Tuesday, October 16, 2007

ING Direct's Electric Orange

I've now posted my Electric Orange review over at the main site.

At first I sort of figured I'd just open ING's newfangled checking account and play around with it just long enough to write up my review. But now I'm having second thoughts: I'm gonna keep it for a while. Not only that, I believe I'll make it my main checking account — at least for a few months.

The simple fact is that I write fewer than 2 or 3 paper checks per month on average. And of those two checks, ING has already shown me that they can pay one of those bills electronically. (I could've paid it electronically, too, directly thru the company's website. But I would've had to pay a $1.00 service fee to do it. Don't even get me started on that crappy setup.)

Being able to pay individuals with Electric Checks will actually come in handy this week, as I need to send some money to an out-of-town family member who made a purchase on my behalf. Thanks to Electric Orange, I can do this without mailing a check, and the relative won't have to make a trip to the bank to deposit a check. A few clicks from me, a quick email response from her, and ING gets the money into her account 100% electronically. Pretty nifty.

I've had my main credit-union savings account since the 1970s. I've had its corresponding checking account since ... well, since I was old enough to open one. ING Direct's Orange Savings Account was the first account to largely snag my savings funds away from this particular credit union.

I suppose it's only fitting that they also be the ones to acquire my checking-account business, too.

At this point, I'd say the odds slightly favor Electric Orange.

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— Posted by Michael @ 9:42 AM


I have used ING services for a few years now and I must say that I love the Electric Orange.
I use orange as my main checking account since it is the one that gives me the highest interest rate on a checking account. I do not write many personal checks and I use it to pay all of my bills.

I recently used ING to open a CD so I can get some longterm savings going on.


Wait a sec, to receive a payment the recipient needs to give you their routing number and account number? So the info that can drain their bank account. That doesn't seem right.



Yeah, I'm not sure why the sender needs to know the recipient's account info (RTN and account number). That seems potentially troublesome.

OTOH, I won't be sending Electric Checks to anyone other than family members, so it's not such a big deal in my case.


I think you would be blown out of your mind if you knew how easy banking is in some other countries. I'm a 32 yo. Icelandic (but now living in the US) and checks were something I remember from my childhood, a 20th Century thing. Then I move to the US and it is like going back to the 20th Century. In Iceland, if you want to send money to someone, you simply log on to your bank account and transfer the money yourself, no cost, no matter which financial institution the two of you are. Same with bills, they automatically turn up in your online bank, and tax information as well. It's just so much simpler.

I don't even know if you still can get checks. Certainly no one wants them because they are so inconvenient.

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