ING Decides To Care You Never Got Your $1400

ING Decides To Care You Never Got Your $1400

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…

ING Direct Doesn't Care You Never Got Your $1400

ING Direct Doesn't Care You Never Got Your $1400

Rob writes:

I was the recipient of an international wire transfer into my Netbank Checking Account for $1000 EUR (about $1400 US) on 2007-08-08. After I noticed the amount didn’t post to my account, I contacted Netbank and the sending bank in Spain. The sending bank generated a multi-page “proof of transfer” document and indicated the money had been transfered. Netbank never got back to me. This began the 7 month nightmare of dealing with an inattentive bank in the middle of it’s being seized by the FDIC that continues to this day.

Pictured: CEO Arkadi Kuhlmann perched atop his Harley-Davidson in the ING-Direct company lobby.

ING Holds Ex-Netbank Customer's Money Hostage

ING Holds Ex-Netbank Customer's Money Hostage

Mr. Kuhlman,

ING Direct: Oops You Don't Have Any Money

ING Direct: Oops You Don't Have Any Money

When Netbank went belly-up, all its customers and their accounts got converted to ING Direct customers, but reader Nate says they bungled his conversion and left him without funds, days before he was supposed to complete a cross-country move. He writes…

http://consumerist.com/2007/10/05/the-recent-shutdown-of-netbank/

The recent shutdown of NetBank is a good opportunity to review what happens when a FDIC insured bank closes and gets taken over by another bank. Basically, you’re safe, as long as your deposits didn’t exceed $100,000. [Kiplinger]

NetBank Fails, Assets Disgorged To FDIC, ING

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.

Netbank Plays The Dating Game

Netbank Plays The Dating Game

Mike’s bank is asking inappropriately personal security questions, and Mike doesn’t feel that he will be able to remember the answers 12 months down the line.