Is it considered a "Wire Transfer" when you send money from existing checking to an ING account?

[elvislisa79]

I want to open an ING Orange Savings Account and they work by transferring money from your exisiting checking account (at another bank). They say you can transfer money back and forth without a fee (from ING). I know the question has been asked if banks charge a fee and I understand that it matters what bank you have. My question is whether or not my bank will consider this a "Wire Transfer" because almost any bank charges to do a Wire Transfer. How could this be beneficial to anyone unless you are working a ton of money because to spend anywhere between $12-30 per transfer doesn't make any sense for someone who only has a small amount.

I keep calling my bank and they want to talk about is "Wire Transfer" fees where I have to go into my bank (in person) to make one of these transfers.

I know I can transfer money between my accounts (within my bank) without a fee and I assumed this worked in a similar fashion. Sort of like Paypal.

Any thoughts or experiences? Thanks!

[Ask M]

I just mail out a personal check to ING Direct and wait for
it to clear. It only costs a stamp. I don't let anyone
do automatic anything from checking account.

[Lyn]

I don't know if this will help at all, but I have a Bank of America checking account and an ING savings account and transfer money back and forth all the time. Neither one of them has ever charged me any fees for it.

[StephenWeinstein]

I would guess that this is an ACH transaction, like direct deposit, which is usually free, not a wire transfer.

[thebirddr]

its an ACH - Automatic Clearing house

[Kathy B]

It should not be considered a "wire transfer". It should be considered an ACH (automated clearing house) transaction similar to any other automated draft on your account (like gym dues, car payment, etc.). You provide ING with your regular bank account information and they call that your "linked" account. Works great - I've been an ING customer for years. You just need to be aware that ING does place a hold on funds for about a week before they are available for you to use. But as long as you are aware of it, there shouldn't be a problem.

[chaleychan]

Ask your bank if they charge for an ACH transfer. That is the way your funds will be sent, not a wire transfer. Also note the interest rates that ING is paying on Orange Savings Account and their other savings programs has dropped .2% since the feds lowered the Prime Rate. You can do better than ING.

[sestud69]

Open your ING Orange Savings account. You will have to send in a check (small amount) to ING to get the account active. Then when you log in to your ING account, you can set up transfers by providing them with your checking account info from your bank. Account number, routing number etc. It is an ACH transaction (automatic clearing house). It is not a wire transfer (bank to bank using the fed system). Usally, the ACH transfer could take a few days to process. It is safe and it wont cost you to do this from your bank. But just to be safe, double check.