ING question

[grouchie]

Ok, Searched for old ING posts and didn't directly see this question posted or answered. Also checked their website and didn't find the answer I was looking for.
So, before emailing them directly, I thought I might get a faster response from one of you chums.

Opened up my ING account and my initial deposit into the account isn't available for me to touch for a certain amount of time.

Now, will this be the case with every transaction into the account? Or is this the first deposit only?

thank you for your time

[Cubswin]

I dont have an account with them but im 99.9% sure that this only happens with the first transaction and that this issue is covered on INGs FAQ page.

cubs

[Cubswin]

How do I add a link or delete a link?

Send us a personal check that is pre-printed with your name and address, made out for a deposit amount of at least $1.00. Write your Customer Number, Account Number and the word "link" on the memo line of the check. Keep in mind that we can't link checks that come from brokerage or mutual fund accounts. In general if a check says "Payable through" it cannot be linked. We also cannot link starter checks. These are the checks that a bank gives you when you first open a checking account and do not have your name and address imprinted on them. When you add a link, a notice will be sent to confirm this and for your protection, we'll place a temporary restriction on transfers to your new linked account for 5 business days. These are security measures to protect your money. To delete a link you can either call an ING DIRECT associate at 1-888-464-0727 between 7 AM and 9 PM or mail in a form. The form can be found by signing into your account page and then clicking on 'For information on your Externally Linked Accounts click here.'

1. Do I have to change banks?

No. In fact to have an account you must have a personal checking account with another institution. We then link your personal checking account to your Orange account. You can easily transfer funds from or to your Orange account without charge. Do transactions online at ingdirect.com, by using the Interactive Phone System or by calling an ING DIRECT associate. Funds generally move between your Orange account and your linked account within 3 business days.

[grouchie]

and i read those paragraphs too.
Thanks for pointing it out in a way that makes me question my own reading abilities /images/graemlins/smile.gif

[steveyz]

For all deposits, there will be a period of time where you cannot withdraw it (usually about 5 business days), might be longer for the first transaction.

[Hojglad]

Instead of an ING account, consider an emigrant-direct american dream savings account. They offer a better rate (3.25%) and are a well established bank in New York. link (http://www.emigrant-direct.com)

[Cubswin]

If you want a high interest online savings account AND branch offices HSBC is another option with a 2.88% APY linky (http://us.hsbc.com/personal/savings/onlinesavings.html?code=husa)

[Yobz]

This is sort of OT, but sort of on topic too. How do people who have massive amounts of money ($1bn, for example) keep it? I mean, the govt only insures accts for 100k a pop, do they just have 10k of these accounts? /images/graemlins/blush.gif
Seriously, what if you "only" have 10mil or so, do you have to have 100 diff bank accounts to make sure your money doesnt dissapear?

[Cubswin]

In a shoe box /images/graemlins/grin.gif

I think most really wealthy people have their assets wrapped up in stocks... ie they own companies. Bill gates doesnt have 50 billion (or whatever it is) sitting in some account... that dollar figure comes, for the most part, from value of his stock in microsoft.

[sfwusc]

It is called treasury bills.

It is govt issued debt that is very short term.

SWUSC

[goodguy_1]

ING Direct is ok but if you move your money around with any frequency the restrictions are onerous.Really none of this makes sense onless you have large amounts of cash.. at a minimum $10K.ING are pigs just like the banks playing the float with your money.The number of days it takes to shoot money in and out of INGDirect is ridiculous.THe holding periods are gluttonus...yes you get better rates but If you move your money around alot these guys are focking w/ you..I was getting 0.17% on my checking account with interest-hah at Wachovia-what fuggins pigs these guys are.

A decent inmvestment right now are short term Treasury notes the 2,3 and 4 year are all at the top of their ranges-I just bought some 3 year notes yielding 3.85% yesterday...I was sick of getting 2.02% in an Alliance moneymarket fund in my brokerage account.

Bankrate.com (http://www.bankrate.com/brm/default.asp)
Money Market (MMA) and Saving Accounts (http://www.bankrate.com/brm/rate/brm_dep_br.asp)
Today's best rates: the best deals on MMA and Saving Accounts around the country (http://www.bankrate.com/brm/rate/highfive_highratehome.asp?web=brm&prodtype=high&pr oduct=33&sort=3)

[balkii]

it takes 3 days to cash out of ING. same time it takes to cash out from party, but i get paid for having money at ING....seems ok to me.

[Yobz]

ING has some 5-year CDs with 4.3% APY or something like that...

[goodguy_1]

3-year notes are easy to get in and out of ..cd's you are heavily penalized for early withdrawal-not sure on the specifics..I'd invest in a 5-year Treasury note that yields 4.29% APY before touching a cd with the same yield.

[contentless]

Seems like ING increased their rate again. Now 3.00%.

[fundmyhabit]

They did.. It is now 3.0%.. this just after going up to 2.8% two weeks ago.

If you want a $25 bonus for signing up PM me.