ING Direct Canada launches free chequing account | Page 2 | Tangerine Bank | Discussion forum

Maxxer said:

On the other hand, can someone explain to me what is an Email Money Tranfer (EMT)? I have never done that, don't know what it is or what it's used for..

If you bank with the Big 5 & PCF, you will see this as an option within your online banking features.

The cost is usually a $1.50 per transaction. When you select this option, you specify the recipients name, email address, amount you wish to send, and security questions, and answer. Once submitted, the amount is automatically withdrawn from your bank account.

Once the recipient receives the email, it will contain a link to the interact site. They will need to answer the security question and choose the Canadian bank that they bank with and the funds will instantly be deposited into their account.

If the recipient is attempting to deposit into an account that does not participate in Email Money transfer, there is usually a few business days delay and a charge that will be withdrawn from the amount being transfered (but the recipient won't have to worry about this fee if they bank with Scotia, CIBC, BMO, RBC, TD, PCF, and now ING).

As mentioned above the sender will always have to pay the $1.50 to send payment. BMO allows for 1 free Email money transfer per month and ING is going to offer this completely free.

Are the 20 free checks every year or once in a life-time?

The 20 free Cheques are a one-time thing. If you request more, its another $10 for the 20 book of cheques. For my purposes, Email money transfer will override the need to have more cheques as an ING Checking account client will be able to send money for free to anyone with a bank account pretty instantly for free (and free for the recipient to receive if they bank with one of the participating EMT banks).

djino

CM said:

What is the feeding frenzy all about? If you wanted free chequing, PC Financial has had it for years and so do a number of credit unions.

PCF is not available in Quebec.
ING will also include free EMTs.
Instant transfers between Savings/Checking accounts (unlike PCF - 1 Day delay).
Exchange Network ATMS might me more accessible to people than CIBC/PCF ATms (like myself).
ING usually have sign up bonuses (unlike PCF).

djino
":cool:"

I bet you'll just be raking that high interest in hand over fist if you have to rely on overdraft protection. 😕

I don't think the majority of people who have overdraft are consciously replying on it. But sometimes people do make mistakes or are forgetful in their finances. Should your balance not cover a pre-authorized payment / cheque , its nice to know that you won't be hit with NSF charges / interest charges / fees should the account go negative.

This free overdraft is NOT ALONE the only reason to switch to ING, but its an added plus especially to free email money transfers.

Agreed?

djino

The other guy said:

djino said:

PCF is not available in Quebec.

djino

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That's not correct. The free checking account has been available to residents of Quebec for almost a year now. What they still cannot get is a mortgage or a LOC.

Don't know where you get your info from, but its still not available to Quebec residents.

http://www.pcfinance.ca/01_splash_fr.asp only shows PCF Mastercard as the only option for Quebec residents. I even just made a call to PCF, and the rep said the samething.

The only way a Quebec resident can have a PCF Checking account is if when they opened up the account they had an address outside Quebec (as I did when I lived in Ottawa) then happen to move to Quebec afterwards (as I have moved to Gatineau Quebec), you can maintain all the accounts you currently have opened but cannot open up any additional accounts/services (as I've tried to open up overdraft and RRSP products but was denied even when making the trip to a PCF Pavilion at a Superstore in Ottawa where the rep key'd in my info to open an RRSP product but the system didn't allow it to go through based on the Gatineau address I have).

Nothing has changed concerning this.

djino

Patrick said:

Oh sorry, though it was the ING section of the forum.. My mistake! 😉 Wink!! hihi..

Seriously thanks for the info about PC. But back on the subject, anyone got an email from ING to open an account?

I don't believe anyone can open the account until Sept 14th.

Although you should have by now received an email acknowledging your request to be one of the randomly chosen 10,000 to open up the account.

djino

dkay said:

@djino, I received this email 3 days ago. Is this what you're referring to?

Thank you for signing up for the THRiVE ChequingTM Preview. In less than a couple of weeks we'll be notifying 10,000 Savers who have been randomly selected to be the first Canadians to take our no-fee chequing account out on the town and see what it can do.

oui.. that's the email.

djino

Bobster said:

Does anyone know if ING's imminent checking account will have any kind of hold period for deposits the same way it has for savings accounts?

As for ATM deposits, I'm sure this will depend on an the initial credit check. As they will establish if you qualify for overdraft, ATM release limits / hold periods / etc.

As for Bank to Bank transfers, I assume they will stay the same like the investment savings account. If you setup a bank transfer to transfer FUNDS INTO ING from the ING banking online, then ING will place the usual 5-10 business day hold.

djino

It's 12:05 AM, Sept 14th. So far, no e-mail, and no accounts have appeared in the client portal. I guess I didn't make the preview. 😥