Is ING a bank?

Yeah technically they are a bank. They don't have "bank" in their name, they don't have ABM machines, nor debit cards, but they are CDIC insured up to $100,000 just like BMO, CIBC, Royal, TD, Scotia et al. And more and more I am impressed with the "virtual banking" nature of ING.

Back in October I did a little public service announcement on the new Tax Free Savings Accounts offered to Canadians starting in 2009 (Did you sign up for yours?). In it I talked about how I signed up for ING's TFSA in October where I got an interest "bonus" to cover my tax payments on the cash I put into the account for the remainder of 2008.

Well everything went off without a hitch. I didn't have to call ING or do anything, they automatically opened me a TFSA, moved the cash in and paid me my "bonus" interest into my normal savings account.

Dave is a vocal critic of banks but doesn't have an ING account yet. We were talking about this the other day and in the spirit of bank focused complaints I wanted to give a compliment to ING.

Not only did they do what they said they were going to do, for free, without a phone call or internet instructions needed, I went today to check on my account and see that my 2008 electronic T5 tax receipt (for interest earned) is already ready and waiting for me to download. Prior to ING doing this electronic tax receipt thing I always had to wait until the bank sent me my T5 (and all the other slips necessary to do my taxes) which always occurred at the last possible weekend, preventing me from getting my tax return early. It is refreshing for ING to get this stuff done so fast. Is it because everything is automated? They don't need to mail it out? They have less complicated product offerings so they can do it faster? Who knows, maybe a combination of them all, but I am hereby impressed with ING for over 1 year. Top that other banks.