Comments on: Weighing the Positives and Negatives of ING Electric Orange Checking http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 16:46:00 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Roger http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-309607 Roger Sun, 22 Jun 2008 12:59:34 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-309607 In response to steve... Stop stirring the pot! For your usage, ING is not for you. Period. As far as getting screwed out of $600? Are you serious? Look, if you have the money to invest thousands in precious metals, then you better know how to manage your money. And if you know how to manage your money, there would never have been any mystery on how your primary bank allows you access to it. All you are doing by making that statement is to trash ING because you didn't know how to manage your cash account. I can't stand inflamatory remarks that discourages people to investigate the pro's of having this type of account. If you hold thousands in an ING checking, as you say you do, you will recoup the loss in due time... In a traditional account, you will only lose more money in bank fees for ATM access with no hope of gain. But you need to understand HOW to play the game. If ING allowed checks, then they would need to have branches... and significantly larger staffing... Keep it digital as much as possible. That is where the money is at! If this isn't for you, don't trash them because you don't understand! In response to steve… Stop stirring the pot! For your usage, ING is not for you. Period. As far as getting screwed out of $600? Are you serious? Look, if you have the money to invest thousands in precious metals, then you better know how to manage your money. And if you know how to manage your money, there would never have been any mystery on how your primary bank allows you access to it. All you are doing by making that statement is to trash ING because you didn’t know how to manage your cash account. I can’t stand inflamatory remarks that discourages people to investigate the pro’s of having this type of account. If you hold thousands in an ING checking, as you say you do, you will recoup the loss in due time… In a traditional account, you will only lose more money in bank fees for ATM access with no hope of gain. But you need to understand HOW to play the game. If ING allowed checks, then they would need to have branches… and significantly larger staffing… Keep it digital as much as possible. That is where the money is at! If this isn’t for you, don’t trash them because you don’t understand!

]]> By: Steve http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-182067 Steve Thu, 14 Feb 2008 16:12:02 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-182067 I have an INGDirect account because the bank took over my account after Netbank failed. I read over their info and somehow I didn't notice that their checking account would have no checks. It just never occurred to me that a checking account would not have checks. I decided to give it a chance but I got screwed. The first was an electrician. He did $200+ work on my house and wanted payment and I don't keep money like that in my wallet. What was I supposed to do? Fortunately he was able to use my debit card by calling in the number to the main office. What if he didn't? How the hell would I have paid him? Ask him for his checking account number and bank's ABA then let him watch me send him the money online? I've actually done this with someone and it takes a few days before they get a sign that money's been sent to them! UNACCEPTABLE! Second: I wanted to buy two 1oz platinum coins from a local coin dealer and they wanted checks or cash. Obviously, they wanted the money immediately. Platinum was $1700 an ounce so there's no way I wanted $3400 on me even if I could pull that much out of an ATM. My IGN account made this impossible so I opened a Bank of America account. It's been nearly 2 weeks since starting that process and platinum has risen $300 an ounce (even oil doesn't rise that fast) so this damn "convenience" of paperless checking has cost me at least $600. I considered keeping both my IGN and BoA accounts but I'm going to close my IGN one now because I'm so angry at this situation. I have an INGDirect account because the bank took over my account after Netbank failed. I read over their info and somehow I didn’t notice that their checking account would have no checks. It just never occurred to me that a checking account would not have checks. I decided to give it a chance but I got screwed.

The first was an electrician. He did $200+ work on my house and wanted payment and I don’t keep money like that in my wallet. What was I supposed to do? Fortunately he was able to use my debit card by calling in the number to the main office. What if he didn’t? How the hell would I have paid him? Ask him for his checking account number and bank’s ABA then let him watch me send him the money online? I’ve actually done this with someone and it takes a few days before they get a sign that money’s been sent to them! UNACCEPTABLE!

Second: I wanted to buy two 1oz platinum coins from a local coin dealer and they wanted checks or cash. Obviously, they wanted the money immediately. Platinum was $1700 an ounce so there’s no way I wanted $3400 on me even if I could pull that much out of an ATM. My IGN account made this impossible so I opened a Bank of America account. It’s been nearly 2 weeks since starting that process and platinum has risen $300 an ounce (even oil doesn’t rise that fast) so this damn “convenience” of paperless checking has cost me at least $600.

I considered keeping both my IGN and BoA accounts but I’m going to close my IGN one now because I’m so angry at this situation.

]]> By: Jenny http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-26565 Jenny Thu, 17 May 2007 21:17:19 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-26565 Michael- In response to your response, it says on the ING Electric Orange FAQ section that any 3rd party printed check with your account information will not be accepted. So, yeah. Michael- In response to your response, it says on the ING Electric Orange FAQ section that any 3rd party printed check with your account information will not be accepted. So, yeah.

]]> By: Michael http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-23616 Michael Mon, 07 May 2007 15:47:55 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-23616 Here is a thought. You can still order checks from printing companies. If you have your account number and your routing number. wouldnt this be a simple solution? Here is a thought. You can still order checks from printing companies. If you have your account number and your routing number. wouldnt this be a simple solution?

]]> By: Richard http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-22155 Richard Tue, 01 May 2007 22:04:32 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-22155 My question is this - if everyone does this, then Paypal goes out of business, no? Sellers can collect secure, instant payments and pay no fees, correct? No one seems to realize this, and Paypal makes millions off of ridiculously high fees. There's no reason you can't have both accounts, all you check nay-sayers. I mean, if you are paying the cable and utilities and mortgage totalling $3000 a month and you pay the lawn kid $30, do both. (Or set up a recurring payment to the lawn kid and you're winning on all fronts). My question is this – if everyone does this, then Paypal goes out of business, no? Sellers can collect secure, instant payments and pay no fees, correct? No one seems to realize this, and Paypal makes millions off of ridiculously high fees.

There’s no reason you can’t have both accounts, all you check nay-sayers. I mean, if you are paying the cable and utilities and mortgage totalling $3000 a month and you pay the lawn kid $30, do both. (Or set up a recurring payment to the lawn kid and you’re winning on all fronts).

]]> By: Joe http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-19606 Joe Fri, 20 Apr 2007 20:26:43 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-19606 I think using an online-only account like Electric Orange as a primary checking account works well. As a backup brick-and-mortar institution for cashing checks, getting quarters, etc. I use my local credit union, which is practically fee-less for everything. I think using an online-only account like Electric Orange as a primary checking account works well. As a backup brick-and-mortar institution for cashing checks, getting quarters, etc. I use my local credit union, which is practically fee-less for everything.

]]> By: Pope Ratezinger http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-4888 Pope Ratezinger Fri, 02 Feb 2007 21:14:45 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-4888 Yeah, I agree with Ruthie. I just don't think that this ING Electric Orange product, despite the advertising budget they will probably launch with, is all that good. I’ve been waiting awhile for ING to finally launch a checking product. I assumed ING was simply taking its time to work out all the bugs and provide a good product. Electric Orange? After finally getting details, I’m thinking Electric Lemon. When I open an online checking account, I don’t want to regret not using a traditional kind of bank. In other words, you want ATMs. You want easy deposits. You want to write checks. Electric Orange doesn’t offer paper checks. Rather, you must "write" a check online, and ING will mail it to the waiting recipient. Not exactly an ideal arrangement when paying the kid who cuts your lawn, right? I'm sticking with EverBank and 6.01%. Yeah, I agree with Ruthie. I just don’t think that this ING Electric Orange product, despite the advertising budget they will probably launch with, is all that good.

I’ve been waiting awhile for ING to finally launch a checking product. I assumed ING was simply taking its time to work out all the bugs and provide a good product.

Electric Orange? After finally getting details, I’m thinking Electric Lemon.

When I open an online checking account, I don’t want to regret not using a traditional kind of bank. In other words, you want ATMs. You want easy deposits. You want to write checks.
Electric Orange doesn’t offer paper checks. Rather, you must “write” a check online, and ING will mail it to the waiting recipient. Not exactly an ideal arrangement when paying the kid who cuts your lawn, right? I’m sticking with EverBank and 6.01%.

]]> By: bankaholic http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-3063 bankaholic Sat, 13 Jan 2007 00:36:21 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-3063 did you figure out how to get direct deposit from employer working? did you figure out how to get direct deposit from employer working?

]]> By: Dave http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-1185 Dave Sat, 16 Dec 2006 11:37:52 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-1185 If you can't deposit funds directly, you deposit checks by either keeping the old link to your physical bank account and transferrings once its in there, or you can mail checks to ING and they'll deposit them within 5 days. If you can’t deposit funds directly, you deposit checks by either keeping the old link to your physical bank account and transferrings once its in there, or you can mail checks to ING and they’ll deposit them within 5 days.

]]> By: ruthie http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-530 ruthie Sun, 03 Dec 2006 17:29:11 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-530 There are a couple other internet banks who offer high-interest checking as well... I've heard good things about Presidential ( http://www.presidential.com/ ) despite their 1992-esque website. They are offering "4.50% APY on balances up to $25,000. Balances in excess of $25,000 earn a competitive 2.75% APY." Which makes more sense to me, because honestly, I really don't think you need to have $50,000 to $100,000+ just in checking, even if it IS getting 5.30% APY (also, there are several online savings accounts where you can get that much interest or more ( http://www.savingadvice.com/forums/showthread.php?t=19240 ) and it is much more likely that you would be earning the 3% APY. Most people expect to earn more than that from their investments, so I can't really understand why you would let any significant amount of money wallow in checking account for too long, even if it is "high-interest". AND they offer a free initial 25 checks plus the ATM access, free Visa debit card, etc that ING is planning to offer. Unfortunately, there is still the issue of not having an actual brick-and-mortar bank in most areas, which means you have to mail checks to them, and can't get (or give) small change from (to) the bank if you need it. There are a couple other internet banks who offer high-interest checking as well… I’ve heard good things about Presidential ( http://www.presidential.com/ ) despite their 1992-esque website. They are offering “4.50% APY on balances up to $25,000. Balances in excess of $25,000 earn a competitive 2.75% APY.” Which makes more sense to me, because honestly, I really don’t think you need to have $50,000 to $100,000+ just in checking, even if it IS getting 5.30% APY (also, there are several online savings accounts where you can get that much interest or more ( http://www.savingadvice.com/forums/showthread.php?t=19240 ) and it is much more likely that you would be earning the 3% APY. Most people expect to earn more than that from their investments, so I can’t really understand why you would let any significant amount of money wallow in checking account for too long, even if it is “high-interest”. AND they offer a free initial 25 checks plus the ATM access, free Visa debit card, etc that ING is planning to offer. Unfortunately, there is still the issue of not having an actual brick-and-mortar bank in most areas, which means you have to mail checks to them, and can’t get (or give) small change from (to) the bank if you need it.

]]> By: rob http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-524 rob Sun, 03 Dec 2006 16:26:10 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-524 This is pretty much how we live but through USAA. With my company paying through direct deposit, the only checks we receive are usually for birthdays and holidays. So the downside is no cash on hand, but it'll be there in a day or two. However, we do have a checkbook and still need it for some bills and transactions. I'd rather go paperless, but not everyone wants to! ;-) We also get reimbursed ATM fees up to $20/mth so we can go anywhere. This is pretty much how we live but through USAA. With my company paying through direct deposit, the only checks we receive are usually for birthdays and holidays. So the downside is no cash on hand, but it’ll be there in a day or two. However, we do have a checkbook and still need it for some bills and transactions. I’d rather go paperless, but not everyone wants to! ;-)

We also get reimbursed ATM fees up to $20/mth so we can go anywhere.

]]> By: matt http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/comment-page-1/#comment-522 matt Sun, 03 Dec 2006 16:01:36 +0000 http://www.thesimpledollar.com/2006/12/03/weighing-the-positives-and-negatives-of-ing-electric-orange-checking/#comment-522 How does one deposit checks with this type of account? How does one deposit checks with this type of account?

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