TORONTO, March 14, 2012 /CNW/ - Within a year of its launch, ING DIRECT's no-fee daily chequing account, THRiVE Chequing™, has saved Canadians over $18 million in unnecessary bank fees, and paid more than $100,000 in interest. More than 100,000 Canadians are using THRiVE Chequing and avoiding the nickel and diming from most banks that charge for basic, everyday transactions.
According to a national research study by Vision Critical in 2010, more than half of Canadians (55%) have a fee-based chequing account, and on average they pay $185 per year in fees for these accounts.
One of the most innovative features of THRiVE Chequing is Whoops!™ Protection which covers clients up to $250 when they are a little short on funds for future dated transactions with no fee or interest, provided funds are paid back within 30 days. Whoops! Protection is designed to remove the exorbitantly high non-sufficient funds (NSF) fees most banks charge that can set back a person's savings significantly. More than 10,000 clients have used Whoops! Protection and saved more than $200,000 in overdraft fees.
According to Peter Aceto, president and CEO, ING DIRECT, the success the bank is having with THRiVE Chequing is a testament to the frustration he hears from many Canadians who are fed up with ever-rising bank fees for even the most basic transactions.
"Canadians were urging us for years to give them a simple, no-fee chequing account void of fine print and hidden charges. We responded and they have rewarded us with their business over the past year. Our offer couldn't have come at a better time for Canadians. Almost every week we hear of new and increasing bank fees that essentially undermine Canadians' ability to save their hard earned dollars. We're really proud to offer people a no-fee option for daily banking, which includes everything they expect in a chequing account, and more," said Aceto.
THRiVE Chequing offers many no-cost features, including:
- Unlimited transactions, deposits, withdrawals and bill payments
- Email money transfers
- ABM access through THE EXCHANGE® Network's 2,400 machines
- Email alerts
- Monthly online account statements
- Ability to write, deposit and view cheques online - first chequebook (50 cheques) free
- Orange Alerts - email alerts to keep track of when money is moved or transferred in the account
Since the launch last year, ING DIRECT has made several enhancements to the product, much of which is a result of client feedback. New functionality includes:
- Interac e-Transfer (costs $1.00 vs. $1.50 at other banks)
- Orange Snapshot - helps keep track of spending anywhere by providing instant read-only access to account balances, history and pending transactions
- New mobile banking apps for iPad, Android, BlackBerry Playbook and Windows Phone 7, in addition to the pre-existing iPhone and BlackBerry apps
- Secure - chip EMV debit card provides added security
- Expanded list of bill payees
- Simpler online bill payment process - ability to sort bill payees and show sum of current bill payment transaction amounts
Canadians who open a new THRiVE Chequing Account and switch their payroll before April 30, 2012 will receive a $100 bonus into their account. For more information, visit http://www.ingdirect.ca/thrive/
About ING DIRECT
ING DIRECT is Canada's leading direct bank with over 1.8 million Clients and more than $37.6 billion in total assets. ING DIRECT gives the power of saving to all Canadians by offering high-value, simple products such as high interest Savings Accounts with no fees or service charges, low rates on mortgages and a no-fee daily Chequing Account that actually pays interest. Low cost, index based mutual funds are sold through ING DIRECT Funds Limited. ING DIRECT has been operating in Canada since 1997 and paid more than $5 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3743).
®THE EXCHANGE and ®THE EXCHANGE & Design are registered trademarks owned by Fiserv Inc. licensed for use in Canada by FICANEX Services Limited Partnership.
™ THRiVE Chequing is a trademark of ING Bank of Canada.
™ Whoops! Protection is a trademark of ING Bank of Canada.
For further information:
Lisa Naccarato, ING DIRECT
Buket Oktem, ING DIRECT