posted on May 9, 2008 07:15:12 AM new
Yes, I do it daily.
I was advised by the good folk at ING Direct to make transfers into my Electric Orange (checking) account rather than the savings account. They said it would credit one day sooner.
I track how long it takes by using the cents field to represent the day of the month. Yesterday I would have moved 1000.08.
Transit times vary, but be aware that ING Direct will not credit transfers on the weekends, so sometimes Monday morning I have three show up from the previous week.
On average it takes three days for the money to show up but I have had it happen sooner.
I have not attempted to have buyers transfer money -- I'm not sure many of them could wrap their minds around the concept.
posted on May 9, 2008 09:17:53 AM new
ACH is the term for bank to bank transfer (domestic)-automated clearing house and should be free.
Foreign buyers unless they have a US bank account,would have to do a wire transfer which would cost them a fee and it would cost you a fee like Tom said for accepting incoming wire.
If your bank is a small regional bank and conducts wire activities through a large bank,then you will be hit twice-one fee from that large bank and one fee from your bank.
If you are worried of fraudster doing mischief with your bank information,you can set up an account just to receive fund and empty it after payment arrives.
It is not that easy to wire fund out of your account without your consent,but what some scam artists do is that they will take all that information to their local printer and start printing checks with your bank account and make payments with those checks.
*
Lets all stop whining !
posted on May 10, 2008 12:11:36 PM new
I am really not in love with the ING concept. However, I do find the following information interesting - in the size of ING and the number of accounts, which can transfer funds between them by email address.
"Our unique approach to banking is backed by ING (NYSE:ING), a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. ING employs over 112,000 people in 50 countries, including more than 10,000 in the US, and has been operating in America for over 100 years. ING DIRECT is a member of the FDIC (Federal Deposit Insurance Corporation) which insures bank deposits up to $100,000."
"Open an account and you'll be joining more than 6.5 million Customers who save their money with ING DIRECT in the US, and the 15 million Customers served by ING DIRECT divisions in Canada, Australia, France, Spain, Italy, United Kingdom, Austria and Germany."
ING users help me out here. Apparently, a buyer who has an ING account could easily send their payment directly, and securely, to a payment account I have established. The payment would be sent to my ING email. No charge, no fees, securely, instantly.
I'm sure eBay would claim that such transaction would not be allowed. However this could work with some of those 15 million customers in Europe who do not use PayPal.
Sure could be used with the Vendio store purchases.
