Online Saving Accounts

[acegolfer]

Originally Posted by sheriwx

We have Electric Orange tied to our savings, so when it's time to send a rent check, I transfer the money from savings to checking (instant), and they send the paper check for me after I write the information about who to send it to and how much. I pay lots of things by check through ING. It's nice not to have to use a stamp.

I'm doing some research on ING electric orange as it's a new concept to me. I really like the idea of not paying for the stamps when sending checks.

I read some reviewers saying that the check sent by ING on behalf of you can get lost, which causes 3 problems. Can anyone verify this?

1. Some recipients don't bother to open the check ING sends because they think it's a junk mail.

2. When you write e-checks, the fund is deducted instantly instead of when the recipient cashes the check. This means when the check gets lost, to credit back the amount, you need to stop the check for $25 fee.

3. To resolve the missing check issue, you need a 3-way conference call involving ING, recipient and yourself. This is a hassle.

[suzie02]

Originally Posted by acegolfer

I'm doing some research on ING electric orange as it's a new concept to me. I really like the idea of not paying for the stamps when sending checks.

I read some reviewers saying that the check sent by ING on behalf of you can get lost, which causes 3 problems. Can anyone verify this?

1. Some recipients don't bother to open the check ING sends because they think it's a junk mail.

2. When you write e-checks, the fund is deducted instantly instead of when the recipient cashes the check. This means when the check gets lost, to credit back the amount, you need to stop the check for $25 fee.

3. To resolve the missing check issue, you need a 3-way conference call involving ING, recipient and yourself. This is a hassle.

I do not have ING but I believe most of online bill pay works like that. I have found one that doesn't. Schwab bank. They do not deduct the money from your checking account until the check is cashed.