ING Electric Orange Checking Account
Jan 14, 2007 | 11:43 am
#1
Original Poster
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Join Date: Dec 2005
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Programs: AA-EXP (3.3MM), AAirpass, SQ-PPS Solitaire, DL-PM (.777MM), SPG-Plat, HH-D
Posts: 2,307
ING Electric Orange Checking Account
Just curious to see if any fellow FTs had experience with this checking account. Got in the mail over xmas and just know getting my head around it.
Is it truely no ATM fees at any ATM?
Seems a good deal for us folks that run High balance checking accounts.
Mods please move as desired, didnt really know where to post it, and am curious on FTs experiences being that FTs are the most sophisticated consumers on the net
Is it truely no ATM fees at any ATM?
Seems a good deal for us folks that run High balance checking accounts.
Mods please move as desired, didnt really know where to post it, and am curious on FTs experiences being that FTs are the most sophisticated consumers on the net
Jan 14, 2007 | 11:50 am
#2
Join Date: Aug 2006
Location: CLT
Posts: 7,249
I've been with ING Direct for about 4 years now and I like them. The thing about Electric Orange is it is just that...Electric. You CANNOT buy paper checks. They do have an option to send a paper check to someone, but I plan on using mine mainly for bill pay. You are still required to keep a brick-and-mortar bank account ("linked account") as opposed to places like NetBank.
And the no ATM fee thing: THEY will not charge you any ATM fees. You may, however, be charged ATM fees by the ATM if you don't use one in their free ATM network (or you don't do the pack of gum or soda at the grocery store trick).
Right now it is just a target roll out starting back in August I think. It is not available to the general public quite yet.
I just like still being able to accrue interest while I'm waiting for my landlord to cash my rent check. I used to move the money to an interest free account so there was about 5-7 days of money just sitting there. No more with Electric Orange. ^
I'm not about to solicit my friends for their bank info just so I can pay them if I need to.
And the no ATM fee thing: THEY will not charge you any ATM fees. You may, however, be charged ATM fees by the ATM if you don't use one in their free ATM network (or you don't do the pack of gum or soda at the grocery store trick).
Right now it is just a target roll out starting back in August I think. It is not available to the general public quite yet.
I just like still being able to accrue interest while I'm waiting for my landlord to cash my rent check. I used to move the money to an interest free account so there was about 5-7 days of money just sitting there. No more with Electric Orange. ^
I'm not about to solicit my friends for their bank info just so I can pay them if I need to.
Jan 14, 2007 | 12:27 pm
#3
Join Date: Jan 2005
Location: New York
Programs: AA Plat, CO Gold
Posts: 1,598
Extensive discussion on that account at FatWallet:
http://www.fatwallet.com/forums/mess...hreadid=649702
if you want more opinions.
Nice rate with $50k+ balances. Below that, you can do better (e.g., 4.5% checking through Presidential Bank).
http://www.fatwallet.com/forums/mess...hreadid=649702
if you want more opinions.
Nice rate with $50k+ balances. Below that, you can do better (e.g., 4.5% checking through Presidential Bank).
Jan 14, 2007 | 12:49 pm
#4
Original Poster
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Join Date: Dec 2005
Location: HY
Programs: AA-EXP (3.3MM), AAirpass, SQ-PPS Solitaire, DL-PM (.777MM), SPG-Plat, HH-D
Posts: 2,307
Extensive discussion on that account at FatWallet:
http://www.fatwallet.com/forums/mess...hreadid=649702
if you want more opinions.
Nice rate with $50k+ balances. Below that, you can do better (e.g., 4.5% checking through Presidential Bank).
http://www.fatwallet.com/forums/mess...hreadid=649702
if you want more opinions.
Nice rate with $50k+ balances. Below that, you can do better (e.g., 4.5% checking through Presidential Bank).
Thanks, yeah was more into FTers input.
BTW, GO PATS!!! ^ ^
Jan 14, 2007 | 1:56 pm
#5
FlyerTalk Evangelist
Join Date: Dec 2003
Location: Not here; there!
Programs: AA Lifetime Gold
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Wirelessly posted (BlackBerry7130e/4.1.0 Profile/MIDP-2.0 Configuration/CLDC-1.1 VendorID/104)
As already mentioned, Presidential Bank offers a great 4.5% APY checking account, but a monthly direct deposit is required, the bank does not reimburse ATM fees imposed by other banks, and the depositor must pay the postage on any deposits mailed in. The 4.5% rate applies only to the first $25,000 on deposit, although you can also open a savings account with them that currently offers 5.25% APY on the first $35,000 on deposit in the savings account. Transfers between accounts can be effected instantaneously, either on line, or by calling the bank toll free. If you're looking for an account that offers limited checkwriting, but comes with ATM fee rebates, check out www.gmacbank.com.
As already mentioned, Presidential Bank offers a great 4.5% APY checking account, but a monthly direct deposit is required, the bank does not reimburse ATM fees imposed by other banks, and the depositor must pay the postage on any deposits mailed in. The 4.5% rate applies only to the first $25,000 on deposit, although you can also open a savings account with them that currently offers 5.25% APY on the first $35,000 on deposit in the savings account. Transfers between accounts can be effected instantaneously, either on line, or by calling the bank toll free. If you're looking for an account that offers limited checkwriting, but comes with ATM fee rebates, check out www.gmacbank.com.