA (although our paychecks are direct deposited). They give us prepaid envelopes and everything. I can mail it and have it show up in my account 2 days later.

 

I only do this with DD's savings account, however. For other miscellaneous checks (like my travel expenses through work are not direct deposited but a check is generated, for whatever reason), I deposit it into our Navy Federal account (we have a branch here) and ACH it to USAA....

 

If I go with an Orange checking account (and I likely will but not as my primary checking account) I will use the same workaround when necessary.

[Nummerkins]

My only concern with this is that neither DH nor I have auto deposit for our paychecks (not to mention all the other miscellaneous deposits we make throughout the year - birthday checks, etc.), and I can't imagine dealing with the hassle of having to mail every deposit across the country somewhere...thoughts???

 

I mail any checks/money orders I have to BofA in Florida from Michigan right now. No branches in MI! If I have cash, I deposit in a free checking account and then do and electronic transfer to BofA. Yes, banks are here suck so much that I'm willing to use one that's out of state with far better service. Don't even get me started on Fifth Third....

[camclearbrook]

My only concern with this is that neither DH nor I have auto deposit for our paychecks (not to mention all the other miscellaneous deposits we make throughout the year - birthday checks, etc.), and I can't imagine dealing with the hassle of having to mail every deposit across the country somewhere...thoughts???

 

I mail any checks/money orders I have to BofA in Florida from Michigan right now. No branches in MI! If I have cash, I deposit in a free checking account and then do and electronic transfer to BofA. Yes, banks are here suck so much that I'm willing to use one that's out of state with far better service. Don't even get me started on Fifth Third....

 

Ahhh yes the Fifth Third Michigan Monopoly. I know it well. Charge out the wazoo to use your debit card as a debit instead of "credit". Overdraft fees are insanely high. I left Grand Rapids 2 years ago and came to Alabama. Down here we have Compass. After banking with Fifth Third Compass is a dream come true. Fifth Third is the devil.

[Nummerkins]

I've got my Electric Orange account now. Selected customers are getting invites before the national Feb 1 rollout date.

 

Screenshots:

 

Billpay

Main

Send Electric Check

Send Paper Check

Tab

[blueskeet]

I got my electric orange account as well. It seems pretty neat.

[angeleyeskkhr]

Has anyone else heard about this? It looks pretty tempting.

 

3% APY, debit card, no checks, no fees and no minimums.

 

You could earn interest while waiting for your bills to clear. If my apartment complex would break down and except auto-payments, I wouldn't even need checks.

 

 

My grandmother's bank (it's a tiny bank in my hometown area and I don't know how widespread it is even THERE, so I won't say the name), is offering a FREE checking account that pays 5.15% APY.

[El Chiste]

I just got my account, there was no email invite but when I logged into my account (after being put on wait list) it was available! YAY!!!!

[TrevorHere]

Received my Electric Orange ATM MC card today and it looks pretty cool. Too bad they haven't issued a credit card for the US (yet)...

[Erica]

I just got my account, there was no email invite but when I logged into my account (after being put on wait list) it was available! YAY!!!!

 

 

I was never on a wait list, and I got no email invite, but I was offered this when I logged on to my savings account. I was also given $1000 LOC overdraft!!!!!

 

Does anyone know if they report the LOC?

[El Chiste]

They don't report the LOC but they encourage using it ... go figure. Read the FAQ on it. The only time they report is if you don't attempt to pay back the funds you borrow.

[TrevorHere]

They don't report the LOC but they encourage using it ... go figure. Read the FAQ on it. The only time they report is if you don't attempt to pay back the funds you borrow.

 

From my understanding, utility companies and biz lenders will do the same. Report on personal only if default occurs...

[El Chiste]

True. Hopefully one day they will. There is an option to get the line of credit increased but calling them. Anyone want to do the honors?