ING’s fee free account proving popular

The executive director of savings at ING Direct, Brett Morgan, says 90,000 customers have opened Orange Everyday accounts, a fee-free transaction account that was launched early last year.

“Our research tells us that the No. 1 reason people move to us is because they don't like fees. The No. 2 reason is that they are unhappy with the quality of the service they are getting elsewhere.”

Orange Everyday is an online transaction account that offers electronic payments, transfers between linked accounts and a Visa debit card for ATM and debit transactions.

There is no cheque option but ING Direct will issue bank cheques on request. There is no credit card option but ING Direct allows unlimited ATM and debit usage.

ING Direct has no ATM network of its own and is not a member of any of the large independent networks. Instead, it rebates ATM charges (anywhere from $1.50 to $2.50 per transaction) for any ATM the customer uses, as long as the withdrawal is more than $200. If the withdrawal is less than $200, the customer pays the charge.

Source: Sydney Morning Herald