ING Referral Program now A Lawsuit
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.
Capital One Direct Banking offers 3.55% APY on balance over $10,000. If the deposit is under $10,000, the APY is 2.55%. I think this Capital One online savings account offers one of the best savings rates among the top national banks. During the financial crisis period, there is no negative reports about the Capital One, so I think it’s save to deposit money there. I personally have a Capital One Online Savings Account and I like it very much. The easy to use and link other accounts make me feel that Capital One Direct Banking is a really reliable bank. They will keep sending a statement to you even your balance is $0.02 every month.
WT Direct always offers top rates on their high yield savings account. There is no monthly service fees, minimum balance requirement but you have to keep your balance over $10,000 to get the high rate. As their website indicates the WT Direct online banking is part of a family of companies with over 100 years of financial strength and stability—Wilmington Trust Savings Bank. There is no related reports about the falling of this bank. WT Direct was rated as “This institution offers good financial security and has the resource to deal with a variety of adverse economic conditions.” by TheStreet.com.
Amboy Direct eSavings is an FDIC-insured savings account. For account balance higher than $3,000, you can have 3.25% APY! Plus you can get $50 sign up bonus if you open an eSavings account right now. The other interesting feature of this account is the ability to make (3) free Bank-to-Bank withdrawals and unlimited deposits in any calendar month. There is no monthly balance minimums or service fee.
It’s no doubt that HSBC Direct is one of the safest online banking choices out there with a wide international and national banking presence. (The world’s local bank!) Although the account opening process is a little complicated for new customers, their customer service is generally good and helpful. HSBC direct online savings account also often offer sign up bonuses. If you travel around the world frequently, HSBC is your top choice.
Better known for its online discount broker program, E*Trade also runs a traditional banking component. Their complete savings account features high yield rewards and super fast money transfer service. If you are using the E*Trade brokerage service and want to link E-Trade brokerage account and their online savings, E-Trade’s Complete Saving Account is a recommended choice.
The Emigrant Direct American Dream Savings Account is the feature banking product from Emigrant Direct which features no monthly fees and no minimum balance. Furthermore, there is no need to change your checking account. Your American Dream Savings Account will be linked to your current checking account. This bank is always chased by customers seeking for safe and high yield savings products.
When it comes to ING Direct, one thing is common – it’s universally agreed upon is that ING Direct is a great online savings bank. When you read a personal finance blog, online journals, or newspapers, ING Direct is often praised for its super customer support and easy-to-use online account. Once you start a relationship with ING, you just don’t want to try others. Their simplified and streamlined website interface that makes it easy for both advanced users and novice online banking customers to use. The famous Orange Savings Account is not only quick and painless to open, the high yield savings account also imposes no monthly fees or account balance minimums.
Mint is a free 
Buxfer is also a free online personal finance software for budgeting and expense management. You can even transfer your money online using Buxfer. Most interesting part is buxfer can track the transactions for a group. The group can then split bills based on the summary from Buxfer. Buxfer also has lot of fantastic web applications which can be used on iPhone, facebook, Google and other mobile devices. But, to be honest, I don’t trust buxfer very much. It’s more like a study-group based product.
To address the problems, banks are in great need of money. That’s why National City Bank promote their checking account products with $150 bonus with qualified direct deposit. At the same time, all of the banks are running great long-term CD deals in the past months. If their customers lose the confidence and transfer all of the money to other banks, I think it’s really the time for them to collapse.
Intuit, the American software company that develops financial and tax preparation tools for small businesses, individuals, and accountants, finally lowered their subscription fee on 
For example, the free checking account doesn’t require any direct deposit, no minimum balance required, and no monthly fees. It’s a great checking product!
Bank of America raised the fee charged on the first day a customer overdraws to $25 from $20. BOA also raised the number of times a customer can be hit with this fee per day to seven from five. It’s really terrible. Furthermore, the next following days after the first day, the fee is $35.00 for each item. A customer can easily get up to $500 fees just for the overdraft. And it’s vry common to pay $100 over draft fees for just 2 or 3 cups of coffee!
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