ING Savings Deposit Returned

[reyup]

Hello, I have a question about my ING savings account. I recently received an inheritance, and deposited the check into my BOA checking account. I put in a transfer to move the money into my ING savings account.

I did not realize that due to the size of the check, BOA put a hold on the original deposit. Because of this, the deposit into my ING savings account was returned NSF, causing a $35 fee from BOA.

The money is still showing as being in my ING savings account, so they haven't gotten word that the deposit has been returned. But my BOA shows the original withdrawal, and a credit for the same amount that is the withdrawal being returned.

Am I going to incur another fee from ING? Is this the kind of thing that could make ING close my account? This is the first time this has ever happened to me and I've had both accounts for years.

Thanks

[UnknownXV]

It might, I'm not certain on their policies. In this case since it sounds like a significant transfer I would definitely give them a call asap. Even if there are fees involved as long as you explain the situation I think they will void them. They have good customer service.

[jpg7n16]

Am I going to incur another fee from ING?

Probably.

Is this the kind of thing that could make ING close my account?

Probably not.

I recently received an inheritance, and deposited the check into my BOA checking account. I put in a transfer to move the money into my ING savings account.

I did not realize that due to the size of the check...

How much was the inheritance for?

If it's as large of an amount as you say, I really don't think that a checking account is the best place for the funds.

You're concerned about a possible one time $30 fee. Are you concerned about the 100's-1,000's of interest you're missing out on each year?

Do you have any debts? Credit cards, car payment, student loans?


I think there's more we can do to help you out here.

[Gailete]

I try to always make sure I have left sufficient time for the money to deposit in my B&M bank before sending it on to ING and then be sure it is completely deposited at ING before using it. You have now found out why. I would see if you can contact ING directly AND BOA both to get this cleared up. I believe most banks will do two tries with an NSF check before they give up.

If it's as large of an amount as you say, I really don't think that a checking account is the best place for the funds.

ING is a great place as a temporary holding tank for funds till you can send them to an investment or whatever. You can place it in either a checking or savings account at ING. I think the savings account currently pays more now than a regular bank. When one receives an inheritance that they don't know what to do with it, it is prudent to wait and take your time deciding how you want to use it, even if there is a temporary lose of interest or whatever. Jumping into using your inheritance quickly can mean huge losses over time if you do the wrong thing with it. This is the same type of advice that is given to the suddenly single. There should be no hurry until you really know what you want to do.

[jpg7n16]

ING is a great place as a temporary holding tank for funds till you can send them to an investment or whatever. You can place it in either a checking or savings account at ING. I think the savings account currently pays more now than a regular bank. When one receives an inheritance that they don't know what to do with it, it is prudent to wait and take your time deciding how you want to use it, even if there is a temporary lose of interest or whatever.

So you're saying we shouldn't try and help plan the next steps?

There are a few easy decisions in life to make financially speaking. If OP has CC debt charing 14%, and just inherited enough to pay it all off, OP should do so. That's not a rash decision. And it has very little downside.

The situations that require someone to hold their funds in cash are few, so in all likelihood, cash is not the best option. Hence why I asked some questions to get more info.

Jumping into using your inheritance quickly can mean huge losses over time if you do the wrong thing with it.

Why do you feel that we would try and get OP to do the wrong thing with it??

[Gailete]

QUOTE]There are a few easy decisions in life to make financially speaking. If OP has CC debt charing 14%, and just inherited enough to pay it all off, OP should do so. That's not a rash decision. And it has very little downside.
[/QUOTE]

Since the OP didn't share their budget, none of us have any idea where they are at financially. We don't know what they had been planning on using the money for or when or even how much it was. There is nothing wrong with them putting their money in a temporary holding pattern until they have worked out what is the best use of it for them. Pausing a week or two or even a month or two to set your plans for use of an inheritance is not a wrong thing to do, it is prudent.

Why do you feel that we would try and get OP to do the wrong thing with it??

I didn't say that. The OP only posted a question about the problems they were having with BOA and ING and what to do. You stated

I really don't think that a checking account is the best place for the funds.

all I was trying to do was explain that ING has both savings and checking accounts and also BTW immediate transfers to Sharebuilder. The OP may have it completely figured out what he is going to do with the money. I use my ING account frequently to pay off my cc so if he has a 14% cc account he can do that, but we don't know that. The thing we do know is that they received an inheritance (lucky them) and want to deposit it in ING. That is a suitable instrument to hold the money temporarily until he spends it on what he wants. Could be he is buying a house next month with it. We don't know.

[jpg7n16]

Pausing a week or two or even a month or two to set your plans for use of an inheritance is not a wrong thing to do, it is prudent.

But it's not prudent to take advice during that timeframe? Or begin to evaluate your options?

That's all I am trying to help OP do. I don't know why you're arguing that ING is a great place for it w/o all the info.

We don't know:
-the relationship to the deceased
-the timeframe since their passing
-the amount of the inheritance
-OPs financial goals
-the financial situation of the OP
-the risk tolerance of OP
-the debt situation
-OPs age
-OPs family situation (college for the kids?)

Yet with none of that, you're confident that keeping it in cash is the right thing to do??

The OP only posted a question about the problems they were having with BOA and ING and what to do.

People often ask questions that you could just help and go on with your day -- or you can take the time to ask a few more questions and really make a difference.

I chose the latter.

The OP may have it completely figured out what he is going to do with the money.

... which is why I asked questions to find out if that's the case or not.

OP may have it all figured out, but what if they don't? Shouldn't we offer to help just in case??

As you said...

We don't know.

[Gailete]

People often ask questions that you could just help and go on with your day -- or you can take the time to ask a few more questions and really make a difference.

I chose the latter.

No. What you choose was to do your best to make me look like an idiot as well apparently as an uncaring person, which I am not. Enough said. I'm sure if the OP has any further questions he will ask.