Author Topic: Anyone used ING, Direct. (Read 280 times)

Lori (NV) · « **on:** January 26, 2012, 10:34:19 PM »

Last year, I recently transferred my business account for the rentals from the big conglomerate Wells Fargo to a smaller state bank. For now, I'm happy with the state bank and it meets my needs without all the fees and crap Wells Fargo was pulling.

My son also has a bank account will Wells Fargo. It pays to read all those little messages and notices they send you but well, he doesn't. Recently they started charging him $13 a month just for his checking account. He managed to get that taken off one time because he threatened to close his account and go elsewhere. But that was only good for one month. He doesn't make much money at his job so he was going to downsize to a basic checking account which only charges $5 a month or the fee is waived with direct deposit of your check from your job. The problem with that account is nothing else is free. Charged for checks and for use of bill pay, etc...

I have been looking into a different way to bank for him and even for me in the future. One of those couponing sites I belong to mentioned Ing, Direct. It sounds good--you can check out the site yourself at this link:

http://www.ingdirect.com/bogusfees/?utm_medium=CPC&utm_term=ing%20direct%20checking&utm_source=Google&utm_campaign=EO_Brand

The only pitfall is you cannot deposit paper checks or cash INTO the account. It can only be done electronically from another account OR if you have paper checks you have to mail them to them in Minnesota . For now it wouldn't work for me as I still have the majority of tenants paying with checks. But for my son, I was really looking into it for him as he doesn't ever deposit money except for his check from his job. And that can be done through direct deposit.

Have any of you used ING or know of anyone that does? I would be interested. This a totally internet bank and I'm am really curious.

Lori

Sean · « **Reply #1 on:** January 27, 2012, 12:03:53 AM »

I almost opened an account but the inability to deposit cash was a show stopper for me.

gevans · « **Reply #2 on:** January 27, 2012, 08:18:34 AM »

My personal accounts are with BB&T. No monthly fees yet...
My business accounts are with a local credit union. No monthly fees.
ALL my tenants deposit directly to the account. Some use electronic transfer, some deposit checks or cash. It doesn't matter to me, as long as they make the deposit with good funds. I don't touch it.
But I digress. See if a local community bank or credit union will help you. Mine gives free checks, free cashier's checks, etc. They also know me and do things for me over the phone with no signature... stuff that will never happen with a big chain bank.

Shawn · « **Reply #3 on:** January 27, 2012, 08:29:30 AM »

Check with a small local bank. I have no fees at mine. They have no more than 10 employees total, they are all very nice, it's a great bank.

Lori (NV) · « **Reply #4 on:** January 27, 2012, 11:12:29 AM »

The only small local bank we have is the Credit Union. I looked online and I believe there are fees involved when you have under a minimum balance. It never made sense to me that the people with the least amount of money in their account get charged a fee. They don't have it to begin with! And that's my son. In both my personal and business accounts I pay no fees BUT I also have a large balance. My son doesn't. I will have him check with the credit union but I'm thinking that if they charge too ING may be worth a try. He rarely makes paper or cash deposits. So it wouldn't really be an issue for him. Wells Fargo charges 5 bucks for a basic account unless you keep a minimum balance of $1500. Who in my son's category has $1500 in their account all the time? You can waive the fee if you have direct deposit but again, like I said, they charge for bill pay, checks, and I believe only a minimum number of atm transactions(could be wrong on that). I knew this would happen when the big banks tried to charge for atm transactions per month and then backed down because of the backlash. Thanks.

Lori

Sean · « **Reply #5 on:** January 27, 2012, 11:20:56 AM »

Will they waive fees if his minimum balance is met by a savings account? If so, you could put the $1500 in a joint account to cover the minimum balance.

Clara · « **Reply #6 on:** January 27, 2012, 11:44:39 AM »

I would suggest just as Sean did . . .

Let us know.

Clara

Lori (NV) · « **Reply #7 on:** January 27, 2012, 07:14:11 PM »

I'll have him check into that Sean. It's not explained well on the website. Just says you have to maintain a minimum balance of $1500 but not sure if that means between savings and checking or just checking alone. Thanks

Lori (NV) · « **Reply #8 on:** January 27, 2012, 10:47:04 PM »

Thanks Sean (and Clara)--My son went down to the local credit union. They were soooo much better. No fees to have a checking account. Their only stipulation was you had to have $25 in a savings account at all times. THAT he can do. So he's going to switch to them. He also said they were much friendlier. Go figure!

Lori