I just zipped over to their website to transfer some money around and I get a notice that says, essentially, I can't. Transfers have been restricted. So I called the number, and am told to talk to loss prevention, whose hours of opperation are only on Mon-Fri! So I left a message. The last transaction I had with them was on March 12, when I mailed a deposit in to link an account. I got a letter saying that there will be a five day hold. No problem. 'Till today. They said I needed to verify my address. No emails, nothing, about this until now. Has this happened to anyone else???silverwing - frustrated
> and am told to talk to loss prevention, whose hours of opperation > are only on Mon-Fri! Well, since their transfers take 2-4 business days, you won't have lost much time if you call them first thing Monday, take care of it, and then order the transfer. If there's a more dramatic problem, I hope you'll post it.-- Mark
Well, since their transfers take 2-4 business days, you won't have lost much time if you call them first thing Monday, take care of it, and then order the transferHere's the thing: I didn't do anything wrong. I sent in a deposit to link an account, and I received a letter on the 12th of March. Now they are blocking transfers from all my accounts. This is with no notification to me. And having "Loss Prevention" only working mon-fri doesn't help matters. If this transfer was super-important, I'd be screwed. Which means...ING may not be a good place for emergency funds.silverwing
ING may not be a good place for emergency fundsThat's absolutely correct. No account that has a hold period would be good for an efund. I use it as a component to my efund. I have an account with a local credit union I like. It has no minimum fees or monthly charges, but it pays pitiful interest. Still, I can access my funds fairly quickly if need be. I keep a set amount in that account. When I have to use the funds, I replenish them from my ING. I live on a 24/7 clock. ING service does not. I know and accept this. The ING savings account is a good deal for stashing cash: Decent interest when compared to most B&M savings accounts, no minimun balance, no monthly fees. But it is not what it is not. And it is not a checking account with 24-hour cash access. It is not a small, local credit union that can help in case of emergencies. I use the smaller, friendlier account for the immediate-use efund. It works for me, your mileage my vary. Other ING customers here probably have their own methods of using their accounts. Anyone?Thanks,WayStar
Other ING customers here probably have their own methods of using their accounts.I was using it as a place to transer some money, and keep some out of the way. my online bank, stonebridgebank, has 3% interest in their money market, with instant access with the linked checking account. That seems ideal now.silverwing - who got into ing with the $50 opening bonus
silverwing:I had an incident with ING awhile back when they restricted my transfers. I won't go into that long story again. ;-)I didn't get any satisfaction out of them until I "talked tough" to them. They kept saying that they wouldn't respond to any problems sent via email. However, one day I did the "tough talk" to them in an email, and what do you know, the next day my money was transferred. I either scared them off, or they just wanted to get rid of me, probably the latter. However, in either case, my money was transferred out, and I have never put any more money in ING.And that's my final word. ;-) haha
I called this am and asked to talk to a customer service manager. they told me they have to do a quick check - put my name in a database to verify my address. The only people who can do this are the loss prevention people, but the customer service managers. So I'll call them on monday - instead of waiting for them to call me - and ask why all this happened.silverwing
Now they are blocking transfers from all my accounts. Is ING blocking xfers in multiple ING accounts, or just the one?They do stop all transfers in an account, while it's being "linked", for the 5 biz days or so, which we've all expressed our discontentment with. But if it helps security, lowers the losses from accounts attempting to take advantage of it, and therefore raises the int. rate for the gen. savings accounts, then I'm all for it.As this thread has mentioned, ING may not the best place to stash cash for emergency cases. Here's the nightmare that comes to mind.Has anyone attempted to log in unsucessfully, and therefore getting "locked" out after a few tries? When I opened up the account for my wife, the account setup went awry for some reason. The only way could get the password for it, was to wait patiently by the snailmail box for it to come. They did send it out quick, but it was still 3 days. If we have CC bills to pay, and can't access our accounts to xfer it, I can see it happening. After the account it setup, I do not know how ING handles resetting passwords. Does anyone know? Maybe they do allow infinite attempts to log on?-upatnite2
They do stop all transfers in an account, while it's being "linked", for the 5 biz days I agree with this policy. My last linked account was on March 12. This was about verifying addresses, though. I'd be interested to know how many accounts are blocked for this, and if this has happened to anyone else.silverwing
Well, I still don't see how you're so horribly screwed because of this considering that they are fairly up-front about saying that transfers may take up to a week and usually take 2-4 business days. In any case, ING's accounts are not demand accounts, which means they can hold onto outgoing transfers for a lot longer than they usually do. More to the point, none of these problems take more than a few days to clear up -- if they did, ING would be pushing their legal limits, but I'm not sure I've heard anything that amounts to that. The solution is to keep any funds you may need with virtually no warning in a checking or money market account, and use savings accounts like ING's for money you won't need inside of a week or two. But then, ING or no ING, that's still what you'd have to do, because NO savings account will *guarantee* you faster access to your money.-- Mark
Incidentally, my solution to this problem is to use ING accounts to hold money that I won't need inside of a few weeks. For shorter-term needs I keep a couple thousand dollars in the cash balance of my brokerage account, which (at the moment) is paying about half the interest but against which I can write checks or charge things with a VISA debit card. Thus, if I have to deal with some extraordinary expense I can handle it (though I'd normally charge it first and pay it off later out of one of these accounts), but ING is fine for stuff where I can handle some hassle, up to but not including fees, getting at the money.
ING may not be a good place for emergency fundsYou might want to look into Netbank. They pay just slightly lower interest on their MMkt account, but they offer checkwriting (3 free/month) and ATM access (6 free/month).www.netbank.comHope this helps.Caat
You might want to look into Netbank. They pay just slightly lower interest on their MMkt account, but they offer checkwriting (3 free/month) and ATM access I already have an account with netbank (opened it for the $50 bonus, will close it when I can) but www.stonebridgebank.com has a money market account that pays 3%, which is what ING currently offers.silverwing
Silverwing: I look forward to hearing your report on ING's resolution of their strange handling of your money. While technically they (like all banks) may technically have the legal right to impose 7-day holds, it is a law stemming from the Great Depression that really is supposed to only be used in the event of a financial panic (i.e. a "run on the bank").I am certainly thinking about switching back my savings from ING to PC Banker and State Farm Bank. Both of these pay lower yields than ING Direct, but their policies are fairly consistent and their service is more professional than ING's seems to be.
I am certainly thinking about switching back my savings from ING to PC... Likewise. I haven't yet, but I keep swaying more and more towards doing that, as I wonder if the extra .2% is worth it.But ING does provide the "other" service, which they're quite good at. The primary reason that I have an account at ING is not their interest rate at all. They provide the capability of moving funds from my bricks and mortar to my net bank, and without writing a check, or depending on the U.S. mail service. It's actually faster as well. From the moment I used to drop a check in the mail, it would take a full week before it showed up at PcBanker.-upatnite2
There seems to be quite a bit of complaints about ING here, but it seems like most of them stem from a lack of understanding of what ING is. ING is offering higher yields on savings accounts, and they do this by offering minimalist service. Much like a discount broker. If you are expecting 24/7 access to your cash, it shouldn't be in a bank like ING. This is not deception or poor service on the part of ING. When I signed up for a savings account on their website, I never saw anything that said, or implied, that they were anything but minimalist. The complaints I have seen in this thread are analogous to complaining about a discount broker not offering the same services as a full service borker.Also, we should probably have a more strict definition of an efund. Thus far, most of what I've read on The Fool (both on and off the discussion boards) suggests that an efund is a place to store cash that may be needed if you get laid off, or need car repairs, or get hit with a medical bill. In other words, money that you might need in as little as a couple of weeks, or as much as 6 months. Not money that you need *now*. But I've also seen some posts suggest use of an efund as a place to store cash you may need in as little as a day. In fact, WayStar's post is the first I've seen that makes a distiction between immediate-use, and non-immediate use efunds. So which is it?
I've read all the posts and have an ING account. Here's the way I use it. 1. I only keep money that would be used in a true emergency in ING.2. I keep another savings account linked to my checking account that would be used for a lesser emergency (couple thousand bucks or so). If something should arise that would deplete #2, I would charge whatever it is onto my credit card and leave that money intact. Then I will transfer the money from ING back to the regular checking account and use that to pay the credit card bill 3 weeks or so later. Since I don't carry credit card balances, I don't pay interest on the "lent" money from the CC company in this situation.I agree with GiveMeBackMyName that ING "is what it is". What it is not is a full service bank and IMHO should not be used that way.JP
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |