Subject: Could be better
To: sales@INGDirect.com

Hello,

Recently you notified me that you had increased the rate to 2.35%. But now the Emigrant Direct offers 3%

Can you match just for me? I intended to deposit a big amount.

Thanks,
****
Account # ****

From: "ING Direct" <sales@INGDirect.com>

Dear ****,

ING Direct does not match interest rates. All Customers get the same rate regardless of the amount they deposit or how long they have been a Customer.

If you are looking for a high rate, keep in mind that we also offer CDs that are currently earning up to 4.10% APY depending on the term you select.
bla-bla-bla
If you have any further questions, give us a call 1-800-ING-DIRECT.

Thanks for your interest in ING Direct,
Scott

This email may contain confidential or privileged information

Cheap said:

architek,
Thanks for being first Any info on ACH time in/out? Interface?

You are welcome I just ACHed $1 to test the account. Anyways, it will take several days to complete the application since there is a verification process for funding account. Below is the email that I received from them. I will report again when I complete the application.


Dear Customer,

Thank you for opening your new account. To complete the funding of your EmigrantDirect account, you'll need to confirm ownership of the funding account you gave us. This is required for your security.

Check your funding account activity and look for two small deposits (and matching withdrawals) that EmigrantDirect will make to your account in 2-4 business days. The transactions will appear with the name EmigrantDirect Test Trans. Please save this email until you know the amounts of the two deposits.

To confirm that the transactions have posted to your account, click on the link at the bottom of this email or, if you prefer, copy and paste the link into your browser's address bar. Please logon using the User ID and Password you chose during the application process. You will then be asked to enter the amounts of the EmigrantDirect Test Trans.

Thank you for choosing EmigrantDirect.

What about the website tho is that real? Sorry for being such a skeptic but you can't be too sure. Especially since they don't need a physical check to establish an external link. Hmmmm....as much as I don't like the inconvenience with ING, at least you know there are ample safeguards.

tooshy said:What about the website tho is that real? Sorry for being such a skeptic but you can't be too sure. Especially since they don't need a physical check to establish an external link. Hmmmm....as much as I don't like the inconvenience with ING, at least you know there are ample safeguards.

I think it is the same with ING:

https://home.ingdirect.com/osa_apply.html says:
Open and fund your Orange Savings account in less than 5 minutes!
Enter your personal information
Agree to terms and conditions
Electronically make a deposit from your existing checking account
Review information and submit your application

Before you start:
dot Have your personal checkbook handy. We will link your existing checking account to your new Orange Savings Account. You can then easily transfer money between the two accounts via our website, interactive phone service or by calling ING Direct.
dot Additional personal identification in the form of a Drivers License or State Issued ID is required for customers over 16 years of age.
dot For your security, we will ask you to confirm ownership of your checking account by verifying 2 small amounts that we will deposit in your checking account.
dot You must verify the 2 small deposits within 60 days from the date they are deposited or your money will be returned and your account closed.
dot There is a 10 business day hold before initial deposits can be transferred back to your linked account, after this hold has expired all future deposits are subject to a 5 business day hold.
dot Orange Savings cannot be used for business, trust, power of attorney, beneficiary or individual retirement accounts.
dot For more detailed information please click here.

tooshy said:Manuel, I'll probably get over it too.

Although ING allows you to open and establish a link online, I think they still require a physical check to activate the process. Is the same true for this bank?

Also w/ING you couldn't yahoo transfer or download to money/quicken (I heard), another safeguard IMO. Being restrictive rather than permissive has its reasons and blessings.

With ING/Virtual you do not have to mail a physical check for the account that you use for inital funding of the MMA. This account will be linked automatically.

With ING I didn't have to send them a check. Didn't have to do that with BoA either.

tooshy said:Although ING allows you to open and establish a link online, I think they still require a physical check to activate the process. Is the same true for this bank?

Thanks OP. Figured I'll try it out. It's FDIC insured, so they shouldn't be anything to worry about. Hopefully they'll keep their interest rate up.

any info on their holding period past the initial deposit? ING is 10 days... Emigrant is 30 days...

but what about deposits after the initial? 5 days, 10 days, 30 days?

My wife and I each tried to open individual accounts this afternoon and received the same "unable to open account at this time" error. I called and spoke with a phone representative, who stated that the bank had received several such complaints today. A supervisor is supposed to call me back tomorrow.

Hopefully this is just a glitch in their processing systemm, but we shall see; a 3% ING-like account is just what the doctor ordered at this time -- we haven't seen 3% on unrestricted savings accounts in a long time, Superior Savings notwithstanding....

Cheap said:ccrzhh said:If you are looking for a high rate, keep in mind that we also offer CDs that are currently earning up to 4.10% APY depending on the term you select.
I did not say that. ING Direct did