ING and withdrawal accounts?

manhattan

hi,
just a quick question for anyone on here who has an ING account,or anyone who may know the answer.

my wife has an ING savings account and her normal bank account is attached to this for any withdrawals.

i know on the ING site it says the withdrawal account has to be in the same name as the account holder,i was wondering if anyone has added a withdrawal account of a different persons bank details?
or if it would work? i think new bank details can be added online via the ING account.

thanks in advance.

Zwicky

I'm pretty sure that you cannot add any account other than the the original designated account which must be in the name of the IngDirect account holder - or at least you cannot do this online.

There must be a means to alter the designated account for cases where the holder changes banks but this would still be in the account holders name.

Many banks do this with savings only accounts to reduce the possibility of fraud (Cahoot being an exception in that you can make payments online from a savings account to other acounts and payees). However, the same banks will often allow you to make other payments but you have to call them to do so.

I suggest you call IngDirect and ask.

YorkshireBoy

Zwicky wrote:

I'm pretty sure that you cannot add any account other than the the original designated account which must be in the name of the IngDirect account holder - or at least you cannot do this online.

You can add another 2 current accounts online (and chop and change them as often as you like as long as you don't exceed the permitted 3 linked accounts).

They must be in the name of the ING account holder, and you have to make a deposit by cheque from the new account before you can utilise the DD function for future transfers.

All is explained on the ING site...

Log in, then
Click 'change my details', then
Click 'change linked accounts'

Zwicky

YorkshireBoy wrote:

You can add another 2 current accounts online (and chop and change them as often as you like as long as you don't exceed the permitted 3 linked accounts).

They must be in the name of the ING account holder, and you have to make a deposit by cheque from the new account before you can utilise the DD function for future transfers.

Thanks Yorkshireboy. I didn't know that.

Unfortunately neither of us have really answered manhattan's question because he wants to know if he can make transfers to an account not in the name of the Ing account holder. I understand his postion because my partner has substantial funds with IngDirect and I would like to avoid paying them into her bank account and then to my bank account because of the inevitable delays and loss of interest but I don't know if Ing will allow this. When I need to do this I will call Ing to find out but in the meantime my advice to manhattan is still to call Ing and ask (and please post the answer here!)

YorkshireBoy

Zwicky wrote:

Unfortunately neither of us have really answered manhattan's question because he wants to know if he can make transfers to an account not in the name of the Ing account holder.

Read my post again. Can't you see the answer is very clear!

Zwicky

YorkshireBoy wrote:

Read my post again. Can't you see the answer is very clear!

Sorry but I must have missed something. You only refer to what you can do online. My point was that some banks will not let you transfer funds to an account in another name online but if you call them you can. I assume therefore that you have called IngDirect and checked this is not possible?

YorkshireBoy

Zwicky wrote:

You only refer to what you can do online.

I was answering your point when you said "at least you cannot do this online"

My point was that some banks will not let you transfer funds to an account in another name online but if you call them you can.

ING don't allow this. Nor do they allow CHAPS transfers. They only let you transfer money to a current account that is linked to your savings account. To link an external current account, you must make your initial deposit by cheque. The ING account holders name must be printed on the cheque (under the signature line).

I assume therefore that you have called IngDirect and checked this is not possible?

There's no need. The account operation details (which are the same whether you phone or action online) are clearly given here...

Log in, then
Click 'change my details', then
Click 'change linked accounts'

Zwicky

YorkshireBoy wrote:

I was answering your point when you said "at least you cannot do this online"ING don't allow this. Nor do they allow CHAPS transfers.
The account operation details (which are the same whether you phone or action online) are clearly given here...

They do not actually state in the links you have supplied that they do not do CHAPS but I have called them since and you are correct - they do not.

chesky369

I couldn't set up a link to my first direct on-line savings account, because the link couldn't be activated by a cheque from that account (no cheque book). very frustrating, I have to transfer everything via my current account.