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I have a question and I figured you ladies would be able to answer it best. Does anyone here use ING Direct? We are considering opening an account there to handle our banking needs. They are FDIC Insured and have an Electric Orange account that is a paperless checking account. Has anyone heard bad things about this?
__________________ Joanna wife, mother, blogger, support group leader, perpetually behind on laundry
Personally, I wouldn't use it, but that's just me. The reason is that they don't allow checks AT ALL. http://home.ingdirect.com/faqs/faqs....ElectricOrange <-- Here's the FAQ that explains why. If you need to physically write a check for something, you'll have to tell the person to wait while you go online to have one ordered. You can't write a check to the girl scout at your front door or anything like that. If you're using this as a 2nd account for emergency savings (kinda like a money market), then sure - go for it. It says you can tie the account to your regular checking account (which I assume would also be with ING). To me, it seems like a hassle, and they're the ones who'll be making the big bucks. To get the rate they're quoting of 4%, they have to be making better than 4% to cover their expenses. That means they're probably putting your money into a money market, CD, or other type of investment for themselves getting 6%+, and then they're giving you a little piece of it. If you're wanting this for savings, I'd just open a money market account for yourself. If you're wanting it for checking, it's going to be very inconvenient. It's up to you really. ING is a legit company, so it's not like you're throwing your money away or anything. It's just as safe as it would be anywhere else, it's just that you need to choose which bells & whistles you want attached to your account.
We have a savings account there and love it. For the reasons BensMom pointed out we don't do our checking there. So, we have a local checking account that is linked to our savings account. Everything is done electronically and it's very easy to set up. When I moved recently I asked for suggestions on banks from a local Mom's group and everyone highly recommended having their savings there. Now, I should say I didn't research money market accounts but I had the impression that it's not quite as easy to take money out of the money market account as it is a traditional savings account (please someone correct me if that's not accurate!).
Alison - Mom to: Augustus (1) Maximus (3) Eleanor (4) Reid (6) Evelyn (7) Lucas (12) Christopher (14)
Now, I should say I didn't research money market accounts but I had the impression that it's not quite as easy to take money out of the money market account as it is a traditional savings account (please someone correct me if that's not accurate!).[/b]
Mutual funds have a 7 day wait. CD's have a wait based on the length you signed up for. Money markets are just like savings accounts though... there's no holding period. Some are tied to checking accounts so that you can write a check directly from them. Mine is through paypal, so I can shop online, or if I wanted to (which I don't), I could get a paypal debit card and use it just like cash.