ING Direct business account

[Ethan Blanton-3]

I promised I would look into this before our SoC payments arrived, and
since they're due in about a month, here it is:

We can open an ING Direct Orange for Business savings account and link
it to our existing Charter One/Citizens RBS checking account.  This
ING account would currently bear 3.15% APY in interest.  (This is
compared to a current 0% APY at Charter One; after our SoC deposits it
will be in the neighborhood of 1%.  It's a sliding scale, so I'm not
sure exactly how much, but I can find out if it's important to
people.)

We would not be able to close our Charter One accounts, as ING
requires a linked checking account, and provides only business savings
accounts right now.  Any moneys transferred to the ING account (after
an initial 10-day hold at account creation) would be available five
days after deposit.  ING requires from us a variety of paperwork which
I have available, plus a voided preprinted check, which we would have
to get from Sean.  They only give us 60 days to send it, and I've been
waiting for the check book for about a year and a half now.  YMMV.
:-P

Accounts are available both to corporations and non-profit entities;
last I heard our non-profit paperwork was all filed and we're waiting
for the IRS.  I'm not clear on the benefits of opening the account as
a non-profit versus a corporation, but it likely affects only end of
year tax documents.

Ethan


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[Mark Doliner]

On Tue, Sep 9, 2008 at 6:18 PM, Ethan Blanton <elb@...> wrote:

> I promised I would look into this before our SoC payments arrived, and
> since they're due in about a month, here it is:
>
> We can open an ING Direct Orange for Business savings account and link
> it to our existing Charter One/Citizens RBS checking account.  This
> ING account would currently bear 3.15% APY in interest.  (This is
> compared to a current 0% APY at Charter One; after our SoC deposits it
> will be in the neighborhood of 1%.  It's a sliding scale, so I'm not
> sure exactly how much, but I can find out if it's important to
> people.)
>
> We would not be able to close our Charter One accounts, as ING
> requires a linked checking account, and provides only business savings
> accounts right now.  Any moneys transferred to the ING account (after
> an initial 10-day hold at account creation) would be available five
> days after deposit.  ING requires from us a variety of paperwork which
> I have available, plus a voided preprinted check, which we would have
> to get from Sean.  They only give us 60 days to send it, and I've been
> waiting for the check book for about a year and a half now.  YMMV.
> :-P
>
> Accounts are available both to corporations and non-profit entities;
> last I heard our non-profit paperwork was all filed and we're waiting
> for the IRS.  I'm not clear on the benefits of opening the account as
> a non-profit versus a corporation, but it likely affects only end of
> year tax documents.

The ING accounts sounds like an improvement to me.  I say go for it.
Opening it as a non-profit seems like it'll make things smoother in
the future.

-Mark
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