Today I’m going to explain why it might be a good idea to open an ING DIRECT Electric Orange Checking Account, and then tell you exactly how to make the move, including setting up free bill pay. I know a lot of my readers already have an ING Direct Savings Account. That’s awesome! But what about an associated Electric Orange checking account? I understand the hesitation with getting one (“how does check-writing work?”, “how do I get to my cash quickly?”, “how do I make deposits?”).
I’ve had one since early 2008 and initially started using it as a daily spending account (see how we set up our bank accounts). Just recently (because we’ve gone to one income) I started using to it perform a majority of my bill pay activities. It’s slowly become our primary checking account. Well, here are the details, starting with why you might want to open an Electric Orange Checking Account:
Benefits of Having an ING Direct Electric Orange Checking Account
Earn Interest on Your Checking Balance – Like their savings account, ING Direct’s Electric Orange account is going to pay you more than your average bank just to keep your money there. As of January 6th, 2012, they are paying 0.20% – 0.90% APY. I know that doesn’t look like much, but it’s way better than an average bank’s 0%.
Free Bill Pay, Electric Checks, and even Paper Checks – Yes, there are multiple free ways to “pay ya bills” with this account. The bill pay setup is really basic and the check features are straight-forward. Did I mention it’s all free? Some banks don’t offer all of this for free. If you’re paying for these services you’re wasting money.
Easier Access to Your Savings – You will be able to move money from your ING Direct Savings Account to your Electric Orange account instantly. And, because you have a MasterCard® Debit Card associated with this account, you’ll be able to access money from your checking or savings account by ATM or at the register.
Free ATMs – The network of free ATMs is great.
FDIC Insured – Last but not least, the accounts are all insured by the FDIC. No worries.
For me, it came down to convenience (easier transfer from the savings account) and making my money work for me (earning interest). I used to keep an account with Bank of America in the event that a physical check is needed immediately. But now ING Direct has paper checks. As for when I need to deposit a check, I just deposit them into my bank account and transfer the funds to ING Direct. I could, however, just mail my deposits in. One thing that will help me totally eliminate the need for a physical branch is digital (optical) deposit. ING Direct will release that feature soon.
How to Open an ING Direct Electric Orange Checking Account
Now that you’re convinced to make the move, here are the steps to opening up your new ING Direct Electric Orange Checking Account:
- Login to your ING Direct Savings Account (if you don’t have one).
- Locate the link to “Open an Account” or the “Electric Orange” tab.
- Complete the Electric Orange account opening process, including: linking it to your savings account, requesting your MasterCard® Debit Card (optional, I believe), and depositing some money from your savings account. The process is fairly straight-forward.
- Once you have your account open, you’ll want to establish either a direct deposit using a portion of your paycheck (talk to your HR dept.), or automatic transfer from your ING Direct savings account (very easy setup you can do online).
How to Pay Your Bills Using Electric Orange
Okay, now that you’ve got your account opened, made some transfers, and used the MasterCard® Debit Card to make some purchases or get money without fee from an ATM, you’re ready to take the account to the next level by paying your bills online.
There’s several different methods you can use to pay your bills with Electric Orange. So there’s bound to be one that works for you:
1. Free Bill Pay – Bill pay is great for paying your monthly bills. Simply add all of your bill companies to your list of payees and initiate payments to these payees for the amount and date you designate. If your monthly bill is a fixed amount (mortgage, student loan debt, etc…) then you can select the payments to recur automatically each month. I use this method on about 6 or 7 of my accounts. Each recurring payment comes with an email notification so that you can ensure you have enough funds prior to the payment going out.
2. Auto Withdrawal – For the remainder of my bill companies (2 or 3) I use auto withdrawal. This is simply providing the bill company your banking information (routing and account number) so that they can pull what you owe them from your bank account. Traditionally, you would locate this information on one of your checks. Since you don’t have a check, visit the “account maintenance” link from the Electric Orange details page. On the account maintenance page, look for the “voided check” link. There you’ll find your routing and account numbers, which can be provided to your bill company to set up auto-withdrawal.
3. Paper Checks – With the Electric Orange account you don’t get paper checks in the traditional sense, but you can have a paper check mailed to any address. You can even have the check mailed to yourself to be signed over to someone else. I only use this method if I owe a friend or family member some money. Now they are offering paper checkbooks too. For $5, you can have a checkbook mailed to you.
4. Electric Checks – Although this is a method that I’ve never used, it looks pretty easy. Basically, you send money to someone else’s bank account. It can be another ING Direct account, or a completely different bank account. All you’ll need is that person’s routing number, bank account number, and email address. This might be a good situation for a small business owner looking to pay their employees straight from a checking account. The recurring payment would justify requesting the banking info.
Open an Electric Orange Account with ING Direct
Related Posts:
- $50 Opening Bonus – Electric OrangeSM Checking
- Sending Paper Checks with ING DIRECT Electric Orange
- Print a Voided Check from Your Electric Orange Account
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Something is missed from this review, probably the best thing about an electric orange account is the total elimination of over draft fees! Lets face it, life happens, and sometimes you over draw your account a day or two before your deposit is supposed to clear, with ING there are no worries because your checking account is like a Credit Card. For example if you over draw your account you will not be charged any fees, instead you will have 30 days to pay the balance or you will receive interest charge :) So many Banks out there offer "Free Checking" but they are free only because they are in the business of making your fail, they make profit only when you fail and over draw your account! ING could change the world with there Orange Checking, but it must be noted that you will need to have good credit to open an account here.
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