Question about small deposits from ING Direct

[Aleta]

I don't want to appear green here, but I do have a question. (No pun intended. I have never had an on-line account before and want to know what happens to the small deposits that are made into your account? Are they deducted in the future or are they considered part of interest?

[humandraydel]

Well, they aren't deducted. I'm not sure I'd consider it "part of the interest" though, since it's such a small amount. It's usually only between 1-10 cents.

[Aleta]

Thanks for the reply. Mine was for .29. That's why I ask.

[sweeps]

Most companies leave it in the account, a few yank it back out (like ELOAN). Sorry, I don't know what ING's policy is.

[jodi]

I just had one a few weeks back (I don't even remember what it was for), but I made nearly $1 on two deposits! (yes, I am easily amused) I have seen some companies deduct them back out too.

[Bookie]

The two confirmation deposits made to my account were never deducted.

I would have noticed an 8-cent difference in my balance for the month.
.

[rduell]

ING doesn't take them back, but Emigrant did.

[Aleta]

Thanks for all your answers. It seems silly but if you balance your checkbook and it's off - it does make a difference then.

[kv968]

Hope you're not cutting it THAT close with your checking account

[Aleta]

I think the most irritating things can be when you're a few cents off when you balance your checkbook. I do balance mine everymonth. Your bank can make mistakes as well. As for the cents they added, it will go to my $20. challenge.

[kv968]

Originally Posted by Aleta

I think the most irritating things can be when you're a few cents off when you balance your checkbook.

You're right, and that's why I haven't had a checkbook in years. Online banking + billpay = no checkbook

[rduell]

One time when we first moved back to PA the bank deposited one of my DH's checks as $52.67 instead of the $526.70 that it was! I didn't know it until I got a notice that I'd bounced some checks!

[Aleta]

ING hasn't taken back their small deposits yet, but Emigrant took them out the same day they put them in. My question is answered.

[sweeps]

So that's why people choose ING over other online banks. The 15 cents you get from the test deposits. I knew I was missing something.

[tinapbeana]

i'm with grand yield direct (apple bank) and they've not removed their test deposits in 2 months. and their rate is currently 5.25% (give or take).