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Online Checking

SeptusSeptus Registered User regular
edited August 2009 in Help / Advice Forum
I've got an ING savings account, and I've never been worried about any possible downsides, because it's so rare that I have to access it.

I'm thinking about dumping my current brick and mortar bank and getting a checking account with ING. Has anyone had any issues with having a high-use checking account that doesn't have in-person customer service?

Septus on
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Posts

  • SaarSaar Registered User regular
    edited August 2009
    I've been with ING as a checking and savings customer for a few years now and have had no problems what so ever. The only downside versus a brick and mortar bank is sending in paper checks for deposit but it's so infrequent (like two checks a year) that I don't even consider it a downside.

    ATMs: There aren't many ING ATM's. I think that most 7-11 ATM's partner with ING for free cash transactions. Check the website for ones in your area. You won't be charged by ING for using a non-ING ATM but BofA and Wells Fargo will nail you with a $3 fee. Get used to using the cash back feature at a store if you foresee needing some folding money.

    Scheduling of bill payment with paper checks (free!), electronic transfer of funds for bills, rent to roommate, etc. is flawless. The $250 free overdraft protection is a nice bonus. I've never needed to use it but it's nice to know it's there.

    A few months ago Heartland Services (a credit processor) was compromised and now ING sends me an email anytime my debit card is used for a purchased. At first it was a bit annoying but I'm used to it and it's nice to see they're on top of fraud protection.

  • EggyToastEggyToast Registered User regular
    edited August 2009
    I'm a fan of ING for their savings account, but Charles Schwab's online checking is a superior deal. Namely, there are no fees from usingn ANY ATM. They refund your account any ATM fees, so if you use some crappy ATM at a random place that charges you $4, they'll refund that $4.

    My wife uses it for her checking account, and I stick with Bank of America so we can still see a teller for things (which generally is stuff like withdrawing large amounts of specific bills, which is rare).

    || Flickr — || PSN: EggyToast
  • RUNN1NGMANRUNN1NGMAN Registered User regular
    edited August 2009
    One thing to consider is how they handle deposits. With my bank (USAA) I can scan a check written to me and upload it for an instant deposit. Before they had that service, I had to mail endorsed checks to them for deposit, which always made me a little nervous.

  • HeirHeir Registered User regular
    edited August 2009
    RUNN1NGMAN wrote: »
    One thing to consider is how they handle deposits. With my bank (USAA) I can scan a check written to me and upload it for an instant deposit. Before they had that service, I had to mail endorsed checks to them for deposit, which always made me a little nervous.

    Even better now with USAA, you can TAKE A PICTURE of your check with the iPhone app they have and do a deposit that way. I love it!

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  • SeptusSeptus Registered User regular
    edited August 2009
    EggyToast wrote: »
    I'm a fan of ING for their savings account, but Charles Schwab's online checking is a superior deal. Namely, there are no fees from usingn ANY ATM. They refund your account any ATM fees, so if you use some crappy ATM at a random place that charges you $4, they'll refund that $4.

    My wife uses it for her checking account, and I stick with Bank of America so we can still see a teller for things (which generally is stuff like withdrawing large amounts of specific bills, which is rare).

    My only concern with using a different online bank is that I specifically want an immediate transfer between my savings and checking account. Several times I've been close to zero in my checking and just scraped under the wire with a 3-day transfer from my ING account to my local bank.

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  • RUNN1NGMANRUNN1NGMAN Registered User regular
    edited August 2009
    Heir wrote: »
    RUNN1NGMAN wrote: »
    One thing to consider is how they handle deposits. With my bank (USAA) I can scan a check written to me and upload it for an instant deposit. Before they had that service, I had to mail endorsed checks to them for deposit, which always made me a little nervous.

    Even better now with USAA, you can TAKE A PICTURE of your check with the iPhone app they have and do a deposit that way. I love it!

    NO WAY. You just made my day.

  • EggyToastEggyToast Registered User regular
    edited August 2009
    Septus wrote: »
    EggyToast wrote: »
    I'm a fan of ING for their savings account, but Charles Schwab's online checking is a superior deal. Namely, there are no fees from usingn ANY ATM. They refund your account any ATM fees, so if you use some crappy ATM at a random place that charges you $4, they'll refund that $4.

    My wife uses it for her checking account, and I stick with Bank of America so we can still see a teller for things (which generally is stuff like withdrawing large amounts of specific bills, which is rare).

    My only concern with using a different online bank is that I specifically want an immediate transfer between my savings and checking account. Several times I've been close to zero in my checking and just scraped under the wire with a 3-day transfer from my ING account to my local bank.

    Well, the Charles Schwab checking account is interest bearing. Currently it's at .75%, which is almost half of ING's 1.4%, but the "no fees" thing might easily counteract the difference you'd pay in fees vs the higher interest rates, so it might be a question of how often you need cash, or if there's an amenable ATM nearby.

    I was charged a buck once when I first used my debit card to get cash back at a grocery store, so I've never tried it again -- I hate fees. So if you want to put it all together, a Schwab account would let you use any ATM and also earn interest. The fact that it earns interest might almost make you more willing to keep extra money in there, rather than plowing it all into the ING account.

    || Flickr — || PSN: EggyToast
  • RhinoRhino Registered User regular
    edited August 2009
    the problem with "online checking", is well, it's online.

    Some things you need a bank for. For example, getting documents of certification (from the bank) for things like Bonds (treasury direct) and trading exchanges (mostly European ones). They also offer services like cashiers checks, traveler's checks, etc.

    Personally I got with a 2 tong approach. I have a interest bearing online checking account and then a 'free checking' account with the local bank. I use the online for 99% of my stuff, but the local bank is handy; so I won't cancel it if it's free (and if it's not free, go find one that is that has a lot of convenient locations and hours)

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  • firewaterwordfirewaterword Tighter than R. Kelly in his teens. Registered User regular
    edited August 2009
    Came in here to pimp the Schwab Investor Checking - it warms my callous heart to see it's already been done!

    Rhino - not sure if it's the case with any other providers, but you can walk into a Schwab branch and do all that. They are a bank as well as a brokerage - they just make you stand on a little mat at a different corner of the brokerage desk so you're in the "bank" area or something.

    PSN: TheMakersMark
  • Inquisitor77Inquisitor77 a.k.a. Nubmonger/Antaeus#1352, 2 x Penny Arcade Fight Club Champion Oakland, CARegistered User regular
    edited August 2009
    It's been worth it for me to maintain my Bank of America checking account at ~$5k, and then transfer the funds out from there on a monthly basis. It's not perfect, but the ubiquity and convenience of BOA means I can use it as a "central hub" to get money wherever I need it whenever I need it, without a lot of headache or delay. All my bills get paid on time, money gets transferred quickly, and I've always been able to withdraw cash whenever I've needed it quickly.

    But, the vast majority of my money and liquid assets are outside of that checking account.

    HAHAHAHAHAHAHAHAHA no.
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