Ing doesn’t want to let go of my money

Grrr.  So if you recall from my retirement adventures, I’d decided to switch from Ing to Fidelity.

Not only did this require a lot of thought and figuring things out, it also required filling out a LOT of forms.  The forms telling my uni to stop giving money to Ing and to start giving it to Fidelity all worked.  The uni and Fidelity worked that out amongst themselves quite nicely.

However, something happened when Fidelity and the University tried to communicate with ING.  While they got the letter asking to move DH’s smaller account, Ing somehow didn’t get the memo to move my account.  Ing sent a huge impossible to figure out packet for DH to fill out a few weeks later to enable him to make the move (luckily Fidelity was able to help him fill it out), but no packet ever came for me.  A first paycheck for the year and still my assets hadn’t been moved (still being eaten away by Ing fees).

So I called up Fidelity and they said when they’d sent the letter and I asked if they could send to Ing again.  They said sure and suggested sending me a copy too so I could fax to Ing if they keep being recalcitrant.

A week later Ing calls and says they’ve gotten the (second) Fidelity packet but nothing from the university.  The woman on the phone is, in fact, quite rude when I suggest that perhaps since this was the SECOND time I’d sent them things and they apparently hadn’t gotten packets from EITHER Fidelity OR my Uni the first time (despite processing my husband’s that were sent at the same time) that perhaps they are at fault.  Because if it were just missing Fidelity or just missing the University I’d be more likely to believe it could have been anybody’s screw-up.  Anyway, I confirm the form that they are missing from the Uni.  I go to the Uni and ask them to send it again.

… weeks pass…  

… months pass…

oh hai, I suck and still haven’t done anything to fix this since it looks like I need to contact them again

So yeah, stay away from Ing.  Some of my northern European heritage just makes me dig my heels in when someone tries to make things difficult for me, otherwise they might win with their additional hassle.  But I HATE incompetence and I hate being played.  So either way forces me to get on their tails to make things right.  Except currently laziness is winning…

And Ing sucks.

#2 says: I told you how they screwed over my dad and he had to sue them for breach of contract, right?
Are we going to get mega-hate-mail now? Will ING send goons? Good thing we are anonymous!

21 Responses to “Ing doesn’t want to let go of my money”

  1. First Gen American Says:

    I think that’s just the MO for most banks when transferring a large sum of money. I had the same thing happen when I tried moving my retirement. It took months and a lot of babysitting to happen.

  2. MoneyCone Says:

    At least when moving from Fidelity, it won’t be that bad! I moved my Roth from Fidelity to Wells and it went pretty well – sure they silently took 50 bucks off my account, but they did move the assets quite promptly.

  3. Comrade PhysioProf Says:

    Your university doesn’t use TIAA-CREF?

    • nicoleandmaggie Says:

      It has that as an option, but Fidelity has lower fees. You can read about those adventures here. Though you will no doubt find anything in our “adventures” series boring because they’re long and full of financial details.

      • Comrade PhysioProf Says:

        Fees? I thought these retirement things were just where you put a certain amount of your salary every month into an investment account, and then your institution matches your contribution up to a certain amount, and then the administrator of the account–TIAA-CREF or whothef***everelse–skims off enough in the aggregate to pay for administration and obscene salaries for its executives. I just looked at my TIAA-CREF quarterly statement, and I didn’t see anything about fees.

      • Comrade PhysioProf Says:

        This shitte is too f***en complicated. Since you are an expert: is it correct that if I can afford the decline in current cash flow, I should contribute up to the maximum $16,500 per year that the IRS allows for the pre-tax dealio? (As best I can figure out, the institutional contribution doesn’t go up any higher if I increase my own contribution, since I am already above the limit that maximizes the institutional.)

      • nicoleandmaggie Says:

        That depends on a lot of stuff… like if you’re planning on dropping dead in the classroom, and so on (that is, if you don’t think you’re going to need the money in retirement and you’d rather spend it now). But if you’re just going to save that 16.5K anyway, then yes, put it all in your retirement account. That way it is tax-advantaged.

        Plus I’m assuming as a med school person you’re making a lot of money, which would tip you towards putting away all of it. If you were making 32K/year, it wouldn’t make much sense to put more than half that away… today’s spending would be likely more important. The heuristic is to put 10-20% of your annual income away in tax-advantaged accounts for retirement depending on when you started saving. (The later you start saving, the more you need to put away.) That’ll give you somewhere around the recommended 80% of income in retirement assuming the recommended 4% withdrawal rate, give or take. It definitely shouldn’t hurt you to put away the full amount if you can afford it, and will allow you more opportunities in the future.

        At our institution we can do 16.5K plus the required contribution and match. They don’t match any of the 16.5K part, just the required part. All of that is on top of the 16.5K.

      • Comrade PhysioProf Says:

        Thanks for the advice!

  4. Jacq @ Single Mom Rich Mom Says:

    In Canada, we have great banks. Just sayin’.
    Our university administration is incompetent though.

  5. Link Round Up – When Will Spring Be Here Edition | Everyday Tips and Thoughts... Says:

    […] Grumpy Rumblings of the Untenured shares their bad experience with ING. I know a lot people use ING, so make sure you read about what they have gone through to protect yourself! […]

  6. eemusings Says:

    Blllargh, it took about two months for my money to move over when I changed to a fund with another kiwisaver provider *smh*. Hope they release yours soon.

  7. bogart Says:

    I don’t know. ING may be incompetent/dishonest but I had an astonishingly hard time rolling a 403B from a former employer over to a traditional IRA over to a Roth, all at TIAA-CREF. So other than being a bit of work for them there was absolutely no cost at all involved (all the accounts were with them), and it still proved to be a major hassle (I even met once with a real human being, in person).

    On a positive note, the length of the process coincided nicely with some market decline or another (not the huge one, it was after that), such that the account value declined by about $2K prior to the conversion to the Roth, saving me around $500 in federal taxes (and some state taxes too).

  8. 101 Centavos Says:

    No ING for me, then. They seem about as nincompoopy as BofA.

  9. Gratefulness | #8: Nice Bank Tellers | Live With Abundance Says:

    […] exchanges when it comes to money.  A lot of bloggers swear by ING, an entire bank online, though some don’t.  And I think I’m the only 22-year old who actually likes using paper checks, as […]

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