ING Direct's Paperless Checking Account is for Real
August 17, 2007
The Savings Investor can report that 5 visitors who have taken the time to report back to us extensively on the ING Direct Electric Orange Checking account have not had any problems converting to paperless checking and are pleased that they have maintained yields of over 5.00% on their liquid cash. One satisfied customer of ING Direct likens it to some of the socially-conscious and environment-friendly mutual funds which are available because of the lack of paperwork and mail delivery that this account produces. For visitors who have not heard about this new product from ING Direct here is the bank's promotional description of the account from their site:
America's first all–electronic, paperless checking account is going to change the way you do your banking. Earn a great rate, with online Free Bill Pay, easy access to cash, an Electric Orange MasterCard® Debit Card and more – it provides the access and convenience of checking with the earning power of savings.
Make money while managing your money.
With Electric Orange, your money will earn high interest.
Electric Orange Interest Rates and Annual Percentage Yields
Balances $0-$49,999.99
3.93% rate / 4.00% annual percentage yield
Balances $50,000.00-$99,999.99
5.13% rate / 5.25% annual percentage yield
Balances $100,000.00 or more:
5.18% rate / 5.30% annual percentage yield
For example, if your balance is $55,000, you earn a great 5.25% APY on the entire balance.
MasterCard® Debit Card convenience.
With your Electric Orange MasterCard® Debit Card you can make secure purchases anywhere MasterCard® is accepted – sign the receipt or enter your Card PIN and go.
Free ATM access at more than 32,000 ATM locations.
In addition to worldwide cash access, you can make free withdrawals at ATM locations in all 50 states through the Allpoint�� Network – America's largest Surcharge–Free ATM Network. To find a free ATM near you, check out our ATM locator.
Send money securely for free with Electric Checks.
With Electric Orange, you can send money to an individuals’ bank account with Electric Checks for free. Simply enter the person's information, the details of the payment, and an email will be sent to the recipient. The person can click on the link within the email to go to a secure page to enter their account information and the money is transferred!
Automatic protection with your Overdraft Line of Credit.
Say goodbye to excessive NSF fees charged by other banks. When you open your Electric Orange, you'll automatically get an Overdraft Line of Credit that's connected right to your Electric Orange and is accessed anytime your balance goes below $0.00. There's no fee to use the line of credit – you'll just pay a competitive interest rate on the money you need to borrow.
Safe, Secure and Smart.
You can rest easy knowing the money in your Electric Orange is FDIC-insured (read more about FDIC insurance). It's also protected by our unique and innovative PIN Guard PIN entry process. Plus, you can set up secure Email Notifications to tell you if a card transaction is over a certain amount, or if your balance drops below a certain level.
QUESTION AND ANSWERS ABOUT THE ING DIRECT ELECTRIC ORANGE ACCOUNT
What is an electronic checking account?
Electric Orange is a checking account without the paper. We can imagine what you're thinking – huh? Well, with Electric Orange you may never need those annoying checks again! You won't receive a checkbook to write checks. You can do everything – pay bills, send a paper or electric check, transfer money – securely online at ingdirect.com. And with your Electric Orange Debit Card, you can access cash at ATMs worldwide or make purchases at merchants accepting MasterCard®. You'll even receive all communications from us electronically. Taking paper out of the equation increases security - you won't have checks floating around with your account information and it provides safety from lost or stolen checks. Plus it's environmentally-friendly and saves money on processing so we can offer you great deals. It's the wave of the future.
After my Electric Orange is opened, will I receive paper checks to write?
No. This is a completely paperless checking account – you'll be able to make payments online, use a debit card for purchases, and even receive your statement electronically. Please don't order paper checks from a third party provider - we won't accept them.
What if I really need a paper check to give or send to someone?
Electric Orange gives you options. You can use Send Paper Checks to send them a check. Or you can transfer money back to your linked checking account and write a check from that account. Even better, you can ask that person for their ING DIRECT account number or their external financial institution account information, and use Send Electric Checks to transfer the money electronically. It helps to be ready to do all your banking without any paper checks!
Do I need to have an ING DIRECT account in order to get Electric Orange?
No. You must be a US citizen or permanent resident with a valid social security number, be over 18, and have a personal (non-business) checking account at another U.S. chartered bank.
Can I set up my personal finance software, like Quicken® or Money®, to track my Electric Orange transactions?
Sure. Downloading your financial transactions works just the same as it does for our other money-saving products. To download your transactions, click on your Electric Orange and click on the download icon.
Click below to watch the ING Direct Electric Orange Demo
http://home.ingdirect.com/images/demo_eo.html
Send an e-mail to service@savings-investor.com to describe your own experiences with the ING Direct Electric Orange account.
Anonymous
19 August 2007 at 4:27 am
I've been using Electric Orange since it came out. Works perfect and 5.3%? Amazing. In Europe for tour and using ATM & Debit card features. Easy to open and did I mention 5.3%?
Joseph