Personal Finance

ING Direct Email Money Transfer - not

  • Last Updated:
  • Jan 10th, 2012 4:29 pm
[OP]
Sr. Member
Jan 31, 2009
626 posts
26 upvotes

ING Direct Email Money Transfer - not

A word of caution about ING Direct's "free" EMTs for there chequing accounts. So I confirmed with the ING rep that it, takes 2 business days for ING to process the request and destination bank can hold those funds for up to 5 days! In contrast standard banks EMTs are process within 30 min. However, you are charged $1.50.

I don't see how this any different from signing a cheque over. Cheques clear in 5 business days max. ING EMTs can take up to 7 business days.
14 replies
Deal Addict
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Dec 16, 2008
2665 posts
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Calgary
Yeah, I was thinking of opening up a chequing account just to have the free e mail transfers but I read from a quite a few people who were complaining that they weren't true email transfers. Too bad.
Deal Addict
Aug 13, 2008
3356 posts
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Mississauga
oh well this is kinda flop. :(

was this mentioned in the other ING direct thread?
[OP]
Sr. Member
Jan 31, 2009
626 posts
26 upvotes
mbk.2k3 wrote: oh well this is kinda flop. :(

was this mentioned in the other ING direct thread?

No people were just complaining about EMT delays. I decided to call ING and get it from the horse's mouth.
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Feb 24, 2008
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Well the recipient's bank does NOT hold the funds, I'm not sure where this is coming from.

As for the ING EMT delays, The recipient will receive funds by the end of the following business day.

Example: On Monday one sends an ING EMT to a friend who banks with RBC. They will receive the Email right away and enter in their RBC Bank account information. The ING EMT gets processed the next day (Tuesday) as the sender will see this transaction posted to the ING Account on Tuesday. By the end of the business day (Tuesday) the funds should be posted to the RBC account with NO holds.

djino
"So technically it takes 1 business day to receive an ING EMT"
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Sep 19, 2004
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I used it once to pay for something on RFD, let's just say it didn't work (seller couldn't deposit it even though the $35 was deducted from my ING right away)
but I think 2~3 business days later that $35 showed up again in my ING

so I used the real TD EMT to pay the seller later.. oh well

It helps if both uses ING maybe?
Which Credit Cards to sign up? >> Jerry's Mega Thread of Credit Cards Q&A
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Feb 24, 2008
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jerryhung wrote: I used it once to pay for something on RFD, let's just say it didn't work (seller couldn't deposit it even though the $35 was deducted from my ING right away)
From the very second you send off an ING EMT, the money is put on hold (not deducted) until the following business day. If the recipient accepts the ING EMT, the transaction is processed the following business day and the transaction posted (funds added to recipient's external account) by the end of the following business day and the money deducted from the sender's ING Account with the hold removed.

Most likely the recipient didn't answer the security question you had set up and/or apply his external bank's account information correctly.
jerryhung wrote: but I think 2~3 business days later that $35 showed up again in my ING
You have the option from your ING Online to cancel an ING EMT after it has been sent, but before the recipient has accepted it. The funds would stay on hold during this time until its either cancelled by you, or accepted by the recipient, or until the 30 day period has elapsed.

djino
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Nov 11, 2004
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No its not as good as a emt from TD or RBC

But its Free!!!
Hello
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Aug 18, 2005
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This was covered extensively when THRiVE first became available...

ING Direct does not offer an Interac E-mail Money Transfer.
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Oct 30, 2008
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It's not Interac money transfer, which is typically done within an hour. I guess ING's transfer service is some kind of an EFT done through email and this can take up to two business days.
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Newbie
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Jul 1, 2011
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TORONTO
Hello guys, (sorry for bringing up old thread)

How do you receive/claim Interac E-mail money transfer with ING account? I clicked the link on the email, but there is no ING on the list of banks :(
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Feb 24, 2008
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zxlink wrote: Hello guys, (sorry for bringing up old thread)

How do you receive/claim Interac E-mail money transfer with ING account? I clicked the link on the email, but there is no ING on the list of banks :(

There should have been an option to click `Other bank`, and provide the details there. Though you should note Interact Emails is not instant if the receiver is NOT with one of the supported banks. Could take a few days.

djino
Member
Mar 1, 2010
447 posts
39 upvotes
zxlink wrote: Hello guys, (sorry for bringing up old thread)

How do you receive/claim Interac E-mail money transfer with ING account? I clicked the link on the email, but there is no ING on the list of banks :(
djino wrote: There should have been an option to click `Other bank`, and provide the details there. Though you should note Interact Emails is not instant if the receiver is NOT with one of the supported banks. Could take a few days.

djino
There's also a fee for non-supported banks.
Newbie
Aug 29, 2011
5 posts
Jucius Maximus wrote: This was covered extensively when THRiVE first became available...

ING Direct does not offer an Interac E-mail Money Transfer.

Just wanted to note that ING Direct does have Interact e-Transfers now (formerly known as Interac Email Money Transfers). I just made the switch from PC since I saw it..and it's only $1.

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