Print This Post

{ 21 comments… read them below or add one }

1 sydney November 28, 2010 at 3:15 pm

Okay, great but they don't tell you what the min. deposit amount is to open your checking account.
I mean is it 25.00 bucks or something?
I tired looking it up and couldn't find the information.


2 Kathy S November 28, 2010 at 3:30 pm

No minimum balance is required. Even $1.00 will do it.

Another thing, your kid(s) must be under 18. I tried to open one for my son (26) as a surprise, but they wouldn't allow me. I had thought I could open it and deposit some of the $$ he gives me (bi-weekly) from his job - through an account I just opened for myself, to help him get started saving again. He had given us all the $$ from his old savings account to get by on, when my husband was jobless for a considerable time. I've felt bad about that ever since... He's been giving us $ to get by, too, because his Dad is still only working part-time. But ING wouldn't allow it... So I intend to get my $103 and then CLOSE my ING account!! Serves them right - there is NOWHERE in their rules, etc. that state a child MUST be a minor!! "They need his signature." (Oh, like they get that from a infant, too, huh?) I explained the whole situation to them, but they wouldn't budge from their stance, so they can take and shove their business! I'll take MY business elsewhere!


3 Jen T November 28, 2010 at 6:03 pm

Hi Kathy! Your son sounds like a wonderful person, and it's so great that you want to surprise him like this. I would have to agree a bit that their logic doesn't make sense, because like you say if you have to open up an account for an infant you couldn't provide a signature (but there's always the footprint! haha). I guess because he's over the age of 18 and legally considered an adult that for some reason it's "not allowed," but they really should consider putting it somewhere in the disclaimer to avoid confusion. Either way, it doesn't hurt to ask, and I think it's great that you would want to do this for your son. Have a Happy Holiday!


4 Patty Sharpe November 28, 2010 at 3:42 pm

I opened an acct. with as little as .50 cents :)


5 Patty Sharpe November 28, 2010 at 3:45 pm

I love ING. I've been with them for several years. Sorry, but plain common sense that "Kid" Savings Account means under 18! 26? DOH! ING Rocks! And no, I don't work for them.


6 Kim November 28, 2010 at 4:16 pm

I opened an account for my son and have to wait to verify account before I can open for other 3 kids but they gave me a ref code to use once i get it so they will still get their $25 each. I can't do the $103 b/c I am a new acct holder and not verified and the wait time on phone is 20 minutes. will keep trying.


7 Kim November 28, 2010 at 5:33 pm

I will be able to do this before dec 15 with the ref code they gave me on the phone...yay! :) thanks DSM!


8 Jen T November 28, 2010 at 5:40 pm

Wow I can't help comment about the common sense comment. Sorry Kathy, but I guess your kid isn't your kid anymore because they're over the age of 18? Patty - I'm glad you like ING. There's many people that've been happy with them as a bank. There's also many people that have had complaints. I can claim neither, because I've never been a customer. But you're wrong for telling someone else they don't have common sense when all they wanted was to share their experience and their frustration. Kathy is looking for sympathy, and I don't see why we can't pat her on the back and say "Sorry Kathy it didn't work out for you.. Although it's against their rules (which aren't clearly stated), maybe it's something they should consider in the future." If they didn't put it in the disclaimer, it doesn't hurt for Kathy to contact them and find out for sure. In fact, maybe they need to put a little asterisk with little letters saying "only for kids under 18". Her kids won't stop being her kids because they turned 18, and I looked up kids in the dictionary and it doesn't say specifically "A minor - someone under 18". What it does say is "often used as a generalized reference to one especially younger or less experienced". Maybe we can practice a little of that old saying... "If you can't say something nice, don't say anything at all."


9 Lola November 28, 2010 at 5:58 pm

Technically, wouldn't you need to deposit a bit more than $1.00 since you have to make 5 purchases with the debit card before you get your $103 from them? That way, you won't have to transfer more money over at a later date to cover the cost of your purchases.


10 Lola November 28, 2010 at 6:02 pm

Oops! I meant 7 purchases. Don't know why I hit 5.


11 Jennifer November 28, 2010 at 6:29 pm

A bank of ours went "south" and ING took over two retirement accounts of ours. To make a long story short, we had the right to move the money to another financial institution. ING was HORRIBLE! They gave me the runaround for MONTHS about closing the accounts. I would never do business with them. Just my opinion, though. They were really making it hard for us to close them...I guess they wanted to wear us down.


12 T.K. November 28, 2010 at 9:00 pm

Does the $25 bonus automatically get put in the account? I'm an existing customer. I created an account but the $25 didn't show up.


13 Tara Kuczykowski November 28, 2010 at 9:04 pm

When you open a kids savings account using funding from an existing ING account, the $25 should show up immediately as pending but won't be available for withdrawal for 30 days.


14 Sarah November 28, 2010 at 9:51 pm

I'm having the same issue. My husband was an existing customer, and we opened accounts for our two kids (with money from one of our ING accounts), but the $25 isn't showing up anywhere.


15 Jenni November 28, 2010 at 10:51 pm

I'm having the same issue. Opened up accounts for my 3 kids, funded with money from an existing ING account that I hold.
All 3 kids were new account holders, and none of the kids have a 25$ deposit or pending deposit on their accounts.
I guess I will call tomorrow to find out what is going on, since I wouldn't have opened them if I wasn't going to get the deposit. They already have accounts at our local FCU.


16 Holly November 28, 2010 at 9:24 pm

I added my daughter then logged out to find my son's social security information and tried to add him. I keep getting a notice that reads since I am an existing account holder I can't add another. How did you add more than one kid? (And by "kid" I of course mean UNDER THE AGE OF 18.) I agree, that is common sense. The above didn't need a lecture.


17 Tara Kuczykowski November 28, 2010 at 9:57 pm

Holly, did you fund the account from an outside bank? I think that's the issue that some people have run into. If so, you have to wait for your outside account to be verified before you can open another account, but if you call ING, they will give you a code to get the bonus when your account is verified and you're able to open another savings account.


18 Holly November 29, 2010 at 10:21 am

Yes, that was the problem. I called ING and after waiting for over 25 minutes, I was told they need to verify my account at Wachovia first. They gave me a code to be extend the $25.oo offer until December 15 which I really appreciated since it ended yesterday.


19 amy mcteague November 28, 2010 at 10:57 pm

I love the idea of this, but don't think we should have to give out a minors social security # even to a bank. They don't need it for anything!


20 Laurie November 29, 2010 at 3:59 am

if they didn't have a ss# required for your child (which is req. by law, at any bank) people could just make up the fact they have a kid(s) and hide money in those accts. the purpose is to avoid scamming, money laundering, and tax evasion. it's how they verify that the acct is being opened on behalf of an actual person, and how money is tracked for taxation purposes. they're not fishing for personal info.


21 MJ December 27, 2010 at 7:11 pm

So I couldn't help but say something about these comments and some of the lack of knowledge people are showing with their postes. First off, if someone says "he's just a kid" do they mean that he is somebody's kid? No because everyone is somebody's kid they mean he is not legally an adult (i.e. under the age of 18). Second, when you are opening an account for someone over the age of 18 without their knowledge it is considered bank fraud. The reason being is they now become responsible for the interest earned and it will be reported under their SSN potentially causing tax implications. Third, Kathy if you do what you say by closing your account as soon as you receive you $103, ING DIRECT will revoke you as a Customer meaning you will never be able to have accounts with them again. What you are doing is what is called bonus abuse and they, for obvious reasons, do not like it and will prevent you from having any future relationships with the bank. It is really sad that someone who is old enough to have a child cannot understand basic terminology that is not only widely used and accepted but legally defined. Maybe you're better off with a bank who can hold your hand because I'm sure ING DIRECT is better off without you as a Customer.


Leave a Comment

You can use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Previous post:

Next post: