Economic Stimulus / Tax Rebate

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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

into

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

bank savings

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

saving like

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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