Posted: September 30th, 2009 | Author: Joe | Filed under: Reviews | Tags: Banking, ING, Money Transfer | No Comments »
ING direct now offers Person to Person money transfers. It’s a feature of their Electric Orange Online Checking. Here are the details:
Cost of transfer: FREE
Time to transfer:
To ING DIRECT Accounts: Instant
To External Accounts: 3 business days
Of course, you have to have an Electric Orange account to use this feature, but the recipient does not.
“How to Send a Person2Person Payment:
- Enter the recipient’s name, amount and select a send date.
- If the recipient is not in your address book, you can add them by entering their Email Address, Account Number and Routing Number (for non-ING DIRECT accounts only).
- Verify the information, and click ‘Send’.
Additional Info:
- The amount will be deducted from your account on the Send Date.
- P2P Payments to other ING DIRECT accounts are available immediately upon payment pickup.
- P2P Payments to accounts at other banks take 2 bank business days after payment pickup due to transfer time”
As you can see from above, you do need the account number of your recipient’s bank account and the routing code of his bank to send the money.
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Posted: September 26th, 2009 | Author: Joe | Filed under: Reviews, Saving | Tags: Banking, ING, Review, Saving | 1 Comment »
Looking for a free $25 bonus referral for ING Direct Electric Orange Online Checking? Skip below. For those unfamiliar with ING’s Electric Orange Online Checking, read on.
Electric Orange is the online checking account version of it’s popular Orange Savings account. Just like Orange savings, Electric Orange (EO) has one of the easiest to use web sites in the banking business, offers competitive rates and offers $25 free when you sign up with a referral. Electric Orange accounts are like siblings to Orange Savings accounts, so money transfers are instantaneous between the two. You can pay bills direct from your EO account too, free of charge.
Here are the details:
Electric Orange Checking Rates
| Account Balance |
Interest Rate |
APY |
Effective Date |
| $0 – $49,999.99 |
0.24% |
0.25% |
09/09/2009 |
| $50,000.00 – $99,999.99 |
1.48% |
1.50% |
09/09/2009 |
| $100,000.00 or more |
1.53% |
1.55% |
09/09/2009 |
Benefits:
- Your FDIC-insured Deposits Earn Interest (see above)
- Free MasterCard® Debit Card for all purchases
- Free Online Bill Pay
- Free access at over 35,000 ATMs through the Allpoint™ network
- Free postage – they mail your paper checks for you
- P2P Payments – Show friends how cool you are. Securely email them money. It’s Fast and free.
EO accounts also offer overdraft protection, here’s how that works:
When you sign up for an EO account, you select the amount of over draft protection you’d like. That amount becomes a line of credit that gets used in the event of an over draft on the account. You pay interest every day your account remains over its limit, but if you’re like most people and only experience a shortfall in between a bill payment posting and your pay check being deposited, paying interest for a day or two is going to be a lot cheaper than the $25-35 flat fee most brick and mortar banks charge.
Check out the web site for more details or if you’re ready to open an account, you can use one of these referrals below and get a $25 bonus if you open the account with an initial deposit of at least $250 – that’s a 10% return on your money!
Electric Orange Checking referral
Electric Orange Checking referral
Electric Orange Checking referral
Electric Orange Checking referral
Electric Orange Checking referral
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Posted: September 25th, 2009 | Author: Joe | Filed under: Debt | Tags: celebrity, Debt, money | 8 Comments »
I stumbled on a news item today that I think illustrates what I was talking about yesterday, when I blogged that money can be a debt magnifier.
From Star Magazine:
“Pamela Anderson used to be the Baywatch babe with the million-dollar body! Now, she owes more than $1.2 million to creditors, including construction companies she stiffed after they remodeled her five-bedroom Malibu Colony home last year! “
The article goes on to talk about how Anderson owes $674,043 to the contractor, as well as $252,360 to California’s Franchise Tax Board in unpaid income tax from 2007. She might even lose her multi-million dollar home.
This just shows that having a lot of money, doesn’t solve your money problems if you don’t know how to manage it in the first place. In this case, being rich and famous was just a fast track to mega debt when Anderson’s poor decisions were amplified by her wealth.
Let this be a reminder that we should get our habits under control before we throw more money into the mix.
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Posted: September 23rd, 2009 | Author: Joe | Filed under: Debt | Tags: celebrity bankruptcy, dave ramsey, Debt, Income, money, Opinion | No Comments »
I don’t know if you are a Dave Ramsey fan or not, but I’ve been listening to him casually on the radio during my evening commute now for a few months and I had to write about something I noticed time and again on his shows. It seems like just about every person who gets on the air with Dave to ask for advice about a debt problem always answers with something in the 6-figure range when Dave asks what their salary is!
I swear that 85-90% of those callers say they make somewhere between $100,000-200,000 a year.
The first question I had for a while was, “How in the world can you have a problem with debt when you make 6 figures a year?!”
Then the answer gradually became clear to me – these people don’t have a problem with debt, they have a problem with spending! It’s a money management problem, made worse (magnified) by a large salary.
Think about it- we see it all the time with celebrities. They have multi-million (sometimes billion) dollar incomes and somehow lose it all. How does that happen?
The answer lies with the fact that money is a lubricant that greases your financial skids. But if you can’t steer the sled, you’re apt to fly off a cliff and the more money you have (lubricant) the faster (and farther) you’ll fly off that cliff.
The Dave Ramsey callers, like Ed McMahon, M.C. Hammer, Michael Jackson, and hundreds of other celebrities should serve as a reminder that more money alone will not solve your problems. In fact, it may make them worse! You should first get your financial house in order, then grow your income. Chances are, you’ll actually keep more of it that way. 
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