Comments on: Are online interest checking accounts worth the hassle?

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By: Mercedes

Mercedes — Wed, 30 May 2007 16:24:50 +0000

I’m doing the ach transfer thing right now with ING.

It works and when I want cash back without any fees I either have to go to one of the atms in their network or buy some .07 nut at work in order to get cash back.

If you do direct deposit exactly on the deposit date they credit your money; this is really nice since wells fargo takes up to 3 days from Friday to hand the cash over with the direct deposit I have going there; have my check split two ways.
I also transfer from Wells Fargo or the opposite to ING and back as necessary.

I’m thinking of switching my direct deposits for the bigger portion to go to Ing Checking then the remainder to my Wells Checking account.

It will just require me to re-setup all my auto debits but in that one way I don’t know Ing policies. I know if you setup the auto transfer from their end it is ok but what if you setup from your ‘owee’? don’t know the answer which is why I never bothered. I just kept the wells checking account since there are no fees.

The other plus is that if you have a savings account already with them the transfers to and from are instant. This is great in an emergency and Ing also has a pretty quick ach transfer wait time compared to some of my other accounts. Capital One is horrible! Incoming transfers take up to 9 days to post! At least in my case but that seems like a really long time.

By: Jon @ Money Mythos

Jon @ Money Mythos — Wed, 30 May 2007 12:02:55 +0000

Thanks for the info. Right after I wrote this post I thought of possibly using two accounts, in that I’d continue using my free, local, no-minimum account for local transactions, simply ACH’ing money in and out as necessary. It’s an interesting idea, and it looks like it works for you.

By: Richard

Richard — Wed, 30 May 2007 05:25:28 +0000

I recently moved over to GMAC, since at the time, they had the highest interest rate (5.30%) I could get with the lowest minimum ($500), that allowed check writing (in that order). Furthermore, they don’t do a hard credit check.

So far, I’m quite pleased with them… no complaints as yet. ACH transfers are relatively quick. When I need to deposit a check, I deposit it into a Chase ATM (I have a Chase Checking acct earning 0%), and then ACH it over to GMAC immediately.

They seem to have the online security bit set, now using secure sign on and all. Successfully wrote a check as well.

Main downside is that like any MMA, you’re limited to 6 withdrawals a month. Once you plan carefully, however, you should be able to get around it. How I deal with it: I also have a Capital One online MMA in case I need to siphon funds from GMAC to make additional withdrawals for that month.

By: Around the PF Blogosphere: May 29, 2007 | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing

Wed, 30 May 2007 02:53:58 +0000

[...] Money Mythos questions the value of online interest checking accounts. Since I only keep a small amount in my checking account, it won’t make a big difference [...]