ING Direct Cash Out Bonus Question

ING direct has a cash out bonus of $0.50 when you withdraw $200 or more from an EFTPOS terminal (i.e. ask for cash out at woolies).

see: https://www.ingdirect.com.au/pdf/Orange_Everyday_Fees_and_Li...

Can someone explain why they do this? why are they giving you money to withdraw large amounts of money from your account?

Cheers!

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Comments

  • +10

    Probably because it's cheaper than rebating the ATM fee.

  • Like joelab says. A typical ATM fee is around $2, rarely less than $1. Cashout via EFTPOS costs very little see https://www.eftposaustralia.com.au/about/resources/scheme-fe...

  • They discontinued the 50c cash out bonus in early 2016.
    The link you provided is an out of date list of rebates and fees

    • Sure youre not thinking of the 2% cashback?

      I am still getting my 50c if I do eftpos.
      https://imgur.com/a/C6Hcn

    • I did it twice this morning. the 50c bonus is still happening.

    • So apparently is based on when you signed up for your account.

      My account is many years old (old enough to have had the 5% paywave discount) and even before they even had paywave.
      According to the reply i just got :

      "We are removing the cash out bonus progressively, As you were notified of its removal it is no longer an eligible feature on your account, over time this will apply to all ING Orange Everyday accounts, the removal is based on many factors one of which is the age of your account"

      So yeah, its gone from my account, i barely used it, but seems its going to be removed from all accounts over time.

      • Yeah fair enough. I thought it was a matter of time actually. That does make sense, my account is damn old!!!

        • I still have it now and my account is many years old.

  • I got the bonus but a few days later when i really needed cash out it declined, have they restricted how often this can be done?

  • I have this feature. I had to google to see what the deal with this was cos it wasnt advertised. But my account is maybe 4 months old, so it appears that they're still adding this feature to new accounts.

  • Just got this today, from an account I opened at the start of the year. So definitely not something they’re stopping.

  • It appears as though the bonus has stopped as of March as I used to get up until this point too.

    • Looks like it, very disappointing…

  • Yes. Looks like they have stopped the 50 cents cash out bonus as at March 2022. They should have at least informed us

  • So no more free money, was good whilst it lasted

  • I used to go hard on this… but yeah, was only a matter of time.

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