Completely online banks.. Are they safe? Which one do you use?

[abracadabra1]

question about INGDirect:

With regard to transfers between our 'linked' account and the Orange savings accout...is there any charge for shuffling money back and forth? I.E. If one's primary bank (source of funds to the Orange account) charges for outgoing wire transfers will there be a charge for XX amount everytime money is sent/transferred to the Orange savings account?

My checking account is held with Navy Federal Credit Union.

Here's what Navy Federal site says:

Bank Wire Transfers
-outgoing Domestic $14.00 Is the transfer between Navy Federal and ING a 'wire transfer'?
-outgoing International $25.00
-incoming no charge
Commercial Money Order (Western Union)
($4.00 Navy Federal fee; $10.50 Western Union fee)
Maximum amount for each Commercial Money Order is $2,999 $14.50
Credit Union Money Order (CUMO) --
Navy Federal member or Correspondent Credit Union member
(includes loan or share withdrawal for Navy Federal member)
in the United States $6.00
outside the contiguous United States $8.40
Speed pay
-for mortgage, consumer loan, and credit card payments $1.00

 

[SirWoj]

I believe it is a deduction simliar to that of a credit card or bank card. So no extra charges.

 

[RossMAN]

Originally posted by: abracadabra1
question about INGDirect:

With regard to transfers between our 'linked' account and the Orange savings accout...is there any charge for shuffling money back and forth? I.E. If one's primary bank (source of funds to the Orange account) charges for outgoing wire transfers will there be a charge for XX amount everytime money is sent/transferred to the Orange savings account?

My checking account is held with Navy Federal Credit Union.

Here's what Navy Federal site says:

Bank Wire Transfers
-outgoing Domestic $14.00 Is the transfer between Navy Federal and ING a 'wire transfer'?
-outgoing International $25.00
-incoming no charge
Commercial Money Order (Western Union)
($4.00 Navy Federal fee; $10.50 Western Union fee)
Maximum amount for each Commercial Money Order is $2,999 $14.50
Credit Union Money Order (CUMO) --
Navy Federal member or Correspondent Credit Union member
(includes loan or share withdrawal for Navy Federal member)
in the United States $6.00
outside the contiguous United States $8.40
Speed pay
-for mortgage, consumer loan, and credit card payments $1.00

I believe the transfers between Navy FCU and ING are via ACH (not wire transfer), so there should be no fee.

I routinely transfer funds between a corporate bank and ING, my bank LOVES TO CHARGE FEES but we get charged nothing.

 

[abracadabra1]

Thanks for the heads up.

 

[Davegod75]

I've decided to skip a savings account all together and just use the Presidential bank savings account. The bill pay thing is nice, and you can't beat 2.75% anywhere in the country as far as I know.

I'll use my credit union's awesome cd rates for savings.


thanks guys..

 

[RossMAN]

Originally posted by: Davegod75
I've decided to skip a savings account all together and just use the Presidential bank savings account. The bill pay thing is nice, and you can't beat 2.75% anywhere in the country as far as I know.

I'll use my credit union's awesome cd rates for savings.


thanks guys..

Excellent choice.

Just make sure your balance is always at least $1,000 and you have $200 or more deposited into your account via direct deposit/ACH every month.