Rick recently moved and needed to set up a checking account quickly, so he went with ING, the online bank with which he already has a savings account. He tells personal finance blog Poorer Than You, the bank wouldn’t give him account because it couldn’t verify his identity.
Last week we told you about Rob who never got a $1400 wire transfer when he was a Netbank customer, and then after ING acquired the bank when it failed, their customer service never fixed the transfer despite 8-months of calls assurances. We gave Rob the phone number for ING executive customer service (302-255-3005) and now he happily reports:
Within a few hours of my initial contact, Laura got back to me via phone to let me know exactly what happened. It appears that the initial wire transfer paperwork was filled out incorrectly by the sender and the money hadn’t ever made it to Netbank or Ing Direct but only got to American Express Bank (who as acting as an intermediary in this transfer.) I contacted American Express Bank and in a few minutes they were able to confirm that the wire was incorrectly setup and the funds had been returned to the sending back on August 10th…
NetBank is the first federally regulated bank to fail thanks to the ongoing subprime meltdown. The failure spotlights the importance of FDIC insurance, which guarantees deposits of up to $100,000. Customers who abided by the FDIC limits and deposited less than $100,000 with the internet bank will become ING customers, and will have immediate access to their funds. The 1,500 customers who collectively deposited $109 million above the FDIC limits stand to lose half of their funds.
5,300 Electric Orange Checking Account Holders Mistakenly Told: "Based On Your Credit Score, We Have Decided To Close Your Account"
Nick was shocked to receive an email from ING telling him that his Electric Orange checking account would be closed because of his credit score. Nick was not the only one; similar letters were sent to 5,300 account holders.