SERIOUS WARNING--TRY TO AVOID ING THRIVE ACCOUNT | Tangerine Bank | Discussion forum

SERIOUS WARNING said:

ing's holding policy applies to all kinds of deposit….usually bank only holds money for checks…this is the reason most of the people will be shocked when they find they can not use their money even though ING has absolutely received it…

U can make your own decision, what i am doing here is just to tell the public that there exists such a policy and it will beat u badly when u r in a rush.

bad things come together

First of all, there are only 4 different types of deposits you can make into an ING account, 1 of which ING does not use your hold limit against:

1) Mailing in a cheque
2) ATM Deposit
3) Setting up a Funds transfer from ING's end
4) Setting up a Funds transfer to Deposit INTO ING from an external bank/Pay Roll Deposits – NOT HELD whats so ever.

All banks in Canada apply hold limits on the first 3 above. But just like ING, if you have a high enough release limit on the account and the deposit you want to make is less than or equal to it, then you are able to use the funds immediately. And just like ALL banks, if you make a deposit that is ABOVE your release limit, then the amount above the release limit is held. A practice used by ALL Banks.

The extra deposit benefit you get from the Big 5 is being able to make a cash/government cheque deposit at a teller which NO holds limits would apply too. So it shouldn't be a shock when you make an ATM deposit to find that your money is held if the amount is above your release limit. If there is a shock which obviously was in your case, most likely means they didn't read the hold release material that was sent to you, when the account was opened.

I mean, I have a $500 release limit on my RBC Account, which means if I deposit $1000 at an ATM, half of it is held. This is no different to ING (well actually with ING, my release limit is $5000, so this deposit would NOT be held).

I'm sure everyone will make their own decision, you are just blabbing on about a hold policy that exists WITH ALL BANKS. There is absolutely no reason to fault ING for this behaviour.

djino

SERIOUS WARNING said:

then how can u explain my experience?

i electronically transferred a big amount of money from RBC to ING, after RBC released my money and ING received it, ING still holds it for 5 business days.

i called RBC, i called ING and i even called the Canadian financial institution organization to make sure that such holding is legitimate.

RBC told me that, once they gave the electronic credit to ING, they can not take it back and that money is gone from my RBC account.

THE Canadian financial institution organization employee told me that they have no regulation on the holding policy yet, however, once a bank electronically credit another bank, in this case, RBC credited ING, it means that the money is transferred and ING had my money at that time.

ING's explanation is that RBC has the right to take the money back and that is the reason they hold my money.

i should believe whom?

until then, they did not give me the 5000 releasing..after i called them and told them i was shocked and angry, did they finally dropped me some candies.

they give me 5000 releasing and it was when i suffered the second time that i realized that such limit is not applicable to the amount that had been on held before the 'limit buffer' was emptied again…

anyway, very complicated…and 110% attention should be paid if u really hate your check bounced due to 'INSUFFICIENT FUND'…by the way, this is the reason my receiver company got for the bounced check…i have enough money and ING said that i dont have enough money…such a humiliation.at least ING should specify the reason as 'money on hold'

Whenever you log into ING to setup to transfer funds from another bank (ie, RBC) INTO ING, this is the same thing as making an ATM deposit BECAUSE ING does not know whether or NOT you have sufficient funds in your RBC account to satisfy the transfer / nor can any bank verify the funds you have deposited in an ATM until they check it at a later date. But if the amount you setup to transfer in is below or equal to your RELEASE HOLD amount, then you should have access to those funds immediately. This example falls into example 3 as I mentioned in the previous post "3) Setting up a Funds transfer from ING's end". So yes, this is an example of you requesting ING to PULL funds from another bank.

If the external bank had a Bank Transfer feature like PCFinancial/HSBC and you setup from the external bank's end to transfer funds INTO ING, ING would NOT hold this type of transfer. This falls under my 4th example "4) Setting up a Funds transfer to Deposit INTO ING from an external bank/Pay Roll Deposits". As this is an example of you requesting the external bank to PUSH funds into ING. ING does not need to hold, because they have not initiated the transfer. This is also the same as a Payroll Deposit which obviously is always initiated from your Employer's bank. Unfortunately RBC does not have such a feature for you to initiate the transfer from with RBC to push to ING, so you are left with initiating it from ING's end which will be processed against your HOLD Limits.

It doesn't mean anything that you've called RBC and they've released the funds to ING because ING can't verify if you had the funds in RBC as RBC can recall those funds at anytime if you had an insufficient balance. You telling ING that you have the funds there isn't sufficient evidence of that because you can't speak on behalf of RBC.

Your only options here are to see if ING can raise your release limit or stop using your RBC account and move your accounts to a bank that offers the ability to perform Bank Transfers such as ING, HSBC, PCFinancial, etc.

I hope this now makes sense to you as the unfortunate situation you experienced is NO fault of INGs, but in your lack of understanding of how the banking system works when it comes to this type of transaction.

djino