I N G accts

[disney4us2002]

Has anyone transferred from ING to their regular checking account and how long does it take to be credited typically? I think it says it could take 2 weeks but I know paypal estimates 4-6 business days and those transfers show up in my checking acct within 48 hours.

Thanks.

 

[beattyfamily]

Originally posted by disney4us2002
Has anyone transferred from ING to their regular checking account and how long does it take to be credited typically? I think it says it could take 2 weeks but I know paypal estimates 4-6 business days and those transfers show up in my checking acct within 48 hours.

Thanks.

For me it has been 2 to 4 days...longer if I transferred near the weekend.

I'd give myself 2 weeks before a trip if I needed the money for a vacation!

 

[Lollipop Mom]

Has anyone transferred from ING to their regular checking account and how long does it take to be credited typically?

It all depends on how your bank handles incoming transfers. I've never had it take more than 3 business days though, with 2 being most common.

 

[PartyofSix]

Thanks Patricia that's just in time for a vacation on the 4th of JULY. LOL I love saving this way it's just never missed but so looking forward to a big chunk next time this year.

 

[Mom2Ashli]

When ever I try to tell someone about my ING Direct Account and how wonderful and easy it is. Plus they pay you to join. I get alot of looks like it is too good to be true. What is the catch. I explain it all over again and still they don't believe it can be that easy to join, transfer your money and get the kind of return that ING Direct gives. Oh well some people just can't seem to see a good deal for saving money. Can't say I didn't try.

 

[Lorix2]

I'm met with the same thing But I have 12 referrals that have helped build my account now.

The only thing that's a bummer is having to claim all the referrals as interest earned, but money is money no matter what and any bank the "nonbeliever's" are with are claiming less in their accounts and we're earning more

 

[Mom2Ashli]

Good for you on the referrals. Keep it up. I have given out a couple of them but nobody has taken me on them.

Oh well what can you do.....

 

[mom of five]

My brother said it was a pyramid scheme!

Even after I explained everything...FDIC, its a bank, neighbor who works for state has his 401k with this bank, etc.

The thing is, everyone who knows me knows I'm a well educated, penny pincher. So, what do they think, I've just lost my mind about this one thing??? I've suddenly become irrational overnight? Oh, well.

 

[sorchamac]

I figure that it is cheap and very, very effective advertising for them. They get to write the $35 off as an advertising cost. Then they get to use that same $35 in their investments for the 30 days that they hold it in your account, in the traditional way that banks make money. Then they expect that you will use your account as a vacation or Christmas club account, and add money to your account. That makes more money for them. Plus, the more account holders they have the better their business looks.

When was the last time you told someone a positive thing about a bank??

 

[vhoffman]

I agree it sounded like a pyramid scheme to me at first. However, after looking carefully into it, I realized it was legitmate. They are a large, well-established, reputable bank. The referral bonuses get existing customers to do their marketing for them. Whenever I offer someone a referral I always tell them to check out their website first and decide for themselves if its something they're comfortable with. I originally signed up just to get the bonuses and made about $275 in bonuses and referrals. However, I now consider this account my "piggy bank". Its a great place to stash small sums of money that would otherwise go for something else. There's no minimum balance, no minimum transaction amount, and no fees. They also pay 2.10 % interest, which is better than most banks. Also, there's no limit on the number of transactions per month. If I manage to save a little, such as saving from coupons, I write a check for that amount and deposit it. I deposit coin jar savings, lottery ticket winnings (usually $5 or less), proceeds from garage sales, money from selling books on Amazon, any misc sums. I've sometimes written checks to ING for as little as $2. However, it does add up. Its also an incentive to save if you have a place to put it. So far, I've made 17 referrals. However, you get 25 referrals for each account. Between my dh and myself and two kids, that comes to 100 referrals. So I have plenty left. I could get $1000 if I used all 100 referrals. Just half that would make me happy.If anyone has any more questions I can answer, feel free to send me a pm.

 

[Tonydana]

ok, i have a question.. we have a savings account with our bank, with what i consider to be a substantial amount... has anyone closed their own regular savings account and transferred it to ing.. has anyone had any problems with ing? it is fdic insured, so the worst that could happen is they would go out of business and we would still get our money, right??

thanks for the info..

dana

 

[Mom2Ashli]

They are FDIC Insured. You can go to www. INGDIRECT.com and read all about them.
I did not close my original saving account with my bank. I just started another one.
Ing Direct offers more than just saving accounts. They also CD with an excellant rate of return.
You are the one that needs to feel comfortable moving your money around. So do some research so that you have all the facts. No one can tell you what is right for you.

 

[sorchamac]

Originally posted by Tonydana
ok, i have a question.. we have a savings account with our bank, with what i consider to be a substantial amount... has anyone closed their own regular savings account and transferred it to ing.. has anyone had any problems with ing? it is fdic insured, so the worst that could happen is they would go out of business and we would still get our money, right??

thanks for the info..

dana

If you do have a substantial amount of savings, ING might be great for you because of the high interest rates. The regular savings account is 2.10% interest rate, which is quite good right now. They also have various CDs - here are the current rates:


ING DIRECT currently offers the following Orange CDs
Term APY Interest
Rate Effective Date
1 Year 2.25% 2.25% 05/12/04
2 Year 2.875% 2.875% 05/12/04
3 Year 3.625% 3.625% 05/12/04
4 Year 4.00% 4.00% 05/12/04
5 Year 4.40% 4.40% 05/12/04


If you go to www.ingdirect.com and click on the About Us orange, you'll see that they are quite a large international company.

If you have any more questions, just ask here or PM me by the PM button on the bottom of this message.

Good luck!!

Sorcha

 

[Tonydana]

thanks so much for all the help.. i'm going to do some more reading and then maybe close my old savings acct.. definately a great rate..

thanks again..

dana

 

[vhoffman]

Insofar as paying income tax on the referrals, yes, that's true, the bonuses and referrals are reported as interest earned along with the 2.10% interest. However, if you open an account in your child's name, use the referrals from your child's account first (each account gets 25 referrals to send out). That way the referrals and interest are reported as your child's income. Unless your child has substantial income from other sources, such as interest income, usually he won't even meet the threshold for reporting income to be taxed. So the bonuses would escape taxation. I didn't realize that until income tax time last year and made all our referrals off dh's account. However, I'm trying to "top off" dh's account because I understand that if you use all 25 referrals in one account you get some sort of bonus for that. It remains to be seen what! Anyone with any questions, feel free to send me a pm! Happy savings!