I call it pre-coffee ergophobia. It’s that 30 minute window between the time the coffee begins brewing until the time when the coffee has fully stimulated all of the neurons in your brain. During that time, you’re awake but still fearful of doing any type of work which might require brainpower.

It’s also the time that I find myself completely unable to fight off the calling of early morning infomercials.

Now mind you, I’ve never actually bought anything off of the TV, but I seriously think I’ve seen all of them. The Showtime Rotisserie. OxiClean. The NuWave Oven. And of course, my favorite, the ridiculous “No Money Down” real estate products. If you haven’t seen it or already wasted $360 buying it, allow me to spill the beans.

Here are a few of the ways they suggest getting a “no money down” mortgage…

“Buy to Let” Mortgage

These types of mortgages were very popular before the financial crisis, but they are a bit harder to get now. These loans are for rental properties and in order to qualify for the loan you have to use your future rental income as your collateral. It’s a bit easier to qualify if you can present a business plan and applications from prospective applicants.

However if you’re using a buy to let mortgage calculator, you’ll probably notice that your are going to be required to buy PMI insurance with this type of loan. That’s because loans issued with less than 20% down are usually required to buy this costly insurance which may reduce or eliminate your profit potential.

VA Loan

If you’re a veteran, active duty personnel, national guard/reserve or a surviving spouse, you’re probably eligible for a no-money down VA loan. Another huge advantage of VA loans are the exceptionally low rates (The mortgage interest calculator show the rate at 4.08% this month).

However, in order to qualify for a VA loan, you have to guarantee that you will personally live in the domicile within 60 days of the close. That all but eliminates your ability to rent out the property, unless you buy a home and rent out one of the rooms inside.

Collateral

A little obvious, but if you have another high-value item in your name, the bank may accept it as collateral.

A lot of the programs suggest leveraging your personal home or another rental property in order to qualify for a “no money” down loan. But, who hear has enough equity left in their home to leverage it? Anybody? Cricket…Cricket…

USDA Loan

The Department of Agriculture’s has a program for guaranteeing loans for “rural development.” However, the definition of “rural” is very loosely defined term. Take a look at the USDA’s website to see a map of eligible areas. Unless your looking to build downtown, you’ll probably qualify, although there are restrictions on household income and usually need to be a first-time homebuyer.

Another advantage of a USDA mortgage comes from a bank, is that you aren’t required to buy mortgage insurance. Instead, the USDA levies a 2 percent guarantee fee, which can be rolled into the loan amount.

So, fess up. Anybody else have an infomercial addiction? And, do you think “No Money Down” loans are a good idea?

*Photo by InAweofGod’sCreation*

Banks and Credit cards are really pushing hard for us to opt-in for overdraft and over-the-limit protection.  Before the recent CARD laws were passed, these “services” were the default on most accounts.

Now, financial institutions are encouraging us to opt-in.  My answer?
Thanks…but, NO THANKS!

Here is an email I just received.  Of course, it was full of graphic RED Xs to ignite urgency….didn’t work.  The only thing it prompted was this short post!

You Have Not Opted In for Over the Credit Limit Coverage
Sign up now

Unless you sign up now, you may be declined for any transaction that causes you to go over your credit limit. If you want these transactions to be authorized, opt in today!

This service may allow you to:

• Be prepared for unexpected purchases that could bring you over your limit
• Help avoid declined transactions
• Pay a fee only when you go over your limit
• Cancel anytime online or by calling Customer Service

Yes, I’m interested
Request Over the Limit Coverage Now!

How to Select Coverage:
Login to your Account
Visit the Customer Service tab to request “Over the Credit Limit Coverage”

What about you?  Are you using the overdraft protection or getting bombarded with email reminders?

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Whoa!  I have 16 accounts between 4 financial institutions.  Later I’ll revisit why I have so many, are the too many, and can I / should I consolidate.  But for today, I want to talk about my experience with these institutions as I rank my banks:

ING Direct:
Category: Online High Yield Savings Bank

Depending on who you ask, ING may or may not belong in the “high yield” savings category.  The APY is not as competitive as it used to be.  In fact, there are quite a few online banks that can beat ING’s rates.  Also, they are no longer just a savings bank, offering Electric Orange checking with minimal fees, business accounts, home loans, retirement accounts and Sharebuilder for investing.

One of their early claim to fame is the ability to create / name multiple accounts (often mis-labeled sub-accounts).  This allowed you to separate, categorize, and budgetize you savings.  (yeah, I know, I made up budgetize)

The web interface is simple, yet secure.  It’s bright (orange) and not bogged down with extraneous information.  I can always find what I am looking for.

Customer service is their other claim to fame.  The support when calling ING is simply stellar!  Everyone I have talked to has been warm, friendly and went the extra mile.  Even though I don’t chase bank rates, customer service has compelled me to stick around…even if the APY is below others in this category.  It’s worth mentioning that ING’s APY is higher than traditional “brick and mortar” savings banks.

One of the things that is a blessing and curse is the time between transfers.  Expect 2-3 business days to move funds from an ING account to another bank.  I could remedy this with an electric orange account, but I’ve had success keeping my savings isolated.

Customer Service: 9/10
Web Interface: 9/10
Bang for your buck: 7/10
Accessibility: 7/10

Overall  32/40

Scott Credit Union:
Category: “Brick & Mortar” Credit Union

I started an account with SCU a few years ago because I needed a joint account for the dance ministry.  However, since then I’ve also decided to open an additional checking / savings account for myself.

Anyone who is a member of the community can have an account at this credit union.  They have decent rates and are pretty friendly.  They fixed my most recent mix-up without penalty.

They’ve improved their web interface over the years, but it still wasn’t great.  In fact, the reason I didn’t make this my primary account is because years ago I didn’t trust their online banking capabilities.

I’m not very active with this account, but the few times I did call them I’ve been able to get speedy results.  Nothing extraordinary, but not sub par.  There is a credit union on the complex where I work, as well as another branch not to far from my house.

Customer Service: 7/10
Web Interface: 6/10
Bang for your buck: 6/10
Accessibility: 8/10

Overall  27/40

USAA:
Category: Online Credit Union

I started a USAA account when I was an Air Force ROTC cadet.  It was my first introduction to friendly banking. Up until then, the local banks I dealt with were harsh, cold and unfriendly.  I figured all bank reps were like that so USAA was a pleasant surprise.  I loved the web interface, customer service, and even patriotic designs on their debit cards.  Even though it was an online bank, it felt like local banking.

When it was time for me to choose a car insurance, USAA made sense…though that is also when things took a turn for the worse.  During a time when I lost my job, they worked with me to keep my insurance active.  However, something was not documented properly and even though I was making payments I was being flagged as late.

These consecutive late payments resulted in a suspension of my banking web services.  Now, mind you, my banking accounts never defaulted during this time.  I was told I could keep my accounts, but wouldn’t be able to use the web services for a period of 7 years!  HARSH!

I fought this tooth and nail and they wouldn’t budge.  I was forced to find a new car insurance policy and somewhere else that I could do online banking.  I was allowed to keep my accounts, but without web access that rendered the Texas-based bank useless to me.

When I argued that my banking shouldn’t be effected by a misunderstanding with the car insurance…I was told it was the same company.  OK, but they also sent me a premium credit card a week earlier…they couldn’t explain that.

Despite that incident, USAA is still a great bank.  I would recommend them to anyone.  But I would not put all my eggs (insurance, banking, investments etc)  in one basket again.  Who knows…maybe other banks have similar penalties and policies.

Customer Service: 9/10
Web Interface: 9/10
Bang for your buck: 7/10
Accessibility: 1/10 (with suspended service can only bank by phone.)*

Overall  26/40

*When my web service is restored, accessibility will jump to 8/10 giving them an overall score of 33, being the highest scored and my top choice*

Bank of America:
Category: Big Bank

When my web access to USAA was suspended, I needed to make a quick decision on where my direct deposits would go.   I opted for BoA.   The “keep the change” program was enticing, especially since they match your savings for the first month.  The online banking provided everything I was looking for in an automatic payment system.

When calling, there was a very “corporate” feel.  I guess it is a trade-off when dealing with larger organizations.  There were fees for EVERYTHING!   New laws put a leash on the “overdraft” empire and other banking games.  I never understood why transactions didn’t happen in chronological order?!  If I make a cash deposit at the teller window, why isn’t that money not available until the next day?

If you offer me the “courtesy” of suspending my card because you believe it’s been compromised, would you do me the “courtesy” of a phone call?  This has happened a couple times and can be quite embarrassing. (Another reason for the SCU backup account!)

It is nice to have a large network of ATM and branches across the nation.  This means when I travel, I can usually find a BoA.  Also, if someone needs to send me money and doesn’t want to use Paypal or Google Checkout, they can usually find a BoA.  Though they have changed the rules and recently made it more difficult for other people to deposit money into your account.  Sigh.

I got a BoA account out of urgency to fill a need.  I’ve kept it because I haven’t felt like switching.  They don’t bother me, and I don’t bother them.  But I’ll probably look for a better place to store my money soon.

Customer Service: 6/10
Web Interface: 9/10
Bang for your buck: 5/10
Accessibility: 8/10

Overall  28/40

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So there you have it, my 4 financial institutions of choice.

What about you?  Do you do business with any of these? How would you rank your banks?

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Personal Finance Journey is a partner in GRABBBR, that is Giveaway Reaching All Bible Based Blog Readers. This is my featured GRABBBR blog post. By leaving a comment on this post, you will gain 5 ENTRY POINTS and may win cash or prizes.

Discussion is encouraged! However, only 1 comment per person will be counted towards GRABBBR, so please, no spam. For more information about GRABBBR, including how to gain additional entry points, visit the official GRABBBR page.

It is so important to watch those bank accounts, especially if you have any accounts that you don’t use that often!

Here’s the story:

Part of my car insurance claim from April’s accident includes tax and title reimbursement on a new vehicle purchase.  Since this check came after I moved, I had to relay my new address to the insurance company.  When I called to inquire about the check after not receiving it in the given timeline, I found out they recorded my new mailing address wrong.  They were going to stop payment on that check and issue a 2nd check.

About a week later, I get a check in the mail from the insurance company I cash it, pay some bills and go about my business.

A couple weeks after that, I receive a second check from the insurance company.  I put it aside so I could call the insurance company and give them the tracking number on the 2nd check and they could do stop payment or whatever they do.

It didn’t occur to me that the check I already cashed could have been the stopped one….until this morning….YIKES!  I logged in and my suspicions were confirmed, the check had been stopped  and the activity on the account had been adjusted for….fortunately the only activity is a small car loan with the same bank.  So in a few hours, I’ll head over and hopefully get the whole situation cleared up.  I have the “new” check, so hopefully I can clear this matter up by talking to a branch representative.  I’ve been using the term bank, but it’s actually a credit union.

I’ll post an update later today!

What I did wrong:

• Cashed 1st check without verifying it was the recent one

What I did right:

• Acted immediately once mistake was discovered
• Check less active accounts often

Lessons learned:

Fortunately, this particular account is a sort of alternate account.  There isn’t too much daily activity so there isn’t a trail of overdraft fees, stopped or missed payments.  Accounts that are not used on a regular basis tend to get overlooked.  I prefer to decentralize my finances, but keep all accounts within my scope.  If you have multiple accounts, but sure to check up on them from time to time for unexpected activity.

Maybe you could look into getting a basic bank account – they don’t have an overdraft facility and don’t offer any form of credit, so there’s no risk of going overdrawn.

What about you?  Have you ever overdrafted as a result of a stopped check/payment?  How was it resolved?

This is a guest post from Adam Gibson, author of Accrued Interest, a popular financial world blog. Check out Accrued Interest for the latest on the bond market, treasuries, mortgages and other financial news.

With World War II still raging, the U.S. government created a unique home lending program to help spur home ownership among those who served our country.

Almost 70 years later, the VA Loan Guaranty program stands as the most flexible and powerful loan option on the market for most military borrowers. It also remains a small yet important way to give back to those who have proudly served our country.

For decades, VA loans have helped to level the playing field for veterans, who at times have found it difficult to build solid financial profiles because of constant relocation and the demands of military life. The Veterans Affairs department guarantees a portion of every VA loan, which helps VA mortgage lenders provide excellent rates and loan terms to qualified borrowers.

For decades, VA loans have helped to level the playing field for veterans, who at times have found it difficult to build solid financial profiles because of constant relocation and the demands of military life. The Veterans Affairs department guarantees a portion of every VA loan, which helps VA mortgage lenders provide excellent rates and loan terms to qualified borrowers.

VA Loan Benefits

VA loans also feature some significant financial benefits. The most important is that borrowers in most parts of the country can purchase a home worth up to $417,000 with no money down. Only one other loan program still allows borrowers to buy with no down payment. Veterans routinely cite this as the program’s most significant benefit.

But other key ones include:

• No private monthly mortgage insurance, which is a mandatory cost for conventional loans unless the borrower puts down at least 20 percent
• Sellers can pay up to 6 percent of closing costs and concessions
• Higher allowable debt-to-income ratios than conventional loans
• Consistently lower rates than conventional loans
• No penalties for prepaying the loan

VA loans are also easier to qualify for than most conventional loans. About 80 percent of VA borrowers couldn’t have obtained a conventional loan. Despite their less stringent requirements, VA loans also have the lowest foreclosure rate of any major lending option available.

Qualifying for a VA Loan

Not everyone who is eligible for a VA loan will ultimately be able to land one, but a huge number of veteran and active-duty military meet the initial requirements. Basically, you might be able to obtain a VA loan if you fall into one of these three categories:

• Military members who have served 181 days on active duty or three months during war time may be eligible.
• People who have spent at least a half-dozen years in the National Guard or Reserves
• Spouses of those killed in the line of duty

Veterans and active-duty service members who fall into those categories will need to obtain a Certificate of Eligibility from the VA. This formal military document attests to the borrower’s ability to participate in the program and indicates they have the necessary VA entitlement. Veterans can download a Request for Certificate of Eligibility online or get one through a trusted VA lender.

According to CNW Marketing Research, 70.5 percent of people finance their cars.  Those with higher  interest rates, longer loan terms (60 months or more), and little to no down payment may find themselves in a situation where they are underwater with their vehicle.  In other words, more is owed on the vehicle than it is worth.  According to Edmunds.com, 40 percent of Americans with auto loans find themselves in this situation.

Imagine the following scenario:

• You owe the bank $15,000 on that loaded SUV you bought a few years ago
• You are in a car accident that wasn’t your fault
• Your car is totaled. Your insurance company sends an adjuster and determines your car’s value before the accident to be $9,000
• A settlement check is paid to the bank for $9,000.

This is where the story gets interesting….

The bank is short $6,000.  It’s not their fault your car was totaled, they are money they loaned you.  So who pays the bank?

Without GAP insurance….YOU DO.

I don’t know about you, but I would not be happy about paying on a vehicle that I am no longer driving.  Also, more than likely you’ll have vehicle replacement expenses.  If you have GAP insurance, they will pay the difference between the appraisal value of your vehicle and the amount owed to the bank.  This is the situation I was in.  The numbers are made up, but the story is true.  GAP insurance is covering the difference on my totaled vehicle so I don’t have to.

What is GAP?

Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies. It provides financial protection from certain types of loss that are not covered by standard automobile insurance.  GAP is designed to cover the unpaid balance of an automobile loan in the event of a total loss of the vehicle. GAP covers the difference between the depreciated actual cash value of a lost vehicle and the outstanding loan balance on the vehicle. The coverage may also include payment of the physical damage deductible.  (Source:  Wikipedia)

Who needs GAP Insurance?

• Buyers financing a new vehicle with little to no money down
• Buyers with long term loans
• Anyone who leases an automobile.  With leased vehicles, there is always a gap between what the bank is owed and the vehicles actual value

Who may  not need GAP insurance?

• Those financing  a used vehicle as the vehicle’s depreciation rate has slowed down
• Those with a large down payment or shorter term loans

Who DOES NOT need GAP insurance?

• Buyers paying cash.  GAP is only to cover the difference between the fair market value and the amount owed to the bank.
• Buyers covered by their auto insurance.  This is rare, but some insurance companies offer this protection.  Double-check so you don’t pay for duplicate protection.

What about you?  Do you have any experience with GAP insurance?  Tell us about it in the comments

OK friends, here’s the deal, my financial journey is taking one of those unexpected sharp turns.  I was rear ended by a drunk driver on Friday night and my car is going to be totaled.  Fortunately, I have all the right types of insurance (uninsured motorist & GAP) so my out of pocket expenses should be minimal.  However, I only have a baby emergency fund, not enough to cover a new vehicle with cash.  As I wrote last week, I want to try a modified version of Dave Ramsey’s Drive Free Retire Rich plan.  I thought I would have my current vehicle another 5+ years, enabling me to pay it off and save enough to pay cash for my next vehicle.  Since this is not going to happen, I have to finance another vehicle.  My financial awareness has changed a lot since 2004, so I won’t be marching into a car dealership buying the first new car that I lay my eyes on.  In fact, I won’t be buying a new car at all!  I plan on getting a slightly used (2008-2009) vehicle with low mileage (preferably under 50,000).

So readers, I need your help!

• I’m looking for where I can go to get a used car:  dealer, Craigslist, private owner, rentals for sale
• I’m looking for suggestions on what type of car to consider…my priorities are below
• Any other advice pertaining to the purchase of a new vehicle!  The last time I purchased a vehicle, I made a lot of dumb financial mistakes.  I don’t want to do that again

My vehicle requirements / priorities are:

• High safety rating
• Proven reliability
• Good on gas
• Reasonably priced.  For a slightly used, I’d like to stay under $10K

I mostly use my vehicle to commute to work, so this is a practical purchase.  Unfortunately, I never learned how to drive with 5-speed transmission, so my options are limited to automatic.  I’m not looking for a luxury vehicle with bells, whistles, insane speed and horsepower.

Thanks in advance!

A couple weeks ago, I wrote about the upcoming FHA loan insurer increase.  While the premiums have increased, an FHA insured loan is still a good option for home buyers.  However, if you qualify, there is a better option.  The VA loan is a mortgage loan backed by the U.S. Department of Veteran Affairs.  The VA loan is similar to the FHA with a few added perks, if you’re qualified.

Qualifications for VA:

• Wartime / Conflict veterans who served at least 90 days consecutively and were not dishonorably discharged
• Peacetime service of at least 181 days of continuous active duty service and not dishonorably discharged
• Enlisted veterans whose service began after September 7, 1980, or officers whose service began after October 16, 1981, must normally have served at least two years.
• Reserve & National Guard members who have completed six years of service and have been honorably discharged (or are still serving) may be eligible for a VA loan.
• There are additional qualifications, so if you think you may qualify, contact your regional Veterans Administration office.

VA insured loans offer some advantages over FHA:

• VA loans do not require a down payment, where FHA requires a minimum of 3%
• VA loans allow 100% financing without private mortgage insurance
• VA allows seller to pay up to 4% of closing costs
• Though VA does not have a maximum sales price, typically they are insured up to $250,000.  Though this varies from county to county.  The number may also be higher in some high priced areas of the country.
• No prepayment penalties
• Interest rates aligned competitively

The one disadvantage is the VA funding fee, but this may also be financed.  Alternatively, this fee may be lowered with a down payment of at least 5%

If you are planning to take advantage of the Homebuyer’s tax credit, you’ve probably already made your decision on what type of loan (if any) you’d be using.  It’s always good to shop around!  VA loans are excellent if you are eligible, but do not dismiss FHA and conventional loans until you’ve run the numbers for yourself.

A couple days ago, I wrote about the quickly approaching expiration of the Homebuyer’s tax credit. If you were already looking to buy, it’s a great incentive. However, there is bad news on the horizon for the approximately 30% of buyers that will receive FHA-insured mortgages. The costs of an FHA loan are slated to increase on April 5, 2010.

FHA Basics:

• FHA stands for Federal Housing Administration
• FHA insures loans by private lenders (in other words, the money does not come from the FHA)
• Allows 1st time homebuyers to put down as little as 3% and receive up to 6% towards closing costs as opposed to the 10% minimum down payment of conventional loans

Because the FHA is insuring your loan, you pay for that with an insurance premium. There is an upfront premium and an annual premium. The upfront premium is being raised from 1.75% of the loan amount to 2.25%. That means the buyer will have to bring more money to the table at closing. For example, the upfront insurance premium on a $125,000 home will jump from $2,187.50 to $2,812.50…a $625 difference that could have been used to furnish a room in your new house! This can be rolled into the loan, but of course that means interest over time and an even higher payment in the long run. The annual premium has not increased (yet), but that is probably on the horizon. FHA director has already indicated seeking congressional approval. If it is granted, the upfront premiums may be scaled back slightly to balance out the annual premiums.

The reason for these changes are largely in part due to the high number of foreclosures in recent years. Since many of these foreclosures were FHA insured, much of their cash reserves went to paying back lenders. If I had to guess, it was more than expected, and the increase is needed to make up the difference.

I really appreciate Ronnie’s comment regarding purchasing a home

BF and I refuse to buy a home, notwithstanding the immense amount of pressure we’re getting. Our incomes, put through the metrics, say we can afford it; our reality says we can’t. We got the same pressure when graduating from grad school–oh rates are so low right now you HAVE to buy. That was in 2005…enough said .

It is SO IMPORTANT to know what YOU can afford, how this decision impacts every other area of your life, and how you’re going to work through it. It’s awesome for people who were planning to buy anyway, but the $8,000 credit isn’t enough to compensate for the real estate tax and maintenance and furnishing that I’d be solely responsible for. You broke this down so nicely!

An FHA insured loan is still a good option, but I’m very thankful to be qualified for a VA loan right about now!

Back in 2004, a co-worker came in excited about this new bank account he has set up. He was ranting and raving about the great interest rates and if I wanted to open an account they would give me $25 reward and he would get a $10 bonus. Sounded like a good deal to me. To be honest, my financial awareness was pretty low in 2004, little did I know I was stumbling into what would be the foundation for future emergency or other savings accounts. With the contact information in hand I dialed and spoke with a representative at ING Direct.

The concept of a virtual bank, without a traditional brick and mortar location was a little intimidating at first. However, I’ve successfully interfaced with USAA by phone and Internet so I resolved this would not be much different. Most importantly, they were FDIC insured like any other bank I would use. After a pleasant exchange with the customer service representative my account was set up, complete with automatic savings. Eventually I switched from automatic savings to direct deposit.

After a period of unemployment / re-employment this account remained active but idle. I’d all but forgotten I had it. But when I decided I was going to take the necessary steps to get on track financially used this account to build my savings funds. ING Direct is one of my favorite financial institutions of a number of reasons:

1. Higher interest rates than traditional banks. When I opened my account with ING Direct back in 2004, the interest rates fluctuated between 2-4%. In 2000, when ING opened in the US, their rates were around 6%. Now, there is more competition, and if you are looking for an account solely based on the APY, their are better choices out there (sorry ING), but they are still higher than what I would get at a “regular” bank.

2. Stellar customer service! I don’t remember the exact dialogue that took place when I opened my account but I remember the experience being very pleasant. In fact, when my co-worker followed up with me about creating an account, I remember telling him that my account was created and the customer service representative I spoke with was very helpful and friendly. I’ve recently spoke with some representatives from ING Direct to set up additional savings accounts. The service remains fast and courteous.

3. Multiple accounts is something that sets ING apart from the competition. Often these are refered to as sub-accounts, but that is actually a misnomer. ING Direct gives you the ability to manage separate savings accounts under one user ID. By being about the compartmentalize your savings, you can easily track a variety of saving goals. You can also give the accounts nicknames so you can keep them straight. In the image below, there are 4 accounts labeled: Emergency Fund, Vacation, Car and House. I believe you can create up to 30 accounts.

4. Accessibility. One of the reasons I initially had success with ING Direct is because my savings were separate from my mainstream checking account. The “old Kita” treated my savings account like an extended checking account and the free overdraft protection made it easy to ignore the fact that I wasn’t actually saving. Once my funds entered ING, a withdrawal was a conscious effort. This eliminated frivolous spending done with the swipe of a card. To access funds from ING, you’ll need to withdrawal the funds to another bank that is linked to your ING account. This transfer takes around 3 business days. This barrier is enough to eliminate impulse buys. So while most may see this as a limitation, it actually works in my favor.

There is a minor limitation, and that is the fact that some funds are not available up to 5 business days after deposit. Because I use ING strictly for savings, that has never been an issue for me. Their website is user friendly and secure. I would recommend an ING direct Orange Savings account to anyone looking for a place to save their money. Like any federally regulated savings account, there is a limit on the number of withdrawals you can make per month (6). One thing I recently learned is a transfer between accounts counts as a withdrawal. So if you set up multiple accounts, be sure to fund them individually through direct deposit or automatic savings.

Since 2004, ING Direct has continued to branch out and now offers other products and services:

• Internet Cafes: Available in select cities as a place where ING customers can check their accounts, free Internet access, and sign-up for finance seminars. Sounds cool, but the nearest cafe is 4 hours from me!
• Electric Orange Checking: A no fees, no hassle, no minimum checking account that generates interest. This sounds like a great deal and I’ve been tempted to give it a shot, but as I mentioned above, I’ve found sucess in savings by creating a barrier between my savings and checking accounts.
• ING Sharebuilder: Buy stocks online for $4/share. (Cash Money Life has a full ING Sharebuilder review here)
• The Easy Orange Mortgage: Basically this is an adjustable rate mortgage (ARM). I don’t see myself ever using this.

Official ING Blog
We the Savers

What about you? Do you use any products or services offered by ING direct? Tell us about your experience.