Fastest Way to transfer money from ING to Emigrant

I don't think that's true.

I was able to set up my Emigrant Direct account and fund it with a direct transfer from my old ING Direct account.

You will lose no interest.

To do this, log in to your ING Direct account, view your account details, and click on the "Direct Deposit Form for this Account" link. There you will find the nine digit ACH number for ING, and your ING account number. Write these down (don't confuse your ING account number with your ING customer number that you log in with, those are two different things), and supply these numbers when you sign up for your Emigrant Direct account.

You can transfer a small amount at first if you're not comfortable with moving the entire 50K. Later on you can log into your Emigrant account and do another transfer. ED will store your ING link in the external transfers options.

You're welcome.

Yes, it worked. My ED account is a few months old now. In addition to the initial transfer from ING, I did a couple more and they all went through without a hitch.

And Yes, the ING account will count as one of the 2 checking accounts that ED allows you to link.

mapen said: To do this, log in to your ING Direct account, view your account details, and click on the "Direct Deposit Form for this Account" link. There you will find the nine digit ACH number for ING, and your ING account number.

Is this the same as 'routing number'? To open a CD at another institution, can I use the ACH as the routing number? On the last day of Penfed's 5% rate, I spent a full hour looking everywhere on ING's site for a routing number, customer service was already closed for the evening. Dang...I knew I clicked on this page before, but just could not find my way around the site when I needed it the most. THANK YOU!!

lifeonitsown said: Is the same true for transfering money from capital one to say presidential or HSBC or citi savings or will this only work with ING.
Not necessarily. I think that in general it should work with checking accounts, but not necessarily with savings accounts. For example, when I tried to pull money from ED using the same method, I couldn't do it because I got an error message say that the account type does not permit such a transfer.

tooshy said: Is this the same as 'routing number'?
Yep, it's an ACH routing number. I was using that term interchangeably with ACH since the Automated Clearing House is where the funds are routed through using the routing number. I think EFT (Electronic Funds Transfer) is another related term, but I'm no expert. Sorry for the confusion.


harlock001 said: You can look up or verify ACH routing numbers at Routingtool.com

This is what they said when I search for ING Direct...

RoutingTool Verification Results:

RoutingTool Search Results:
Routing # Status Results
031176110 Result: RTN FOUND

That routing number matches the one I used.

Bobby1221 said: IF i loose over a weeks interest its not really worth switching to Emigrant due to loss of interest during the transfer. Any imput welcome

Let me help with your penny wise pound foolish thought here . . .
ING Rate = .0315
ED Rate = .0350

One week "loss" due to transfer = $50000 * .0315 /52 = $30.29
Amount of time needed to recoup "lost" amount =
$30.29 = $50000 * (.0350 - .0315) * x
x = 0.17
365 days * .17 = 62.05 days
So assuming the rates stay the same you'll recoup your loss in about 2 months.

Not sure if this question belongs here, but I hope someone knows -- if I have 3 checking accounts linked to my ING account, and I end up closing one of them, can I delete that linkage from my ING account and replace it with another?

Yes. I've done this before. If I remember right, you just need to print out the form on their Web site that allows you to delete a link, fill it out, and mail it together with a deposit of at least $1 using a check from your new account. On the Memo line of the check, put "Replace link with this". You can also give them a quick call to verify that this is the correct procedure.

I have a question that I haven't really found a clear answer to from searching the archives:

Will ACH transfers that are not initiated by ING work? For example, can I use Citibank's Web site to pay my Citibank credit card by telling it to withdraw the funds from my ING account, or can I pay my MBNA credit card using MBNA's Bill Pay Choice and have it deduct the payment from ING? I think I saw one or two posts from people that indicate that this is possible, but I want to be sure before I try it because I do not want to get charged fees by Citibank or MBNA if ING refuses the transaction. Do you know if ING will always allow this type of transaction to go through?

I hope somebody can answer my question. Thanks!

greekpeace said:
Will ACH transfers that are not initiated by ING work? For example, can I use Citibank's Web site to pay my Citibank credit card by telling it to withdraw the funds from my ING account, or can I pay my MBNA credit card using MBNA's Bill Pay Choice and have it deduct the payment from ING? I think I saw one or two posts from people that indicate that this is possible, but I want to be sure before I try it because I do not want to get charged fees by Citibank or MBNA if ING refuses the transaction. Do you know if ING will always allow this type of transaction to go through?

I hope somebody can answer my question. Thanks!

Yes they will. You are however limited to 6 withdrawls per month (or whatever the regulation is). I pay my MBNA accounts and my GMAC mortgage. I can also initiate from my E*Trade bank account but I don't because doing is this way is subject to a hold period by E*Trade, but pushing it from ING, E*Trade considers it a direct deposit and there is no hold period.

Thank you! This is great news. I've been transferring to checking all this time to pay my credit cards. Wish I had known earlier that I didn't need to go through that extra step.

Just wanted to say you people are awesome! Ever since I discovered FWF, I can't keep away. Never thought I'd find so many like-minded people. I just love this place!

I don't think you can do that with once you have established both accounts.

therat84 said: OK, now how do you put a link from emigrant to ing or vice versa if you already have both accounts established?

don't think its possible to transfer them once acct is done with the setup.

i just did a ING to BA... once its done, BA to Emigrant. i'll see how long that takes

I've been moving the money through my NetBank checking account. Takes a total of 3 business days (but can only move in $5,000 chunks, or Net bank puts a hold on the excess)

ING -> NetBank (initiated from ING) takes 2 business days
NetBank -> Emigrant Direct (Initiated from Emigrant) takes 1 business day

Hope this helps someone. Plus, the NetBank checking account has 1.5% interest to help take the bite out of the time a bit

-gheldean

RevItTan said: I opened an Emigrant Direct account with a Bank of America checking account linked to it. Now I would like to know whether ING Direct could be added as a 2nd Bank to my ED Account. No

I think the note by mapen meant that it has to be done right at the beginning while opening the account with ED. Correct because to link a second account with ED you need to send them a check from the account to link and you have no checks from ING.

Kindly educate me on any other means of directly transfering funds from ING to ED. Transfer the money via a 3rd party that is linked to both ING and ED. e.g. if BoA is linked to ING then transfer from ING to BoA to ED (2 step process).

RevItTan said: That means loosing atleast 2 days interest, assuming it takes 1 day to transfer from ING to BOA.

ING to Checking ----> 1 day

Checking to ED ----> 1 day

Assuming you could/can go directly from ING to ED, you still "lose" 1 day of interest. The remaining day works out to a buck per $10K of transfer. Is this really worth your time and effort and a separate thread?

RevItTan said: That means loosing atleast 2 days interest, assuming it takes 1 day to transfer from ING to BOA.

ING to Checking ----> 1 day

Checking to ED ----> 1 day I always assumed that the money is always at one bank or the other and therefore you are getting interest for each day from someone but I confess I never went through the detailed calculations to actually prove it. Are you sure you are loosing interest during the transit day or are you just assuming?

alanwong5521 said: winter said: RevItTan said: That means loosing atleast 2 days interest, assuming it takes 1 day to transfer from ING to BOA.

ING to Checking ----> 1 day

Checking to ED ----> 1 day I always assumed that the money is always at one bank or the other and therefore you are getting interest for each day from someone but I confess I never went through the detailed calculations to actually prove it. Are you sure you are loosing interest during the transit day or are you just assuming?

I know for sure (for my B of A account), that there is a "blackout" day during the transfer process.
It works like this:
1st day (debit of account)---->2nd (Money is in transit and other bank has not yet recieved funds)----->3rd (Money reaches other bank, and there is sometimes a hold of a few business days put the funds).
The "1st day" might actually consist of 2 business days, depending on which bank you have. Thanks for the info.

This is what a Citibank to ED transfer looks like to me (initiated from the ED) side:

Citibank : 08-15 AUTHORIZED TRANSFER EMIGRANTDIRECT FUNDS XFER $ 100.00
ED : 08/15/2005 PREAUTHORIZED CREDIT EMIGRANTDIRECT FUNDS XFER $100.00 $xxxxxxx

so that almost looks like I was credited with the funds at ED the same day they were removed from Citibank. Of course it would be really difficult to calculate if I received interest from ED for the 15th since my balance varied during the period. I'm pretty sure that you do earn interest during the "hold" period.

Does anyone know if the ING Routing Number and Account Number can be used for an e-Check payment? e-check is different from a PPD ACH pull/push. The format for an e-check transaction uses the format WEB, as opposed to PPD. Does anyone know if I can pay through e-check with an ING Direct Savings Account? Thanks

Alan

eurekaa said: Has anybody used this technique to withdraw money from EmigrantDirect? I'd like to move some money from ED to a Bank "X" CD. Instead of using an intermediate checking account, I'd rather go to Bank X and give them ED's routing # and my account # there. TIA. I have successfully added a link to my ED account from within my Citibank checking account; to be honest I'm not sure if I have actually used it yet but I assume the if add was successful that the link works.

Linking ING and ED directly now works

fastest way to send money is call 800 number for ING and pay $35 for a wire. The funds will get there same day or next day depending on when you order the wire. I know this is not a cost effective way to move money but it is the fastest way to do it.