No. of Recommendations: 2

ING Direct is not as responsive as you might imagine. You can find they hold a deposit from a major bank for days -- presumably pretending the money is coming by pony express rather than EFT, so if you needed that money in a hurry it wouldn't be available. ING Direct may pay OK, but they are not a user friendly place to deal with. So keep that $2K or whatever in your local bank.

I make monthly EFTs from my checking account into my ING account and also have a payroll direct deposit every two weeks. The payroll deposits are executed and available immediately while the EFTs seem to take one or two days to process.

Last Friday, after close of business, I transfered $8K from my ING account to my bank account to pay for some home renovation. The money was in my checking account on Tuesday.

For the 2.35 percent interest my ING account earns, I can live with a two-day wait to transfer money. I have not experienced a situation where I needed money immediately and waiting two days would have imposed undue hardship (hopefully I never will).

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