Cancelled your ING Direct Account?

[lesnar]

I know majority of the people, on this forum at least, has moved their money from ING Direct to PCF Interest Plus Savings Account (i did the samething). However, i'm just wondering if you guys have cancelled your ING Account or did you just leave it at $0 and hope that they will raise their interest rate?

[advantage21]

Why cancel at all? Leave $5 in there and you're set. If ING becomes competitive again you can tranfer back right away, without having to go through the whole process of mailing in checks and waiting for approval, which would take a couple of weeks.

[bellboy26]

If your leaving anything leave $10 as its their min. to withdrawl.

I still like Achieva best.

[Hellfire]

I know majority of the people, on this forum at least, has moved their money from ING Direct to PCF Interest Plus Savings Account (i did the samething). However, i'm just wondering if you guys have cancelled your ING Account or did you just leave it at $0 and hope that they will raise their interest rate?

I still have it cuz I want the $20 for the ASP.

[CSR]

Ya i kept my $35 ASP going.....

Btw, can you link PCF w/ ING?

[vm_fan]

Just remember that your account becomes dormant after 6 months of inactivity (http://www.ingdirect.ca/en/faq/#FAQ11). I couldn't find on their website what the consequences are if you allow it to become dormant.

[hagbard]

I know majority of the people, on this forum at least, has moved their money from ING Direct to PCF Interest Plus Savings Account (i did the samething).

Huh? What did I miss?

[Hellfire]

Ya i kept my $35 ASP going.....

Btw, can you link PCF w/ ING?

Your PCF chequings with ING yes, that's what I've done.

[lesnar]

Just remember that your account becomes dormant after 6 months of inactivity (http://www.ingdirect.ca/en/faq/#FAQ11). I couldn't find on their website what the consequences are if you allow it to become dormant.

If i leave $1 in ING and allow the interest to accumulate will it still be considered dormant? or is there a certain amount you need in there to not be considered dormant?

[HighFlyer]

as long as there's *any* activity, it's no longer dormant.

[Hellfire]

as long as there's *any* activity, it's no longer dormant.

No I don't think interest counts.

[HighFlyer]

No I don't think interest counts.
really? in that case, my account would have been dormant last year.

[lesnar]

what happens if your account is dormant anyways? do they charge fees? or will your account be automatically closed?

[vm_fan]

as long as there's *any* activity, it's no longer dormant.No I don't think interest counts.

I don't think interest counts, either, according to circumstantial evidence. :)

At TD Canada Trust's website, it says this (https://www.test.tdcanadatrust.com/accounts1/fst.jsp):

"You acknowledge and agree that your account will be designated as inactive if you have not made any contact with us (by way of withdrawal, deposit, passbook update or online transaction) within a one year period....If you have not made any withdrawals or deposits (excluding service charges or interest credits)..."

At CIBC's website, it says this (http://www.cibc.com/ca/faq/personal-bank-accnts.html#q5):

"When there has been no activity other than interest or service charges on your account for 6 months (on non-interest bearing accounts+) or for 12 months (on interest bearing accounts), your account becomes dormant (inactive)."

Of course, ING might be different from TD or CIBC, so one can call and ask to end all doubt.

[urameatball]

I'm not sure about ING rules on dormant accounts, but for most banks... if there's no activity for a certain period of time, they send you a letter asking if you wish to close the account or continue having it open. if you reply, you're good. if you don't reply, your account becomes dormant. meaning your interest stops accumulating, and you can't access your account until you show up at their branch to activate it again.

[ericw]

for dormant accts, after about 10 yrs, the balance will be turned to Bank of Canada. then u might have to ask the gov't for ur money back

[vm_fan]

From what I can gather, your account can remain dormant (not closed) for up to 10 years. After that, your account is closed and the balance is transferred over to the Bank of Canada. Banks may charge you a dormancy fee after the second, fifth and ninth years of dormancy, and they are required to send a dormancy notice after the second and fifth years (the fee may be waived if you respond or reactivate). If your balance can't cover the fee, your account is closed automatically.

All banks are slightly different on this, of course. That's just my general understanding of it. If I'm talking out of my butt, feel free to correct me. :)

[daisyville]

I took my $ out of ING and put it in PCF's new 4% account.

I left a few bucks in ING to keep it active.

[vm_fan]

I called ING about this whole dormancy thing and I got what I thought was a confused answer (but it could be that I'm just confused :lol: ).

The CSR said that your account becomes dormant after 2 years of no activity, at which time they are required to send out a dormancy notice. I told her that the website says that your account actually becomes dormant after 6 months of no activity (http://www.ingdirect.ca/en/faq/index.html#FAQ11). She replied that your account becomes inactive after 6 months and dormant after 2 years of no activity. Huh? There's a difference between inactive and dormant? Even if there is a difference, the website says, "...you have not used your account in the previous six months (at which point it becomes a dormant account)..."

She also said that the interest that you earn each month doesn't count as activity and you keep earning interest even when your account is dormant. Assuming there are no fees for a dormant account (I forgot to ask), I guess it's safe to keep your money at ING and do nothing (for under 10 years, that is, after which time your balance gets transferred to the Bank of Canada).

So the big question is, what the heck does having a "dormant account" really mean? I'll have to ask this over in the Ask me anything about retail banking... (http://www.redflagdeals.com/forums/showthread.php?t=317373) thread.

[Hellfire]

So the big question is, what the heck does having a "dormant account" really mean? I'll have to ask this over in the Ask me anything about retail banking... (http://www.redflagdeals.com/forums/showthread.php?t=317373) thread.

Dormant accounts get transfered over to the BoC. Inactive ones stay at the bank.

[vm_fan]

Dormant accounts get transfered over to the BoC. Inactive ones stay at the bank.

Actually, "dormant" and "inactive" mean the same thing. As an example, here's what CIBC's website (http://www.cibc.com/ca/chequing-savings/article-tools/prsnl-bnk-accts-fee-summ.html) says about it:


Dormant (Inactive) Accounts

When there has been no activity other than interest or service charges on your account for 6 months (on non-interest bearing accounts+) or for 12 months (on interest bearing accounts), your account becomes dormant (inactive).

To activate a dormant (inactive) account, see Frequently Asked Questions

Service - Fee
Dormant (inactive) for 2 years - $17.50 or account balance (whichever is less)
Dormant (inactive) for 5 years - $27.50 or account balance (whichever is less)
Dormant (inactive) for 9 years - $32.50 or account balance (whichever is less)

A Dormant Account Notice will be sent to you after 2 and 5 years of inactivity. Charges will only be levied if an acknowledgement is not received from you or the account is not activated within the time frame specified on the Dormant Account Notice.

If an account remains dormant (inactive) after 10 years, the balance is transferred to the Bank of Canada.

[Junk Food Junkie]

Huh? What did I miss?

http://www.redflagdeals.com/forums/showthread.php?t=309474