A major reason I like ING: they offer an awesome chequing account...called "Thrive Chequing"
Why do I love Thrive chequing?
- It's (mostly) FREE, that's right there are no bloody bank fees each month;
- No minimum balance required;
- Unlimited transactions...you don't get dinged if you have 10 or more transactions to do simple things such as paying your bills, paying by debit or depositing money into your account
- They pay you interest! Ok, it's not much (0.25%), but the fact that they pay you something, while the other banks charge you..is a big plus;
- First cheque book is free (50 cheques), if you want more than 50, than I believe it will cost you $12.50 for each additional cheque book, which is still cheaper than the big banks;
- 30 Day Whoops Protection, you'll be covered by up to $250 if you'r bank account is short and you won't pay any fees or interest on the overdrawn funds as long as you pay it back within 30 days;
- Free E-mail Money Transfers, you can transfer money for free to anyone, even if they're not with ING Direct, but you'll need to enter their banking info (account #, transit #, and institution #) to transfer the funds..a small hassle, but it's free!;
- Low-fee Interact e-Transfer, or if you don't have the recipient's banking info or just too lazy, you can transfer them money through Intract for a $1 fee...which is again cheaper than the big banks;
- E-mail Alerts...you can set up your account so that you get an e-mail alert each time there's a transaction in your account; and
- ING has a cool and very user-friendly user interface...I love orange!
What's not so great about Thrive?
ING uses the Exchange Network, such as Alterna, HSBC, National Bank and other banks so the number of ABMs you can use for free to withdraw/deposit money into your ING account can be limited in comparison to the major banks and the number of ABMs varies in each city. For myself, there's a sufficient number of ABMs in my city...even an ABM at my workplace...so it works great for me.
You can check how many ABMs are in your city and their locations here.
You can do online chat, e-mail or speak on the phone for ING customer service, but if you want face-to-face interaction for your banking needs then ING won't be your cup of tea. If you're more comfortable with a physical branch, you could continue to bank with one of the big banks, and open up an ING account on the side to reduce the fees you have to pay. You are allowed to have more than one bank, so that's always an option!
So, if you hate bank fees and want to save money...then welcome to Thrive!
Lets also not forget about their awesome referral bonuses. Right now, you can get $50 for opening a chequing account or any account if you're a new customer and depositing $100 with ING. Just remember to use an orange key to get the bonus. I'd be grateful if you use orange key: 35561445S1.
Happy banking....if you're with ING that it is ;)