Online banking is a growing in popularity with some banks going for a completely online model including ING Direct. By conducting business online, these banks save a huge amount of money compared to those with individual branches.
USAA Federal Savings Bank is a bank based in Texas however it serves its members around the globe. USAA is an organization that caters to the military and has strict eligibility requirements. While using this bank is free, there are no physical branches nor are there any affiliated ATMs. USAA overcomes this by using an online model and reimbursing any ATM fees that other banks charge.
ING Direct doesn’t have physical locations either. What they have going for them is their attractive interest rates and free accounts. If you want a secure place to store your cash, ING Direct is a higher-interest option than many banks you’ll find elsewhere. Transferring money in or out of ING Direct is easy enough but it does take several days to complete the transaction.
USAA Federal Savings Bank has numerous ways you can withdraw large amounts of money should you need immediate access to it. First, call their customer service and explain what you want to accomplish and how much you need. They’re a terrific resource and extremely helpful. Among the choices they offer is a temporary cash advance limit increase on your ATM. This means that you can go to an ATM or another bank and get a large cash advance drawn out of your account. Usually, you are limited to about $250 per day but you can specify how much of your money you’ll need. Another option is that they can overnight a cashier’s check to you for the amount you specify.
ING Direct offers a variety of accounts including checking, savings, CDs, investment accounts, retirement accounts, and home loans.
USAA offers checking, savings, CDs, credit cards, loans, investments, college funds, retirement accounts, and investment accounts. They also have special accounts designed just for children. In addition, free web bill pay is included with your checking account.
USAA Federal Savings Bank checking is free and includes free checks for life, free ATM use worldwide, free web bill payment, free rewards on debit purchases, and they pay interest.
ING Direct checking is also free, offers free online bill pay, free ATM access worldwide, a MasterCard debit card that earns 1% cash back, and electronic checks.
Making deposits is easy too. USAA provides you with pre-paid envelopes for mailing in your checks. In addition, you can drop off your deposits using special envelopes at the UPS Store for overnight delivery. Also, you can now scan in your deposits using your computer and a scanner for an immediate electronic deposit.
Using the internet to access your accounts at each bank is simple and straightforward – once you get past all the security questions. ING Direct is the more complicated to log on to. First, you must know your account number and answer several questions you’ve previously answered. If you get past that, then you must confirm your pre-selected image and phrase. Then you must enter your PIN using either their onscreen keypad or typing in the letters that are displayed for each number of your PIN. Once past security, the interface is simple.
USAA’s website requires that you create a username and password to get in. Once in, you will also need to use your PIN to view your accounts. Once in, using the interface is easy.
Both banks allow you to easily download your account information into your personal banking software. Both banks are FDIC insured and both are terrific places to stash your money. If you are eligible for USAA, you can’t go wrong using their banking service. If not, ING Direct is also a good choice.
