- March 20, 2008 at 5:15 pm #256872
sharon : ___What are the fees like? Are they excessive? Can I withdraw
from savings to checking an infinite amount of times?
shawn : No Fees at all that I know of.
shawn : I have transferred funds between my checking and ING account about 6
times per months at the beginning, no fees. Also between the smaller ING
accounts about 20 times per month or more (I know this is excessive, but
with budgeting I’m always modifying my budget and putting different money
different accounts with ing. sometimes i make mistakes and switch the money
back and forth between smaller ing accounts).
shawn : transferring money between “sub” ing accounts is instantaneous,
however transferring funds from ing to checking is the only down side of
this online bank (it takes about 2-3 days).
shawn : That is why I keep a small baby emergency fund in chase’s regular
saving for rapid switching of money and then in a few days replenish the
account once I finally get the money transferred from ing.
shawn : ing is primarily for getting your savings account up bigger for
larger emergencies or putting your savings on auto-pilot for short term
christmas/vacation (with no market risk) or more long term savings like
(rainy day fund) until you get your emergency money up enough to begin more
risky forms of investing.
sharon : _____also, may i keep my credit union checking? i have overdraft
protection with my credit union and they will
automatically transfer from my savings if there is a problem .
shawn : i would recommend keeping both your credit union checking and
savings since you should always keep some quick transfer money in your
saving account since ing takes about 2-3 days to transfer funds.
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