INGDirect: A Reader’s Comment

The other day, a reader posted a comment to a post that was written in January of 2007. I think the message is absolutely crucial and wanted to highlight the message.  Per usual, I was raving about INGDirect.com . My “raves” have become considerably less vocal as I have watched the interest rate on the account plummet over the past year. Such is the way in a troubled economy, I guess.

Anyway, the reader posted the following comment:

I was a huge fan (of ING) too, until I tried to withdraw money. I have been depositing money for three years with this bank. Then last night for the first time I tried to withdraw money. Sure enough, transaction denied.

So here’s the story I get today, apparently three years ago they sent two small transactions to my bank. I confirmed the amount of these transactions, but my wife did not, and as she is a joint account holder, I cannot withdraw money.

If this is their policy than so be it, what I don’t understand is how come every time I log into the website, I don’t get a big red message saying your account is not authorized for withdrawals.

There are really only two things you do at a bank, put money in and take money out. ING seems to be good at the first, but not so good at the latter. You would think that an online bank, with all of the skepticism about online banking, would know better! Unless of course their ultimate goal is to never give me my money back, which for all I know is true!”

Heed the warning! Follow-up on financial matters. The reader had neglected to follow-up on those two small deposits that were made to his wife’s bank account. Years later, he ran into problems when trying to withdraw his money.