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ING Direct Canada launches free chequing account
August 18, 2010
8:28 am
Peter
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Read the press release here:
http://smr.newswire.ca/en/tang.....ith-thrive
- only available to current ING Direct customers until the end of the year (although you could technically sign up for a savings account now); you have to sign up now to be part of the "preview" starting September 14

- free debit

- free bill payments

- free withdrawals on EXCHANGE network ATMs

- cheque privileges are ambigious: "write, deposit and view cheques online for no extra charge" -- so no paper cheque privileges? Not having to use paper cheques would certainly be the way of the future, but in Canada most of us are still stuck in paper cheque land!

August 18, 2010
9:04 am
Peter
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According to http://www.ingdirect.ca/en/che.....-chequing/

"Need to write a cheque? No problem. We'll even provide your first chequebook for free."

First Cheque Book (20 Cheques) - Free
Additional Cheque Book (20 Cheques) - $10
Canadian Drafts (includes courier) - $10
1 free stop payment per year

August 18, 2010
10:23 am
djino
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OMG, yes, I was just reading about it an hour ago..

I believe it also includes FREE EMAIL MONEY TRANSFERS!!!

August 18, 2010
5:22 pm
Patrick
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This is the greatest day of my life!! Have been waiting for this since the day i opened my account with ING in 2004!

My employer will be pissed tho.

I Changed 2 times already this year my automatic payroll account From Citizen to HSBC now to ING!! ๐Ÿ™‚

August 18, 2010
7:01 pm
Doug
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Wow, this is excellent news -- and the 20 free cheques is great too! I think online banks are realizing they really can't afford to offer totally free chequing with unlimited free cheque book orders (although, having said that, both President's Choice Financial does this) and have to place some kind of limits (one free order per year or one free initial order).

Nonetheless, this is great news because it means, in terms of free chequing accounts, we now have the following:

1. Canadian Direct Financial, a division of Canadian Western Bank
"KeyDirect Chequing", one free initial cheque order and monthly/transaction fees waived with minimum $5000 KeyReturn GIC or tiered fee waiver with every $1000 of monthly balance

2. Coast Capital Savings Credit Union*
"Free Chequing, Free Debit and More Account", one free initial cheque order and monthly/transaction fees waived

3. HSBC Bank Canada
"HSBC Advance Chequing", all-in-one banking package includes free chequing account with unlimited free, HSBC Advance branded personalized cheque orders, HSBC Advance Savings account(s), HSBC Advance MasterCard and HSBC Advance Personal Line of Credit or Overdraft -- all fees waived with combined deposit and investment balances of $25,000

4. ICICI Bank Canada
"HiVALUE Chequing", one free initial cheque order and monthly/transaction fees waived with $500 monthly balance

5. ING Direct Canada
"Thrive Chequing", one free initial cheque order and monthly/transaction fees waived unconditionally

6. PC Financial, a division of CIBC
Free cheque orders and no monthly/transaction fees

*Only available to residents of B.C.

I've left off the Manitoba-based credit unions as all have hefty service charges and only allow one free debit transaction per month, despite offering at least one free cheque order.

Cheers,
Doug

August 19, 2010
7:14 am
djino
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*Also note PCF Bank Accounts are not available to be open to Quebec residents

August 19, 2010
12:56 pm
Prag
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Patrick said:

This is the greatest day of my life!! Have been waiting for this since the day i opened my account with ING in 2004!


I had written to ING DIRECT last year asking them when they were going to finally release the Canadian equivalent of the US "Electric Orange" online chequing account (to which there was a noncommittal reply of course). This appears to be it - FINALLY! ๐Ÿ™‚

I'm looking forward to the preview and hoping I'm one of the ones chosen to participate.

With the new ING Direct Thrive chequing account, I will stop using Mastercard Cheques for the once a month I need to write a cheque, and it will be nice to have access to bank drafts the once every five years I may need one. INGs rate of 0.25% on the balance is still too low for me to move to ING being my primary chequing account though, so I'll be sticking with HSBC Advance savings account as my primary account for the foreseeable future, and simply use ING DIRECT's Thrive for paper chequing needs unless they ever match HSBC's interest rate.

I like ING and hope this is a successful initiative for them.

August 19, 2010
5:28 pm
Doug
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djino said:

*Also note PCF Bank Accounts are not available to be open to Quebec residents


I really don't understand this. Why is ING Direct available in Quebec but PC Financial isn't?

Cheers,
Doug

August 20, 2010
2:10 pm
Guest2
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Big deal. They give you the first 20 cheques free and then every cheque after that will cost you 50 cents. I'll stick with my chequing account through one of the main banks, thanks. It costs me nothing and I get 200 cheques for about the same price.

August 20, 2010
2:21 pm
djino
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Guest2 said:

Big deal. They give you the first 20 cheques free and then every cheque after that will cost you 50 cents. I'll stick with my chequing account through one of the main banks, thanks. It costs me nothing and I get 200 cheques for about the same price.


20 Cheques is good enough for me, as I'm sure that would last me years. Being able to EMT for free is what makes this account totally worth it.

djino

August 20, 2010
5:22 pm
Doug
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djino said:

Guest2 said:

Big deal. They give you the first 20 cheques free and then every cheque after that will cost you 50 cents. I'll stick with my chequing account through one of the main banks, thanks. It costs me nothing and I get 200 cheques for about the same price.


20 Cheques is good enough for me, as I'm sure that would last me years. Being able to EMT for free is what makes this account totally worth it.

djino


I agree, djino, with regard to the email money transfers. I've never used them because the costs can add up quickly (although, it is definitely cheaper than wire transfers!). My concern is perhaps ING Direct is trying to invent their own email money transfer service because they don't specifically mention that Interac Email Money Transfers are included and specify the service in lowercase. I wonder if someone may want to get this clarified from ING to confirm if, in fact, it is the Interac Email Money Transfer service, perhaps?

Besides, even if you do have to order additional chequebooks, at $10 it's still cheaper than most banks' charges. It's generally $30 for 50 cheques or $40 for 100 cheques.

Cheers,
Doug

August 20, 2010
10:03 pm
Patrick
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I sure hope you can instantaneously transfer money from saving to checking account. No 24 or more waiting period like PC or even more between my HSBC Advance and ING...

August 21, 2010
7:46 am
guest
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Doug said:

djino said:

*Also note PCF Bank Accounts are not available to be open to Quebec residents


I really don't understand this. Why is ING Direct available in Quebec but PC Financial isn't?

Cheers,
Doug


i think it has something to do with the different type of law observed in quebec (civil code) compared with the rest of the country (common law). pcf may have decided that the legal fees required to set up shop in quebec outweigh anticipated profits. just guessing, but eventually all business decisions come down to the dollars.

August 21, 2010
4:16 pm
Doug
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Patrick said:

I sure hope you can instantaneously transfer money from saving to checking account. No 24 or more waiting period like PC or even more between my HSBC Advance and ING...


I agree wholeheartedly, Patrick. If ING tries to do this half-assed like PC Financial whereby transfers between an ING ISA and an ING Thrive Chequing are not instantaneous. They should also strive to make it seamless and not issue second bankcards. It would be better to have an ING ISA linked as a "savings" account and ING Thrive Chequing as a "chequing" account and allow access to an ING ISA from The Exchange Network. Will also be interesting to see if ING still allows four surcharge-reimbursed Interac Network withdrawals now that they are part of The Exchange.

Also, there is no more delay transfering between an HSBC Advance Savings and your ING account than any other bank and ING. My transfers from my HSBC Advance Savings to my Ally account always happen within one business day and Ally puts a two-day EFT hold on funds transferred from my external accounts to Ally within Ally online banking (which is reasonable).

August 21, 2010
5:04 pm
dkay
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Hi everyone,

I'm considering switching to an ING THRiVE chequeing account from TDCT. I have no experience with online banks like PCF or ING.

I am wondering how cash and cheque deposits work.

Will I be able to deposit cash and cheques into any EXCHANGE network ABM as well as those that belongs to ING?

Secondly, I have an existing Investment Savings Account with ING, however I do not have a client access card for deposit/withdrawals at ABMs or card terminals. Will they provide me with one as THRiVE launches in September?

August 21, 2010
5:24 pm
Peter
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dkay said:

Hi everyone,

I'm considering switching to an ING THRiVE chequeing account from TDCT. I have no experience with online banks like PCF or ING.

I am wondering how cash and cheque deposits work.

Will I be able to deposit cash and cheques into any EXCHANGE network ABM as well as those that belongs to ING?

Secondly, I have an existing Investment Savings Account with ING, however I do not have a client access card for deposit/withdrawals at ABMs or card terminals. Will they provide me with one as THRiVE launches in September?


Once THRiVE launches, the answer to both of your questions will be "yes".

August 22, 2010
12:32 pm
Doug
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Please make sure that, in order to prevent jams of the ABM depository service at a member ABM of The Exchange Network, if depositing lots of cash (or a thick stack of cheques) to split the deposit into more than one envelope and make a series of smaller deposits. I know we're often taught not to make multiple deposits with multiple envelopes but please use common sense such that if depositing more than say, half a bundle (50 notes), to split it into two envelopes. Or, where possible, change smaller denominations into larger denominations first such that there becomes less notes and less thick deposit before making your deposit.

Cheers,
Doug

August 26, 2010
9:14 am
leonard
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Peter said:

dkay said:

Hi everyone,

I'm considering switching to an ING THRiVE chequeing account from TDCT. I have no experience with online banks like PCF or ING.

I am wondering how cash and cheque deposits work.

Will I be able to deposit cash and cheques into any EXCHANGE network ABM as well as those that belongs to ING?

Secondly, I have an existing Investment Savings Account with ING, however I do not have a client access card for deposit/withdrawals at ABMs or card terminals. Will they provide me with one as THRiVE launches in September?


Once THRiVE launches, the answer to both of your questions will be "yes".


I would advise you to go with pc financial
it's free to open an account they have no fee fo deposits or withdrals(at pc financial and cibc abm) they give you free checks 50 at a time they offer 1.50% on an interest plus savings account on balance over $1000, yes it takes 24hr to transfer from savings to checking but 24hr isnt that long of a time you can even deposit directly in you savings acount through cibc and pc financial abm because all accounts are on one card they give free point of sale transactions (interact debit) you even get intrest on your checking account and if you shop at the loblaws chain of supermarkets including no frills,super store, zhers ,fortenos ect. you get pc points (5 pc points for every dollar you spend on debit card in store and 10 pc points fo every dollar you spend on mastercard everywhere)which you can use for free groceries in store so it's kinda like cash back on your debit card.The debit card also has chip protection no service charges and recently interact e-mail money transfer free bill payment (free unlimited transaction) and free online and telephone banking . what more do you need
if the intrest on savings in too low for you you can link you account to a bank like ally and get 2.0% and free transaction between the two.

ps my personal openion of pc financial "i have been with them for 2 1/2 years and have not have a single issue up to this day. hopes this helps

August 26, 2010
9:44 am
djino
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@leonard: I would have to disagree on a few points you made.

1) Its also free to open up an ING account as they will have no fee for deposits / withdrawls (at any ATM connected to the Exchange network). If you are at least in my region (Ottawa/Gatineau), there are tons more Exchange network ATMs than there are CIBC/pc financial ATMs). National Bank of Canada & Alterna Savings are two of the many banks that are connected to the exchange network.

2) ING's saving account also offers 1.50% on its savings account (WITH ANY BALANCE) in addition to the 0.25% you will receive on the new checking account (again, ANY BALANCE).

3) Unlike PCFinancial, It will be an instant transfer when making a transfer between your ING savings/checking accounts. This WILL BE important to a lot of people. It really sucks having to wait 24 hours for access to YOUR OWN MONEY, as you have to with PCF.

4) You cannot make a Point of Sale (interact) purchase with PCF's savings account, only checking gives you that option. Although you are limited in the amount of transactions, ING does give you the option with their savings account.

5) As for 5 points / dollar for shopping at loblaws chain stores, that basically a 0.5% return on your spending. One can already get 3%/5% when using MBNA's smart cash card at ANY grocery/gas station and 1% EVERYWHERE ELSE. I'd much rather use PCF's Mastercard as that at least gives you 1% Everywhere instead of 0.5% only at loblaws chain stores.

6) PCF Charges $1.50 (as most banks do) for Email money transfer, it will be completly free with ING's checking account. This basically gives you no need to setup bank to bank transfers (which comes with HOLD times and waiting for the money to be transfered) as EMT is almost INSTANT and can be sent to anyone with a Canadian Bank account with no HOLDs on the funds at the receiving end.

7) ING's new checking account will also provide free unlimited transactions, free online and telephone banking.

8 ) The only thing I will give you here is free cheques with PCF. ING will provide the first 20 cheques free and $10 per 20 cheques after. I don't use cheques that often, this first 20 will last me years. I also really don't need to go this route to get free cheques as most LINE of Credit accounts offer free cheques, so you just pay the line of credit account in advance so you don't get charged fees/interest.

9) ING allows you to also link accounts at other banks as you can with PCF.

10) ING will will give free overdraft up to $250 (Assuming you pass credit check). If the account goes below $0, you won't have to pay any fees/interest as long as you bring the account back up to at least $0 within 30 days.

--

The only trade in I see here if looking at ING vs PCF is giving up free cheques for free unlimited EMTs. The free introductory cheques from ING will last me years, being able to send money to anyone in Canada is a good trade as this could replace the need to send someone a cheque.

djino

August 27, 2010
12:57 pm
Maxxer
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guest said:

Doug said:

djino said:

*Also note PCF Bank Accounts are not available to be open to Quebec residents


I really don't understand this. Why is ING Direct available in Quebec but PC Financial isn't?

Cheers,
Doug


i think it has something to do with the different type of law observed in quebec (civil code) compared with the rest of the country (common law). pcf may have decided that the legal fees required to set up shop in quebec outweigh anticipated profits. just guessing, but eventually all business decisions come down to the dollars.


As Canadian Tire Financial told me when I called them 2 years ago: In Quebec, finanacial institutions have the obligation or writing documentation in English and in Franch if they want to offer service in Quebec. With all the extra service and the constant up-dates on the panflets, it was too much job and not profit-friendly.

On the other hand, can someone explain to me what is an Email Money Tranfer (EMT)? I have never done that, don't know what it is or what it's used for..

Are the 20 free checks every year or once in a life-time?

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