Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this1:37 pm
September 25, 2010
Offline
Run into first problem when trying to switch one of my Direct Deposits, Canada Saving Bonds does not accept ING Direct Thrive account.:frown:
9:15 pm
August 21, 2010
Offline
@Patrick, I made my 2nd deposit < $500 at an Exchange ABM tonight. So far the website has reflected the deposit instantly and the full amount is available to use (no holds). I also have an ING Savings Account opened about 2 months ago.
7:45 am
September 25, 2010
Offline
I did my first ABM deposit yesterday, only $90, but it is on hold.
Lack of real EMT is turning to be big downer for me, especially receiving part, and if ING don't stop offering it soon, even at the additional cost, I will have to start looking for new account.
5:50 am
December 12, 2008
Offline
@zuluzkiller
I totally agree. Though if this ING EMT would work internationally (and be free), then I can see its usefulness.
Is there any feedback that you can post to give ING?
I still have not received an invite to be able to post feedback myself.
djino
6:26 am
September 25, 2010
Offline
Yes feedback is possible and I already did that.
5:48 pm
December 12, 2009
Offline
dkay said:
@Patrick, I made my 2nd deposit < $500 at an Exchange ABM tonight. So far the website has reflected the deposit instantly and the full amount is available to use (no holds). I also have an ING Savings Account opened about 2 months ago.
Interesting. Is that greater than $500 or less than? I can never remember those. The alligator thing always confused me. 😛
Cheers,
Doug
5:53 pm
December 12, 2009
Offline
zuluzkiller said:
I did my first ABM deposit yesterday, only $90, but it is on hold.
Lack of real EMT is turning to be big downer for me, especially receiving part, and if ING don't stop offering it soon, even at the additional cost, I will have to start looking for new account.
Hrm, wonder if they're basing on credit score. Do you happen to know your credit score off hand?
See my other reply on why they can't offer free Interac EMTs (https://www.highinterestsavings.ca/forum/tangerine-bank/tangerine-bank-chequing-emt-not-quite-like-the-others/). As far as international EMTs, no not possible since they're done via EFT which is only offered between Canadian Payments Association member FIs (CPA operates Canada's clearing and settlement system).
Hope that clarifies,
Doug
9:32 am
ING emailed me to tell me of a promotion: $75 for setting up employment income direct deposit and $1 for every debit purchase or bill payment, up to a maximum of $15. Both deals last up to Dec 8. I think it is a good deal. If only they can add more bill payers soon...
12:31 pm
December 12, 2009
Offline
ING Direct clarified their hold policy to me via phone. Everyone is at level 0 (all ABM deposits subject to five business day hold) for mandatory three months then after that people are somehow automatically upgraded to level 1 (holds on deposits over $1000) or level 2 (holds on deposits over $10,000 depending on things like whether their Automatic Savings Plan and/or payroll direct deposit are set up, account balances and credit score.
Hope that helps,
Doug
3:25 am
September 25, 2010
Offline
One thing that I noticed is that it seems that even if you have hold on your account it still counts towards your balance. You can't withdraw cash but for example if you had $10 and you deposited $40 that was put on hold and during that time you had direct deposit of $50 going through everything is OK and your oops protection don't even kick in. If it was "normal" bank you will be deemed to have insufficient funds during hold period and direct deposit would be send back and bank would charge you NSF fees.
6:58 am
December 12, 2009
Offline
That's not right. They should only send back items that exceed your cleared funds (those not on hold) and your OOPS! overdraft protection.
Example: I have $1000 in my ING Direct chequing account. $500 of that is on hold. My biweekly mortgage payment is going to come out and it's $600. $500 of that is cleared funds and then I also have the $250 in granted, interest-free OOPS! overdraft protection courtesy of ING Direct therefore the payment should go through, using the $500 of cleared funds and $100 of interest-free* OOPS! protection (*provided I repay it in full within 30 days).
If that's not how they're operating, then ING is even more screwed up than I thought as that's how every single bank and credit union in Canada operate.
Cheers,
Doug
8:24 am
September 25, 2010
Offline
I believe ING works correctly and better. When I first opened ING account I deposited $50, then I deposited $90 though ABM which was placed on hold. My balance was showing $140. I had few bills payments going through the account, first amounted to $120 then additional one for $40. I only received email notification of my oops protection kicking in once $40 bill when through which has put my account balance at $-20. If this was my TD account, speaking from experience, as soon as my first bill of $120 went through it, it would be NSF because according to TD I only had $50 available as $90 was on hold and not available for anything.
6:23 pm
December 12, 2009
Offline
Isn't that the way I just described it? It should use your OOPS! protection instead of bouncing the items.
If you didn't have OOPS! protection, then they would bounce the item like TD as that is also standard practice when no overdraft or line of credit applies (or the account manager hasn't chosen to pay the item as an unauthorized overdraft and charged you a $5.00 exception handling fee, although that's much preferred over a $40 NSF fee). If no overdraft applied and the item is returned, the reason code should be "funds uncleared" not "NSF" in this case though.
Cheers,
Doug
6:44 pm
September 25, 2010
Offline
I think that the difference is that let say I had $50 then deposited $50 which was placed on hold, balance at $100, I have payment of $80 going through, account is at $20 so oops does no kick in. If this was TD payment of $80 would be NSF as $50 did no clear yet.
6:53 pm
September 25, 2010
Offline
Let's look at it another way, $250 oops protection $50 existing balance plus $50 placed on hold, total $$ available $350, payment of $349 goes though all OK at ING but at TD it is NSF as $50 is on hold and according to TD only $300 is available until $50 clears.
5:46 pm
December 12, 2009
Offline
Right, but they shouldn't care about what's on hold since they can dip into the overdraft protection if necessary. If you had no overdraft protection, I can see them definitely saying, "sorry, the funds weren't clear and because no overdraft/line of credit, we had no choice but to return the item 'funds unclear'".
If that's what they're doing, then that sucks. What's the point of OOPS! then!? So basically, with this system, they'd rather you had a $0 balance with no holds on the account and have you dip into your overdraft for the full $80 than dip you into overdraft $30? That makes no sense. If that's the way ING is operating, coupled with the fact The Exchange Network ABMs are smaller than the CIBC/PCF ABM network, they won't expand their business beyond the size of Citizens Bank of Canada -- guaranteed. And, I don't need to educate everyone how well Citizens did.
Cheers,
Doug
4:35 pm
We just signed up for our Thrive chequing accounts. The signup was seamless, quick, and in no time I had set up my bill payees, email notices, and list of email addresses of people I may need to transfer money to at some point. I'm not changing my payroll deposit to ING as the interest rate is much too low compared to my HSBC Advance savings account which is my main account for day to day banking (sans cheques).
My main complaint so far is they should have had the ability to order cheques right on the sign-up form as part of the sign-up process. You have to remember to go under the top nav menu after signing up to then order your cheques, and I had forgotten and then had to log back in.
It's a chequing account after all; they should simply have a radio button defaulted to "ON" on the signup form for your first 20 free cheques.
Even though I use an iPhone, I also sent them feedback that they should have an Android mobile app, not just one for iPhone, iPad, and BlackBerry. Android is becoming very popular as an OS for smartphones now and needs to be included these days.
6:02 am
@Prag
They do have an Android app!
Even though I use an iPhone, I also sent them feedback that they should have an Android mobile app, not just one for iPhone, iPad, and BlackBerry. Android is becoming very popular as an OS for smartphones now and needs to be included these days.
And for the record, i have made a 800$ deposit with no hold. I have a bigger balance in my Saving accounts
7:53 am
September 25, 2010
Offline
Thanks for the above posts, made me aware of the app for blackberry which works great.
6:51 am
Patrick said:
@Prag
They do have an Android app!
Oh, I didn't realize they had an Android one since the Thrive webpages on their site that I saw only mentioned the iPhone, iPad, and BlackBerry apps. Glad to hear it and thanks for the info! They need to update their site to reflect this fact.
Please write your comments in the forum.