ING Direct / GMAC Bank Transfer Hack
Frustrated by the long delay when transferring money into your ING account?

I like my ING Direct Checking and Savings account. The only problem that I've found is the insane amount of time it takes for a transfer initiated at ING into ING to be credited and available in my account. Typically it takes 2 days for a transfer to show up in the account, then another 4 days before the money is actually available for use. That's almost a week without access to the money.

I wondered if it would be faster to initiate the transfer at the "from" account into ING (and for that matter, GMAC bank, since I have a money market account with them also).  So I set up a test.  I currently have a State Farm Checking account, a GMAC bank Money Market account, and an ING Electric Orange account.  On a Tuesday morning of 11/13 I created 4 seperate transfers of about $100 each:

1. State Farm to ING (initiated at State Farm)
2. State Farm to ING (initiated at ING)
3. State Farm to GMAC Bank (initiated at State Farm)
4. State Farm to GMAC Bank (initiated at GMAC Bank)

The results:
All transfers showed up in the ING and GMAC accounts on Thursday, 11/15.  The State Farm initiated transfers were immediately available on the 11/15 in both ING and GMAC.  However, the ING initiated transfer had a note stating it would not be available until 11/19, and the GMAC bank initiated transfer was not included in my available balance.

So if you are making a transfer into ING or GMAC Bank and you need the money ASAP, initiate the transfer from the external account.

I assume this is the same with any bank transferring into ING or GMAC, I wonder if its that case with any bank, that an externally initiated transfer is available faster. Let me know if you try this with other banks.  Email me at hotmail,  user name  allenjoiner.