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ING Direct, the branchless direct bank with operations via the Internet, phone, ATM or by mail, is thought to be one of the most popular high rate savings service providers. ING has a very famous sign up/referral program for its Orange Savings Account from which two customers can get $35 ($10 & $25 for each) from ING. I personally got about $100 from ING for referring new customers to open a new Orange Savings Account with $250 initial deposit.

Today I read about a very scaring story about the famous ING referral program. ING Direct is going after someone who got the bank too much bonus!

According to the report from Boston Herald, ING Direct is suing a 24-year-old for allegedly abusing ING’s corporate trademark and manipulating a program it sponsored to drum up deposits for the bank.

The lawsuit indicated that John B. “Breck” Yunits referred 918 new customers to its online banking operations via its “Refer a Friend” program which requires each new client to deposit a minimum $250 in an account a the account opening process. As a reward, Yunits received a $10 bonus for each successful referral, for a total of $9,180.

I have never heard that there is a limit of the number of the referral can be made for an individual. ING claimed that the maximum number of referral bonuses is supposed to be 25. However, Yunits set up an unofficial web site using ING Direct’s name in its address, took prospects’ e-mails and manipulated the company’s online program to exceed the maximum limit for referrals.

It’s interesting to see what the final result for this lawsuit. But it also provides us some hint that the maximum number of referral bonuses is supposed to be 25 which I believe is not very clear on ING’s web site.

The Orange Savings Account is an online savings product offered by ING Direct. Users  can deposit money to their savings account  via two possible methods: electronic transfer from a checking account at another institution, and direct deposit. Customers can link up to three external checking accounts for electronic deposits and withdrawals and make 6 online transfers each month for free. The super easy online interface and excellent customer service support make the ING Orange Savings Account a top choice for many customers.

If you want to shop for a savings account, you can refer to this post.