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Direct Deposit to ING Direct
Old 03-03-2006, 11:05 AM   #1
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Direct Deposit to ING Direct

I've been toying with the idea of having my paychecks direct deposited into my ING account instead of Washington Mutual. I would transfer chunks of money from ING to WAMU only to pay bills. I want to maximize my float as much as I can. I don't think there's a restriction on the amount of transfers to and from ING. Anyone here do something similar to what I'm proposing?

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Re: Direct Deposit to ING Direct
Old 03-03-2006, 11:34 AM   #2
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Re: Direct Deposit to ING Direct

Savings and money market accounts have restrictions of 6 withdrawals per month.

I direct deposit into my regular checking and pay bills and send payments to my investment accounts and then move money to HSBC or ING.
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Re: Direct Deposit to ING Direct
Old 03-03-2006, 11:36 AM   #3
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Re: Direct Deposit to ING Direct

Oh darn, I didn't think there would be restrictions. Thanks Maddy
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Re: Direct Deposit to ING Direct
Old 03-03-2006, 12:34 PM   #4
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Re: Direct Deposit to ING Direct

Quote:
Originally Posted by The Beagle Formerly Known as Maddy
Savings and money market accounts have restrictions of 6 withdrawals per month.
I have an ING account in Canada and there are no restrictions on the number of withdrawals. I don't know anything about the their U.S. accounts so Maddy could be right.
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Re: Direct Deposit to ING Direct
Old 03-03-2006, 12:56 PM   #5
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Re: Direct Deposit to ING Direct

Details About the Orange Savings Account ("OSA"):

Limits on Withdrawals/Transfers from Your OSA: Pursuant to Federal law, you're only allowed to take money out of your OSA 6 times per monthly statement cycle ("Cycle"). If you repeatedly make more than 6 withdrawals during a Cycle, we may close your account.

- this is regulation D and apparently, dont have in canada My credit union sends me a friendly reminder when I get to 5 withdrawals on my savings account. Some banks will even charge you a fee if you go over 6.
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Re: Direct Deposit to ING Direct
Old 03-03-2006, 04:12 PM   #6
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Re: Direct Deposit to ING Direct

Through PFCU, I created 6 CD's pulling my funds from Emigrant Direct using ACH. I didn't realize that Emigrant would treat them as individual ACH withdrawals. By the end of the month, I had made a total of 11 withdrawals.
The following month I got a boilerplate letter from Emigrant threatening to take me out me if I did it again.

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Re: Direct Deposit to ING Direct
Old 03-06-2006, 08:25 PM   #7
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Re: Direct Deposit to ING Direct

OK, so how do you make a direct deposit to your ING account? Anyone know?
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Re: Direct Deposit to ING Direct
Old 03-06-2006, 10:10 PM   #8
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Re: Direct Deposit to ING Direct

Click on the savings account you want direct deposit to, you'll see a link for 'direct deposit form'. That has the info your payroll processor needs to DD to your ing account.
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