Online Bank Accounts

My husband works for HSBC and I asked him this question. He said any financial institution that you do business with checks your credit periodically, once a month or so depending on what it is. So if you have car loans, checking account, credit cards, etc your cedit is being checked.
He said there are different types of credit inquiry- the one that ING or HSBC would dodoe NOT negatively affect your credit. It's only when you are applying for credit and give permission for a credit pull that it can have a negative effect.
The reason (according to DH) is because you could theoretically overdraw your account so they check your credit to see whether or not you are a credit.

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We have an online saving account with ING Direct and have not had any problems with them. I would definitely suggest using them.

I have used ING for about 4 years now and I have never seen a credit check on my report, which I view regularly. I would highly recommend ING.

We use Etrade's bank account and we love it never had a problem with it and it always has a higher interest rate then our regular bank. Plus when we want to invest we are all set up.

I have a savings account with The Apple Bank out of New York and haven't had any issues with it. You can link your checking or any other accounts to do transfers. The only issue is that it does take 3-4 business days sometimes to do a transfer so if you need the money you have to plan ahead. For me that's a good thing because it makes me look for another solution before doing the transfer. Right now my interest rate is around 3%, it started closer to 5%, but that seems to be the going rate.

We use ELOAN for our savings account. I'm not sure to much about it, but at the time it gave the highest interest rates, although they fluctuate. Just something else to look into....

Hi there--we also have an ING account and it is great. The interest rates are so much higher than what you can get at many traditional banks. I don't know who told you that they check your credit twice a month, but I don't think that's correct, at least not that it affects your credit. I check my credit report annually and have never seen an inquiry from ING. I've had an online savings account with them about 6 years now too, so not a new customer. One thing that I like is that you can also break your savings into differnt buckets if you are savings for different things, but they all show up under your one customer account number. (We have an "emergency fund", a "home projects" fund, and a bucket for our son's college fund.) I don't think they require overdraft protection on the savings. Maybe that's on their electric orange checking account? Anyway, I really like it. Their service is terrific too, if you ever need to call and talk to someone. One thing to note is that your transfers do take a couple days, so if you need funds from your savings, it's not instant.

Hi C.,

We've been using ING Direct for a couple of years now and are very happy with it. If they check our credit, it's never showed up on our reports. My checking account does have overdraft, but I don't use it and they don't charge a fee for it. That also has not affected our credit scores at all. In fact, they couldn't get much higher than they are, so if there is any effect at all, it's good.

My advice is to use it as a savings vehicle, not for money you need right away. If you are given a real check by someone, you'll either need to send it in to ING for deposit or, like we do, deposit in a nearby bank and then transfer electronically. That process can take up to a week. ING is a great compliment to a traditional bank.

We use them for direct deposit from my husband's job and pay nearly all of our bills electronically. We have never had a problem with payments arriving on time or getting lost.

They've been great to us and I highly recommend them.

M.

I have several ING accounts and have had them for years. I've never heard of them doing credit checks. If they do it hasn't affected my credit as we just bought a new house. I also didn't have to have any overdraft protection. We simply have the accounts and transfer money to and from our regular checking accounts. I love ING because of the high interest. However it does take about 3 days to transfer money back and forth, so keep that in mind if you need immediate access to your money. Good luck.

I think with most everything you have to get to know the
representative of the financial institution. I have been associated with Vickie Nielsen from ING in Ringwood, IL.
She is very knowledgeable and informative. She definitely watches out for YOUR best interests. You can reach her at ###-###-#### she will treat with respect and integrity.
____@____.com

ING has savings and an online checking account. The checking account would have the overdraft protection, but not the savings. They most likely do a "soft pull" - where they look to see your financial strength, but it doesn't pull a full record.

I have had ING for a few years now, and LOVE it. I have four accounts - one for general savings, one for each of my kids, and a vacation fund. I can always transfer between accounts easily.

They also give you a bonus for opening the account if you get a referral email from someone - it used to be $50, not sure what it is now. Let me know if you want me to send a referral.

We have an ING savings and have had it a few years. We're plenty happy with it!