DaveTH wrote:Basic question: does interest earned in these type of accounts have to be disclosed as taxable income? And if so, how is that done?
All U.S. banks will mail a 1099-INT statement for any interest paid. You've never had a bank account that pays interest?
I don't think banks mail statements for less than $5 in interest, but you still owe taxes for those amounts.
IL Int Med wrote:I've been really happy with Alliant CU. Can't beat the 2.00% yield, even with ING
honkeoki wrote:IL Int Med wrote:I've been really happy with Alliant CU. Can't beat the 2.00% yield, even with ING
I've read fairly good things about Alliant -- including the finance buff's post about his experiences. They seem like a fairly good replacement for ING.
One thing that really separates ING from the pack is their overdraft policy: no fees and interest only on any overdrafts you may incur. (This is particularly appealing as a safety valve to me because of my checkered past as a student -- these days I no longer have to worry about bouncing a check or a charge, but still...)
I have one of those "Reward Checking" deals.honkeoki wrote:I've been looking at yields and have decided it might be time to say goodbye to ING Direct. However it seems like there are a lot of really great-looking alternatives:
- 4.75% APY on checking balance (with requirements)
simplesimon wrote:Calculate the actual dollar amount you'd be benefiting from these interest differences. Compare that amount to the convenience, ease of use, and benefits of using ING Direct.
nisiprius wrote:One of my New Year's resolutions is "conservation of simplicity"--I will not start a relationship with a new financial institution unless I can completely terminate my existing relationship with an old one.
kaneohe wrote:ryuns wrote:Great experience with Schwab. Terrible website, no function to autopay the last statement balance on the due date.
Call the card # to get a hard copy form to autopay statement balance.
dcd wrote:Ally is very good. I've had an account for almost a year and have no negatives to report. Competitive interest rates and excellent customer service.
honkeoki wrote:One thing that really separates ING from the pack is their overdraft policy: no fees and interest only on any overdrafts you may incur. (This is particularly appealing as a safety valve to me because of my checkered past as a student -- these days I no longer have to worry about bouncing a check or a charge, but still...)
SWP wrote:Does anybody have experience with ACH transfers in or out of Alliant? Their fee schedule shows a $29 fee for "Manually Paid Checks and ACH Items" and another $10 fee for "Telephone Initiated ACH Entries." I called to ask for an explanation and was told there generally would be no fees if an ACH transfer was initiated elsewhere (like, say, from Vanguard); however, the rep said that if the ACH instructions come through incomplete or in error from another institution then there would be a $29 fee. So how likely is that?
The $29 fee is for ACH transactions initiated at other institutions that have an incorrect trans code. For instance, withdrawals from your share account must have a trans code of 37. A full list of codes is here. I had this problem with setting up an payment to my FIA credit card from the FIA website. They gave two choices: Checking Account and Money Market Account. I chose the latter, assuming that they would send a trans code of 37. But they sent the withdrawal to Alliant with a 27 trans code instead. Apparently the choice of Checking or Money Market has no effect. I called FIA, and they could not explain.
In any case, I got a letter from Alliant a few days later informing me of the problem. They processed the withdrawal manually but waived the $29 fee as a courtesy.