I was one of the savings account customers who was given the chance to open an EO account. So I gave it a try a couple of weeks ago. Since there are no monthly fees or minimum balance requirements, I didn't have any concerns. It was very easy to sign up. Money can be transfered from your linked account or from your savings account. I received the ATM/debit card in the mail about a week after it was opened. One thing I still want to do is to send myself one of their paper checks to see how long it takes and what it looks like. I've heard that the check can be easily mistaken for junk mail. So that concerns me if I'm going to use this for rent or some other payment to people not familiar with ING Direct.
For more details about this account, please refer to my November post. Several good points have made by commenters in that post. Many didn't like the fact that there's no checkbook. As one commenter mentioned:
Electric Orange fails to provide paper checks to its account holders. I'll repeat that: No paper checks. That's like a salad bar neglecting the lettuce. Sure, I understand that with a digital account, you expect your customers to remain tethered to a digital world. It sounds great, but the real world needs real checks.
Another concern was ING's ATM network (Allpoint) which may not be convenient for some. As one reader mentioned:
The ATM part is a mixed bag -- the allpointnetwork is usable for me, but not great. What would be nice is if ING offered a little more incentive for their lack of branches. If they had, for example, no charge for one or two reimbursements of foreign banks ATMS fees per month that would be excellent.
Another issue with any online-only checking account is having to mail in checks for deposit. Several banks have started using remote deposit in which you can scan a check from home without having to physically deliver the actual check to the bank. This isn't available with the Electric Orange Checking Account.