ING DIRECT

Insane Rollover Policy At ING Direct
- Jeanne - Thursday, December 9, 2010 - 11:29 AM

My CD at ING Direct matured on December 2, 2010, with a 10-day grace period. After seeing the rate on December 2nd, I mulled it over for a few more days, and decided to go ahead and roll it over for another 12 months (@1.25%APY). I only wanted to roll over the principal, and the "only way to do it" was to CLOSE the CD, open an ING Savings account, move the balance there, pay out the interest, and open a NEW CD, with a new account number, and transfer the principal amount into it. I balked because this has never happened before with any other CD rollover within the grace period.

In the process, they closed the CD, which was in a joint TRUST, and opened an INDIVIDUAL savings account for the transaction. Even though this was to be a temporary account, the funds were no longer FDIC insured!! So far, I'm on the phone for 25 minutes. Then, they now discovered that they required the primary account holder to open the new CD (we are joint trustees but ING labels one as primary). Since that person was not available, the funds were now in limbo! I am now at the supervisor/"management team" level and asked them to reverse the process as if nothing happened today, and I would have the primary person call back when able. I was told that they could submit that request to the back office, but that they couldn't do anything themselves. This could take days. Notice that since they closed the CD, I no longer had the grace period advantage of holding the rate. Grrr!

Finally, completely frustrated, I told them to transfer the whole balance to the linked external account, which they did. Naturally, the next day (December 7), the rate dropped to 1.00%APY.

The supervisor told me that to avoid this in the future (believe me, there won't be one with them), I should call before the maturity date and give instructions to roll over the principal only. Then, if the new rate is not satisfactory, call back to close the CD. I'm sorry, that's absurd.

Terrible Customer Service!
- kencave - Wednesday, September 14, 2011 - 7:52 AM

At first, I was impressed with ING Direct.  I use another internet bank and I thought the features that ING Direct offered were better... until we began using them.  We access our account from multiple locations and used their person2person payment feature and apparently that triggered some security flags so they locked the account.  We call them up and the security personnel were very rude and obnoxious and wanted us to justify every payment and who it was for... as if it was any of their business!  Needless to say, we are moving our money OUT of ING Direct!

DON't DO IT.
- rlb55 - Tuesday, November 15, 2011 - 10:26 AM

 

 i'm not sure how other banks work, but my original bank lets me access my money almost immediately. i've now been waiting 3 full weeks for my money to become available with ING. The second it does, i'm shutting the account down and moving it back to my old bank. Ridiculous. 

Their security is a bit odd too. Talk about complicated. I can't even begin to remember all the random numbers i was assigned. Never again. 

ING Direct
- pjaskate - Saturday, July 9, 2011 - 3:13 AM

On June 16, 2011 ING Group reached an agreement to sell ING DIRECT USA to Capital One Financial. It is expected that the sale transaction will close by year-end or early in the first quarter of 2012.

Great Bank If You Like The Inability To Access Your Funds Quickly
- bloobla - Tuesday, March 29, 2011 - 4:23 PM

ING was recommended to me by a friend because their savings accounts are fee-free. After having some issues with Citizens, I thought, OK - I'll open it. I technically opened my account on March 18th. Before I could make any transfers, I had to wait for two small deposits to be made to my checking account and then I had to verify those. It was my assumption that once my account was verified, I'd be able to transfer funds with no problem.

Well, I was completely wrong. After verifying my account today (6 days later), I was shocked to see that the deposit I'd made from my checking account wouldn't be available until April 11th (9 days from now), and when I called ING to explain that I was not aware that there was a 10 day hold on new accounts and that I urgently needed the money prior to the 9th, I was told there was nothing I could do about it other than opt for a debit card to get the funds or that I could wait until the 11th for the funds to become "available" and then transfer it back to my checking account - But that it took 2-3 business days for the transfer to happen, ultimately leaving me stranded until April 12-13th (assuming it's even done in a timely manner).

So I asked if there was a supervisor I could speak to or someone who might be able to reverse the payment, release the funds, or close the account. After being placed on hold for 10 minutes, I finally got the supervisor - A very rude gentleman who did nothing to help me or explain why they conducted business this way. I asked for information and he flat out told me he couldn't give it to me (he wasn't allowed to do so for some reason and there was nobody that would or could) and that this was their policy regarding new accounts. Now, I understand there are policies but to be given NO information as to why it's going to take me nearly a month to get money that is already mine to begin with completely blows my mind. No explanation, no sincere apology - NOTHING.

 

ING is just another crappy bank spewing BS about how awesome they are and how much they care about their clients but in reality they could care less. I have never felt such harsh coldness from a supervisor before. And I will be closing my account when the holding period is over, and I will never, ever reccomend this bank to anyone - ever.

I Love This Bank
- cents - Wednesday, March 2, 2011 - 7:22 AM

You can't beat this bank. They have a great customer service department and the ease of use via the internet is second to none. I have dealt with a lot of banks and few are even close to the quality of ING.

No Door To Knock On
- gary11 - Sunday, January 22, 2012 - 9:38 AM

  I have been with ing a few years everything seemed ok until I actually needed customer service to resolve a transaction dispute, this simple matter has now gone on for over two weeks several forms, faxes and snail mail all sent to minnesota, over half a dozen conversations with different bank reps each conversation becoming more bizar than the last with more hoops to jump through, enough is enough :  I am sure this small propblem would have been solved with one visit to a local bank branch !!!  do your self a favor find a brick and morter bank and sleep well knowing what state your money is in

Happy Account-Holder Since 2003
- viverechristus - Saturday, December 3, 2011 - 8:16 PM

I opened an account at ING Direct in 2003 because of their high rates. Since then they haven't always been the highest, but they've stayed competitive, and I'm quite content.

Since I opened my account, I've gotten married, and my wife moved her money there. We've also opened an account for our daughter, now two years old. I have other family members with accounts there, too, and as far as I know, they're quite satisfied.

The free mail-a-check option is something I use every month to donate to a non-profit, and the interface for moving money around is quite easy. When I've had problems, I've always gotten very helpful customer service folks. I'm sorry there are folks who've had bad experiences with ING Direct, but I'm a very satisfied depositer!

ING -- If Only Your Rates Were Better!
- leef - Saturday, June 26, 2010 - 4:46 PM

ING has by far the coolest and most enjoyable online presence and interface of any bank I know.  Attracted by those hypnotic bouncing orange balls and a $50 account-opening bonus, I opened an Electric Orange Checking account a few months ago.  The account opening went smoothly and the bonus arrived as promised after I made the required debit card transactions.  By then I was hooked on the wonderous online interface, which includes easy ACH transfers.  But I'm not sure I will end up being able to make all that much use of the bank.  When it comes down to it, the rates are just not good enough to offer much motivation, and there's nothing else, like out of network ATM rebates, to draw me in.  I fear ING is going to turn out to be another one of those supercool things that I want to love, but just can't justify in economic terms.  For now, though, I'm content to hang onto my account and keep my eye on the bouncing orange ball in case any good deals come along. 

Do Not Use This Bank! They Will Discontinue Your Account Without Warning And For Apparently No Reason.
- mjcole82 - Tuesday, November 1, 2011 - 6:35 PM

I opened an account with them. Placed a deposit of $1000 in the account to open it. I had the account for about 3 weeks and made  afew minor card purchases. Next thing I know I recieved a message from them saying that my account will be closed within 30 days. No reason given, no chance to appeal and no answers from customer service.

Here is the message I received:

 

As stated in the Account Terms and Conditions you agreed to when you opened your ING DIRECT account(s), we can close Customer accounts at any time, for any reason and without advance notice. After reviewing your activity, we've determined it's in the Bank's best interest to close your account(s).

Your Electric Orange(SM) and Debit MasterCard® will be closed 30 days from the date of this email.

As with all account closures, the funds - plus any interest earned - are sent to your linked external checking account on file. If you don't have a link on file, we will mail you a check. No additional activity can take place and no new accounts can be opened.

Thank you,
ING DIRECT

Member FDIC




So in concluson, if you are looking for a reliable bank, it would be wise to look elsewhere.

Here is a link from someone else whp has had trhis happen to them.

http://www.chexvictims.net/index....wtopic=179

Good Bank, Great Customer Service
- Anonymous - Sunday, November 14, 2010 - 3:14 PM

The rates a bit low but aren't all rates low now?  Their interface is very easy to use and the customer service is exceptional.  By the way, does anyone know if ING are having their Black Friday specials?

Review Of ING Bank
- ALKU - Wednesday, September 22, 2010 - 7:15 PM

INGs  low interest rates is not only the problem, but not permitting

ITF  or P.O.D accounts is another major reason that I do not bank with ING.

Do Not Honor Contract/Do Not Inform Customers On Policies/Do What They Want On The Fly
- tccbanking - Friday, January 27, 2012 - 1:53 PM

In 2009 my house burned and I broke both of my arms. I applied for a 2 month mortgage payment deferral. ING put me through hell getting them the paperwork and my right humorous healed crooked because I wasn't supposed to move. They approved the deferral. The approval letter states, "This amount will be payable at the end of the term of your load." No where did I sign anything that said I had to pay back the deferred amount in order to get a rate renewal. Since then, I have made all of my payments and paid down my principle significantly and made a lump sum $10,000.00 principle pay down. I have gotten rate rewals since the deferral and since the $10,000.00 principle paydown. I recently applied for a rate renewal, and I received a terse email saying I wasn't eligible because I have to payoff the 2 deferred payments first. They have never informed me that this was a condition. They have never informed me on how to make payments toward the 2 deferred payments. I pay principle and interest every month on my mortgage and I have never been informed on how to buy down the deferral or that it would prevent me from getting a rate renewal. When I applied for the deferral, I was never advised that this might prevent me from getting a rate renewal. When I paid the lump sum of $10,000.00, I was never advised that any of the funds needed to go toward the deferred amount. I have on ING letterhead that the deferral was due at the end of the term of the loan. The managers will not budge, nor will they say to whom they report.  This is predatory and it cannot be legal. ING is doing what they want, as it works for them. Their objective is to get me to the end of my 5 year arm and jack up my rate 2% and not offer a rate renewal until I cough up $7112.00.

Now that ING Direct has been bought by Capital One, they are the bank with the one star rating. I'm going to continue to fight this. They can't just do what they want when they want without informing the customer of the reprocussions.

ING - Direct - The Good & The Bad
- jim - Thursday, October 13, 2011 - 12:15 PM

re. Mortgages:

Good - Low ARM rates, limited escrow & no upcharge for cash out (75% LTV)

Bad - 2 week wait for a low appraisal (usually 3 business days), house apprasier called at 10am to try to schedule a 2pm same day appraisal,  CS people are clueless - zero value add & a million underwritting questions at the 11th hour - very, very unprofessional

 

Great Bank!
- SunnyDay - Monday, May 16, 2011 - 6:22 AM

I've been an ING Direct Saver since 2003, and have never had a problem with this bank.  I was initially attracted by the fee-free savings account, and the fact that they offered a higher interest rate than most brick-and-mortar banks.  Granted, the interest rate has fallen drastically in the last few years, but that's happened across the board with all banks.  Gone are the days of rates over 6%!  The wait period between when funds are deposited and when they become available can be a bit of a hassle - but I tend to use my savings account for longterm savings/as an emergency fund, so I am not withdrawing from it on a regular basis.  Overall, it's a good bank with easy online access from anywhere, with slightly higher rates than most small-town/local banks.

Great Banking
- No1treesmkr - Monday, July 12, 2010 - 1:56 PM

I've been with my financial institution, INGDirect, for, like, ever. The only one comparable would be my alternate bank, Citadel FCU

Fanstastic Bank
- jlj20 - Tuesday, February 7, 2012 - 3:23 PM

Great rates, great website.  No ridiculous fees.  I don't know how their customer service is, because I've never had to call - that's exactly how I like it.