Orange everyday $1000 deposit monthly

Associatedjaneymac @ ING on 12/02/2015 - 13:30

I am thinking of applying for Orange Everyday account so I can use any ATM. If I understand correctly, ATM fees are rebated if you deposit $1000 in the previous month but I am confused about fees and charges if you don't happen to do this.

Has this ever happened to anyone? Does it mean all your withdrawals for the month cost money? What about EFTPOS, or cash out at a supermarket? I looked at their terms and conditions, and their fees info but this question was not answered there.

Can anyone clarify? Is this still a good bank account to get for fee free banking?

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Comments

  • Axelstrife on 12/02/2015 - 13:37
    +1

    it's simple if you do not deposit $1000 a month you will be charged every time you use any ATM to withdraw money.

    You can withdraw money using eftpos for free.
    So you can withdraw at for example woolworths for free.

  • retiredfeline on 12/02/2015 - 13:42

    ATMs withdrawals incur a charge, unless it's the bank's ATM. Since ING has no ATMs, they charge the fee. But they will rebate it if you deposit $1000/month. And there is also the 2% cash back for Paywave under $100.

    EFTPOS is subject to the merchant surchage if any, but are not ATM withdrawals. Cash out is also not an ATM withdrawal. And if you do cash out from Woolies, not only is it fee free, but you get a 50c rebate if $200 or more. You don't need to purchase anything from Woolies to do this.

    Personally I never incur the ATM fee since I do cash out at Woolies.

  • spersephone on 12/02/2015 - 14:25

    Yes, when you use another bank ATM and some of the independent ATMs (but there are one or two which I don't think apply), you get the fee immediately rebated back to your account. Since they offered this, I've been getting cash out, whereas before I would wait and do it while making Eftpos transactions, which are also free.

    My ING accounts cost me nothing at all.

  • c64 on 12/02/2015 - 15:15

    i suggest you download the t&cs pdf brochure and have a skim through it.

  • Baysew on 12/02/2015 - 15:40
    +1

    If you don't deposit $1000 per month, ING won't rebate the ATM fee. (everything else is still free)

    The actual fee depends on the ATM owner. It must be displayed before you can finalize the transactions.

    It appears $2.00 to $2.50 is common.

    Reforms No Cap to ATM Fees

    From ING T & C -
    Monthly Account Keeping Free
    Australian ATM Fee Rebate
    - for transactions when you deposit at least $1,000 from an external bank account
    into a Personal ING DIRECT account in your name (excluding Living Super) by the
    last day of the preceding calendar month.
    - for transactions where you or your joint account holder has an ING DIRECT
    home loan
    100% of ATM Fee
    100% of ATM Fee
    BPAY Free
    Pay Anyone Free
    EFTPOS Transactions Free
    Cash Out Bonus $0.50
    For cash withdrawals of $200 or more at point-of-sale terminals only - e.g. EFTPOS
    and related facilities
    Australia Post Transactions Free

    Is it still a good account ?

    Yes - Paywave 2% rebate
    - $0.50 bonus if you get cash out from EFTPOS.
    - No Monthly fee

  • Associatedjaneymac @ ING on 12/02/2015 - 17:39

    @Baysew, thanks for that detailed info and your opinion on the account. I'm going to give it a go. Paywave cashback is a good selling point.

    @mattgal, I did read the t+c before I posted the question. Just couldn't find anything that specifically says "if you don't deposit $1k you will be charged." I guess it was inferred, though.

    • spersephone on 12/02/2015 - 19:45
      +1

      Sorry, I should have said that the only fees I'd pay if I wasn't depositing the required amount (and which is then quickly moved to other accounts/expenses), would be the standard other bank ATM charge.

  • Associatedjaneymac @ ING on 12/02/2015 - 17:39

    Thanks everyone else for your info and help :)

  • Associatedjaneymac @ ING on 12/02/2015 - 17:41

    BTW i am NOT associated with ING. Posting from my phone and accidentally clicked. Fat fingers ;(

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