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ING Direct's Electric Orange - Bonus & Feature Review Update

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ING DIRECT

For those who had not been interested in ING Direct's checking account, Electric Orange, due to the lack of paper checks, you might want to give them another look. As I mentioned last week, they now offer paper checks.

If you are considering the Electric Orange account, don't forget the $50 bonus. ING Direct has long been listing a $50 bonus on its home page for opening its Electric Orange Checking account. It points to the promo page www.ingdirect.com/nofees.

The nofees promo page lists the following bonus details:

  • Click on 'Apply Now.'
  • Open Electric Orange and make a total of 3 Card purchases or Person2Person Payments (or any combo of the two) within 45 days of account opening.
  • Your $50 bonus will automatically be deposited into your account on day 50.

Like the promos I've mentioned in the past, it's available to both new and existing ING Direct customers who have never had an EO account. One thing that has changed slightly is that they no longer require that the debit card purchases be signature-based. They can also be PIN-based purchases.

You May Want to Wait

If you wait to Thanksgiving, you may be able to get a larger bonus. For the last two years, ING Direct has done a Thanksgiving Black Friday promotion that includes an EO bonus. They had a $103 bonus for last year's Black Friday and $121 for the 2009 Black Friday.

Electric Orange Account Features

The new paper checks is the latest addition to Electric Orange. The next big new feature should be remote deposit capture which allows you to scan checks for deposit.

ING Direct is best known for its zero fees. There are no monthly maintenance fees, no ATM fees (no refunds of fees charged by ATM owners, but no charges at Allpoint ATM network) and no overdraft fees. It should be noted that EO's new paper checks cost $5 for a book of 50, and you can't order paper checks from other companies.

Capital One Acquisition

The big news this year for ING Direct is its pending acquisition by Capital One. The deal is not expected to close until late 2011 or early 2012. We probably won't see changes at ING Direct until mid to late 2012 at the earliest. Capital One has offered free internet savings and checking accounts from its direct banking division, so I doubt we will see any new fees.

Other Internet Checking Accounts

Three other competitive internet checking accounts are Ally Bank's Interest Checking and Incredible Bank's checking account, and Alliant Credit Union's High Rate Checking. All of these are free checking accounts with competitive interest rates.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus blog posts. Additional bonuses are listed in the checking discussion forum.


  Tags: ING DIRECT, checking account

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Comments
6 Comments.
Comment #1 by visitor101 (anonymous) posted on
visitor101
Did ING take out the $50 promo?   It's not there when I visit their website @ 4:21pm PST, August 16.

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Comment #2 by Anonymous posted on
Anonymous
 

I just finished opening an ING electric checking account late this afternoon, Thursday 8-18.  The $50 bonus was mentioned by the telephone service agent and was mentioned during my account creation process.  This is the site info as of 7:02 pm ET - "How to get your Electric Orange Bonus

  • Activate your Electric Orange MasterCard® Debit Card.
  • Open Electric Orange and make a total of 3 Card purchases or Person2Person Payments (or any combo of the two) within 45 days of account opening. Your $50 bonus will automatically be deposited into your account on day 50.
A significant fact about ING personal accounts is that they do NOT offer Outgoing wiring of funds - Period!  They do accept Incoming wires of funds at no charge.

One should also note their limitations on transactions.  I see no limits for using the physical checks  which may be ordered - $5 for 50 and when I asked the rep, I was told no limits.  They do not accept non-ING promted checks. 

If one needs to transfer more than $100k, it seems that you may need to go through sequential transactions.

Lastly, the ING web site was giving very poor response times at mid afternoon today - several of the "Help" links on the site resulted in very slow >30 sec load times on my dsl line, or worse, I experienced a total no loading - finally, my Firefox browser coughed up an error message - site can not be reached.

I will not be able to stay with ING if that becomes a commonplace experience for me.

As with some other 'banks", Sallie Mae being one, ING does not post their physical address where Express deliveries and deposits can be made using Fedex, UPS and similar express services. 

When I asked the rep to give me that info, he checked with someone else and came back with an address of INGDirect USA, 1 South Street, Wilmington, DE 19801.

bb

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Comment #3 by Anonymous posted on
Anonymous
The previous post of Anonymous - #2, Thursday, August 18, 2011 - 6:22 PM had a typo.

In the paragraph beginning with "One should also note . . .",  the last sentence should be "They do not accept non-ING printed checks. 

bb

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Comment #4 by Lee (anonymous) posted on
Lee
Don't forget with ING you can get $25 free when signing up by using an Orange Key from www.orangekey.ca.  You can try 14424363S1

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Comment #5 by Daniel Rascoe (anonymous) posted on
Daniel Rascoe
You can get $25 FREE when you open an ING Direct Electric Orange checking account with an initial deposit of $250 or more. I will send you a referral. Just email me your First Name, Last Name, and Email Address to me at Daniel dot Rascoe at Gmail dot com.

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Comment #6 by Tim (anonymous) posted on
Tim
Thanks! Here is another key: 39684332S1

http://www.orangekey.me/

 

1