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?