ING Direct Bank – an overview
ING Bank or ING Direct is an internet savings bank insured by the Federal Deposit Insurance Corporation (FDIC). ING Direct is the internet division of ING Group (International Netherlands Group). It has banks in Australia, Canada, UK, USA, France, Spain, Italy and Germany. Its branch in USA was set-up and opened for business in the late 2000.
ING Direct offers various products and services which are far more convenient compared to other online banks and traditional banks. More and more people are enrolling themselves for ING Direct. One of the most sought-after products of the bank is Orange Savings, a type of savings account which earns a higher yield compared to other internet banks. Its major advantage is that it requires no minimum deposit, no banking fees, and no tiered interest rates. You continue to earn the same interest rate regardless of how much you have in your account.
ING Direct’s ability to offer high interest rates roots mainly on its sole concentration on savings and loans. To add, the bank incurs very low operational and overhead cost because most of the transactions are done by telephone and internet.
Although, ING Direct is mainly an internet bank, a good security system is guaranteed. When opening an account which you can either do online or by filling in a paper application, you set your pin by calling up customer service where your identity is first verified. After the verification process, you can set your 4 digit pin number and wait for 24 hours for activation. Also, a client or customer number is assigned to the customers for online and automated phone access. When you log in to the ING Direct website, you can safely view your accounts, view transactions, transfer money, update personal information, link checking accounts, or change your PIN. Anything that you do with your account like a change in address is verified by the bank by sending two letters. One is sent to your former address and the other for the new one. Also, paper statements are sent monthly to your address so you are always updated on your finances. In the website, you always have an option to print your transactions or statements.
ING Direct also offers promotions from time to time. In the US, the bank has launched an account opening promotion where they offer $25.00 bonus. This is an incentive to customers for just opening an account with them. So, if you want to open up an account with ING Direct, it would be best to get someone refer you. The referral system is of course done through the internet. In participating in this promo, bear in mind still to verify the link in your email for security. The referral program works with the new customer receiving $25.00 and the referrer getting $10.00. Since October 2005 however, this promo is only available for savers with a minimum deposit of $250.00. An account holder can refer as much as 25 people for this promo.
ING Direct has been successful in its internet banking-simply no fees and no gimmicks. It just let’s you earn more and save more the simple and convenient way.
Originally posted 2008-10-15 11:34:54.
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