What's the significance of the overdraft protection?

What’s the significance of the overdraft protection?

Dear Wellsfargo, ING Direct bank has never charged any Overdraft fee, and Wellsfargo shoudl also not charge it, otherwise I will need make ING Direct my primary checking account and close this Wellsfargo acct, and also let my friends know on facebook that INGDirect charges no overdraft fees.

Hello, for recent $10 overdraft fee , can you please refund that ? there was a bank error with dates which led to overdraft. I have paid back all the money checking acct to VISA card. Thanks, Avinash

I am sending all my business to ETrade. I just opened up an account with them.

ING was perfect for me. Simple as that.

What you are failing to realize is the intensity of the problem that your company has caused not just to myself but to many, many others. You closed the line of credit with no notice while people had existing transactions drawn from them. You made it appear that people wrote checks or initiated payments with non sufficient funds. This could very well be considered a type of fraud! This not only damages ones reputation with a creditor, vendor, etc. but also causes other problems such as non sufficient funds charges and inability to write checks or use ACH with those certain creditors, vendors, etc. While this does no longer affect me because my line of credit is paid off, it still did affect me the day that you did it. I had 1 transaction pending on my account. Fortunately for me it worked out that the ACH did not immediately clear; however, it could very well have gone the other way. That check was for my HELOC to Countrywide and they would have charged me a return check fee and not allowed me to issue payment via ACH for an entire year. What you did cannot be legal! I am positive that I am not the only one that had pending transactions. I have been reading all of the consumer comments and blogs on several sites and have been corresponding with them. It has nothing to do with my credit being up to your standards or not or with me having an overdraft line of credit or not. It has everything to do with the fact that your negligence has cost your customers overdraft fees and penalties that otherwise would never have existed. You made it appear that numerous people had initiated payments with non sufficient funds. How completely humiliating! You must be held accountable and I am going to do everything I can to see that you are. I have filed a complaint with the Better Business Bureau and have received information from another gentleman on how to file a complaint with the attorney general. My opinion my not count to you as I am only one individual, but I will make sure that I am heard and that the numerous other customers who have had their reputations scarred due to your negligence are heard! Perhaps then you will understand the message I am trying to convey and not simply believe that I am just some sap that had her line of credit revoked and is angry because of it. This message will be posted on the web.

Disappointed yet again,

Dorothy

I always wished they would offer an account without overdraft protection.

if you need credit, why not use a credit card, instead of trying to combining checking account and line of credit.

Not too happy with ING these days. I’ve already moved my long term savings to E Trade with no problems so far. I will most definitely not be using their services as they become more and more like a brick and mortar bank, which they originally sought to provide an alternative to.

You can obtain a complaint form and instructions at: link

Fax: 302-230-0116

Email: asmulski@delaware.bbb.org
http://www.bbb.org
BBB of Delaware
60 Reads Way
New Castle, DE 19720

The rep said they didn’t run any credit checks and that the corporate office told them they would reconsider reauthorizing the featuer in about 90 days to those that are willing to submit to a credit check and a minimum balance.

Lovely.

If people are abusing the OD feature and they are losing money, I am happy with them reducing or eliminating it on ‘high risk’ customers, if that is what it takes to keep the interest high on all our checking accounts.

$25 sounds like a pretty reasonable overdraft amount anyway. If someone is using $1,000 in overdraft protection, they should probably reexamine their planning strategy. The OD, in my opinion, is something for that “oops!” miscalculation moment, not a “Well, I haven’t got enough money to pay this bill till Friday, so I’ll just use this line of credit to do it anyway” moment.

Just my opinion.

Initially this was done in May and then I received an apology and encouraged to use this account again (see below):

On behalf of my colleagues at ING DIRECT, I wish to sincerely apologize for the email you received regarding the closure of your Electric Orange. Your checking account will not be closed as indicated in the email correspondence. Also, your overdraft line of credit will be active within 48 hours. You are a valued Customer and we encourage you to continue to use this account. Again, I apologize for the inconvenience this mistake may have caused you.

If you have any questions, give us a call at
1-888-464-0727.

Jim Kelly
Chief Operating Officer
ING DIRECT

No warning….just removed my “spending power” and thats that….I think I am going to close both my savings and checking with them as they are not a reliable company

Since then I have not had any problems and as of 5 minutes ago my OD line is still high. I have never used it and I just pretend it is not there because I do not want to go into OD.

Can I set up my Orange Savings Account to cover me as overdraft?
No. We want to ensure our Customers don’t accidentally exceed the monthly limit of six withdrawals on an Orange Savings Account. But you can transfer money from your Orange Savings Account at any time, 24/7 at ingdirect.com.

Have they been getting burned by people on the overdraft system? Seems a bit of an odd change.