Using ING Checking Account for Direct Deposit

[brovender]

Hi All -
Does anyone have any advice with respect to using ING (or any online banking insitution) to receive direct deposit paychecks? I am thinking of transationing all of my banking from my current bank - which has lately been charging a lot of "service" fees - to a virtual bank (ING). I already have a checking account (and multiple savings accounts) with ING. I have an ING debit card too.

My main objection is I like to having a phsyical bank near me in case of emergencies. Does anyone have any insight?

Thanks!

[ekrabs]

Welcome brovender.

Even though I use a local credit union and have physical access to their branches and ATMs, rarely have I found myself to use it. In fact, if I could find a much better deal online, chances are good that I would completely move to online as well....

But I think that's the key: Do you find yourself working with a lot of cash and checks? Or are you almost exclusively on debit and credit cards now like I am? If the former, I think you will still want physical branches and ATMs. If the latter, I'll bet you can most safely online.

If you're not sure, there's no harm in setting up an ING checking account, divert a part of your paycheck there, and see how well that works out. You don't have to do either or. You can do a little bit of both for now and see which one you like better?

[brovender]

Thanks for your response. To answer your question I have moved away from cash (thanks to this blog) and use plastic for most transactions. That said I think I will try the ING. And you are right, if my dependency on a physical bank is real (opposed to a perceived benefit) I could always switch back.

I will also look for any hidden benefits with this.

Thank you,

[StephaniePTY]

I've used an ING Electric Orange checking account as my main checking account for the last two years. I only keep my BofA checking account around for when I need to deposit checks and cash at a physical location (rarely). It's worked out pretty well for me these last few years - I'm a big fan of ING.