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You know, I was just thinking how great it would be if just one of my three banks (two exclusively online, one B&M and online) would give me free bill pay, high interest, would sweep excess money automatically into the high-interest-paying account and an ATM card with reimbursements. Then I get home and log onto my ING account and there they are telling me about their upcoming Electric Orange Account which would do all those things. I have an elaborate direct deposit scheme that takes advantage of ING's (relatively) high-yield MMA, everbank's straightforward and free electronic bill pay and Washington Mutual's free checking and ubiquitous ATM presence in Manhattan. If ING comes through with this new hyper account, I may be saying goodbye to my other two banks.

Still, however, I have my reasons for maintaining three separate bank accounts. For one, it helps curb my spending habits since it takes days to get my savings out of ING into everbank and then into WaMu where I can access it with my only ATM card. I keep a credit card for emergencies and the exorbitant cash advance fees help deter me from declaring a midnight munchie attack an emergency. Taking advantage of ING's streamlining of my banking needs would upset this balance I've achieved that maintains a consistent rate of saving. ING's offer is tempting and their overall approach is so straightforward that I'm tempted to make them my one-stop shop for bill pay, savings, loans and investments (just take a look at their "products and services" page and tell me that's not pure simplicity). I've come to pride myself, however, for using each of the half dozen financial institutions I use only for a particular service that suits me (ie everbank strictly for bill paying, WaMu for free checking and easy access to cash, ING for no-minimum, high-interest savings). I'll still be giving ING's Electric Orange plenty of thought over the next few days.
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I have looked and looked at INGs website and can't find anything about this. Where did you see it?

Kim
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fatherwinter: I have NOT seen any mention of the Electric Orange Account. Perhaps they are only notifying certain clients. This product is not mentioned anywhere on ING DIRECT's web site.

At the MSN Online Banking message board, some MSN members e-mailed ING DIRECT's representatatives about the Electric Orange Account, and were informed that ING DIRECT has no plans to offer a "checking" account.

Could you shed some insight as to where exactly this account was mentioned?

>>"Then I get home and log onto my ING account and there they are telling me about their upcoming Electric Orange Account which would do all those things"<<
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Without links, and with the email that the representative from ING sent me, I have to believe that this whole ING Electric Orange is just a hoax. It's clever in that what is supposedly proposed makes sense. I might use that kind of service. But we need to hear from ING.

silverwing - that mysterious MSN Online Banking poster
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The Electric Orange account doesn't exist - yet. It was featured on a survey that ING put on my (and apparently many others') ING account page. They gave a pretty detailed description of what the account would do, and asked a bunch of questions about what was important to the account, how they should advertise it, etc.

It seems like they're pretty serious about testing the waters. Whether they'll actually jump in or not is the question.

-z
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-z,

I agree -- I think for right now, it's only a survey to see if ING's current clientele would be interested in such a product.

If memory serves me correctly, ING already has a smiliar venture in Canada. Given the fact that they already have the experience (and deep pockets), I think we could expect a rollout in the U.S., fairly soon.

Would SJJ take advantage of such an account? Probably, as ING's U.S. headquarters is in nearby Wilmington, Delaware.

We'll have to wait and see.

Oh, and let's leave the plugs for other boards where they belong -- at other boards.

SJJ
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If memory serves me correctly, ING already has a smiliar venture in Canada. Given the fact that they already have the experience (and deep pockets), I think we could expect a rollout in the U.S., fairly soon.

ING Canada is mostly the same as ING USA. There is no bill pay, nor checking accounts, nor "automatic sweep" of funds. There is an ATM card, but ING closed many of their own branded ATMs a while ago, forcing most such usage to go to ATMs of other banks. One has the choice of holding one's account in Canadian or US funds, but the latter is uninsured and offers lower rates. And they offer RSPs, the Canadian equivalent of IRAs. Apart from these minor changes, though, the choices at ING Canada are not much different than in the US. You can see the various Canadian offerings at www.ingdirect.ca .

ING Canada is much older than ING USA, and they still have not yet added significant features beyond ING USA's offerings. One would hope that ING USA will be different than the Canadian version. Perhaps catering to a larger customer base may help propel such account features.
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I emailed ING and asked them about the Electric Orange account. Here is their response:

Good Question! We are still developing the product.We have not set a date of release yet.Please stay tuned to our web site.
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The "ING Electric Orange Account" may just be a hoax, or a "testing-the-waters" proposition. It would actually be a new direction for ING, as
ING does not offer a "debit-type" account other ING DIRECT countries.

ING Canada's "Investment Savings Account" does includes an ING/Interac ATM card for cash withdrawals (but with no "direct purchase" or debit capability).

Side note: Currently, MSN Online Banking group and Fatwallet Finance also contain active discussions on banking topics. Customers discuss personal experiences, service quality issues and concerns, and fact-based evaluations and comparisons of services and products.

Some of those discussions get quite opinionated, but this is the nature of interactive free-speech forums! By comparison, this TMF board once thrived with vigorous discussion of online-banking topics. Now, very few new discussion threads originating here at TMF. Therefore, many OLB discussions originate on the other boards.
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All,

My unofficial, uninformed take on ING is judging by the name "Electric Orange", it may be a paperless checking account that relies on the use of debit cards and internet services. We'll see what happens...

Now, for bigger news -- I hate to burst your bubble, SeattleNative, but those forums you speak of only mention a small handful of financial institutions (whichever ones happen to be giving-away the store and/or at the beck and call of that board's followers) -- hardly comprehensive stuff in my book.

Also, in case anyone is wondering -- the pure-play Online Banking business isn't what it was in 1999-2000. When the tech bubble burst, many of the goodies that we were once getting went away, too...

With that having been said, sure, there is no longer, a lot of chatter about the business, as a whole (particularly, since the nation's leading B&M's have made their online offerings more attractive than they were in 1999-2000).

So, if Online Banking is indeed "dead", then, what's a person to talk about?

Stay tuned ;-)

SJJ
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No. of Recommendations: 4
Maybe fewer discussions are originating here at The Fool, but I prefer this forum. Let's get things going here at The Fool!

Long live The Fool! ;-)
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SJJ: You didn't exactly burst my bubble - I have also noticed that the message forums mentioned tend to only discuss a handful of financial institutions. That is why it's been disappointing to see discussions here at The Fool fizzle out, since in the past this forum did provide some valuable insights.

Occasionally there will be blips of discussion about other banks - particularly credit card or mortgage deals offered by OLBs or larger B&Ms - but the discussions at MSN or Fatwallet can sometimes become repetitive. Low interest rates are reducing some of our enthusiasm as well. The diversion of some investment capital away from the equity markets and into cash (the "flight to safety") has depressed money-market mutual funds and other cash-equivalent investments into the lowest yields offered since the late 1930s.
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