All About ING Direct's Electric Orange Checking Account
October 04, 2007
ING Direct has a checking account that is truly in a class by itself. Beyond the great rates paid on the monthly balance (between 3.50% and 4.90% depending upon balance), the Electric Orange Account is the nation's first paperless checking account. And the suprising part is that a paperless checking account is more about being environmently-friendly...it works. Read more about this unique online checking account below:
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 the other money-saving products at ING Direct. To download your transactions, click on your Electric Orange and click on the download icon.
Now that I'm applying for Electric Orange, do I need to close my checking account at my other bank? You can, but you don’t have to. You may decide to keep it open as you get used to electronic checking, for that very occasional check you may want to write from your checkbook. We know it can be a pain to switch checking accounts, so we’ve designed a guide to help you through the process.
Is there any minimum balance I need in order to earn the interest rate? No. All balances earn interest. If your balance is $49,999.99 or less, you earn a great annual percentage yield of 3.50%. If your balance is between $50,000-$99,999.99, your entire balance earns 4.90% APY; and if your balance is $100,000 or more you will earn 5.00% APY on your entire balance! This is a great checking account that pays great interest on all balances. (Rates variable, as of 09/19/2007).
How is my Electric Orange Interest Rate determined? Your Interest Rate is determined by the balance in your account at the end of each day (12:00 am ET). Click here for the interest rate for each balance level. Your Interest Rate may change from day to day if your account balance moves above or below the balance thresholds for each interest rate. Your interest rate is variable. How is my Electric Orange interest amount calculated? Your interest is calculated daily by multiplying your Interest Rate by the balance in your account at the end of the day, and dividing by 365. (Divide by 366 when it’s a leap year.) Keep in mind, most deposits begin earning interest the 2nd business day after they’re initiated (so don’t include a new deposit in your calculations). Direct Deposits, like your paycheck or Social Security, begin earning interest immediately. Your "Interest Earned This Month" is a total of the daily interest that has accrued to your Electric Orange since the beginning of the month. Your interest accrues daily, is compounded monthly, and is credited to your account at the end of the month.
For more information or to apply online visit ingdirect.com
