I NEVER thought that I’d be writing about how much I love banking! As a matter of fact, I’m laughing and shaking my head in disbelief as I write this…
This article is a bit of a followup to my previous article about borrowing from big banks, which sparked quite a lively and interesting debate. Today, I’d like to spend time addressing banking as it relates to personal checking and savings accounts. More specifically, I’m going to share a bit about how I finally found a bank that works for me, and what a blessing that is!
Why so sour on banking?
Good question! After re-reading my article about big banks from two weeks ago you’d think that I was Anti-Bank Man — brought into this world to highlight and condemn all the failures and atrocities of the entire banking world. Perhaps I could even have a super hero outfit… But I digress.
In truth, my disdain for the banking industry has come through good, old fashioned conditioning. Sooner or later, every bank I’ve dealt with has disappointed me in one way or another. While I recognize that some of the fault lies squarely on my shoulders, my contempt for banks is largely driven by something as widespread and rampant as any infectious disease the world has ever known: FEES.
It’s amazing the way banks ALWAYS seem to nickel and dime me to death (no offense Nickel!). Fees upon fees upon fees upon fees… That’s been my biggest complaint over the years. I haven’t been wrongfully charged, but bank policies are typically designed to maximize the fees they collect their customers. And why wouldn’t they? After all, they’re “for profit” businesses with shareholders to answer to?
I felt so inspired so I whipped up a little poem about it, I hope you enjoy…
Bank Fees by Matt Jabs
Fees for this and fees for that
Fees for skinny and fee’s for fat
Fees for breakfast to start the day
Fees for business and fees for play
Fees for moms and fees for dads
Even for lasses and even for lads
What can you do to keep fees at bay?
Open an account with ING Direct today!
So what’s the answer?
I can happily and honestly say that, up until I started banking with ING Direct, I was never a satisfied customer. For me, it was always about deciding who sucked the least and then banking with them.
Regarding credit unions, I’ve never had the right relationships, or known the right people to get in. Thus, I was always left picking amongst banks I knew I wasn’t going to like. It’s kind of like having to pick between the two non-athletic kids for your basketball team in high school. Ugh.
I was motivated to open my ING Direct accounts after reading about them on scores of other personal finances blogs. After five months of working with ING Direct, I’m happy to report that I’ve never been happier with a bank. In fact, if it was possible, I’d walk up and give them a big kiss.
And so today I’d like to share with you the top five things I enjoy about being an ING Direct customer for both personal checking and high yield savings. In the end, I’m hoping to convince you to join ING Direct just as I did. It really has been a blessing.
Why ING Direct Rocks
- Clear, honest, and upfront about fees. Does ING Direct charge fees for some things? Yes, but they are 100% clear and upfront about their fees. Not only that, but they don’t charge exorbitant amounts like other banks. In addition, their fees are all for things I’d expect to pay for. What I’m most impressed with is how they almost always offer you a free alternative before having to charge you the fee. Fees are only charged for:
- Overdraft Line of Credit – This is a “line of credit” on which you pay an interest rate… Not a $29+ fee like every other bank I have ever dealt with.
- Overnight Delivery of a Check – The fee for this is $20, but they also offer free check delivery through standard first-class mail if you can wait a couple of days.
- Overnight Delivery of a Replacement Card – The fee here is $25, but there is no charge for standard delivery of a replacement card
- Stop Payment – There is a $25 fee to cover administrative costs, and presumably to discourage unnecessary check stoppages.
- Foreign Transactions – If you use your debit card for a foreign transaction, they add a fee 2% of the transaction amount to your charge.
Just like every other article I write, I’m sure there will be those that disagree with some of my points, and that’s fine with me. The important thing is that I’ve developed a system that works GREAT for my wife and I. For the first time in my life, I can honestly say that I’m happy with my bank! Yay!
What about you?
Does your bank rock? If not, are you looking to move? Are you an ING Direct fan like me? I highly recommend it, but if you bank elsewhere and love it, please let us know.