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How to Close ING Direct Subaccounts

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In my ongoing quest to simplify our personal finances, I started cleaning up some of the connections in my Financial Network Map. The target today was my ING Direct account, which played host to both my CD ladder and my bank account firewall, two financial constructs that have proved invaluable in my financial planning and protection schemes.

What I didn’t disclose to you all earlier, when talking about the bank account firewall, was that I created a firewall account for each individual external account. Creating ING Direct subaccounts is and was so easy, I created one for each external connection. I had one for Paypal, one for E*Trade, one for … the list went on to the tune of about half a dozen accounts. Along the way, I also created a checking account to take advantage of a free money promotional offer that has since expired. Between the CD ladder, the five external accounts, the checking account, and the main online savings account, I knew I had to pare it down.

When I tried to close an account, I had trouble finding a way because there isn’t one listed on the account’s maintenance page. The easiest way to close an ING Direct Subaccount is to transfer all of the money into another subaccount. On the transfer confirmation page, you will be given the option of closing the account or simply leaving the account balance at $0.

Closing an ING Direct Subaccount

ONce you click “Close Account,” you’ll be asked to confirm the transaction, then the account is closed immediately. As you’d expect, you lose access to all of the historical data for that account. If you want that information, you’ll have to review eStatements, which are saved in PDF form.

Unfortunately, you cannot close the Electric Orange checking account this way. To close your Electric Orange account, you’ll need to call their customer service line at 1-888-464-0727, available from 8am to 8pm, 7 days a week.

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10 Responses to “How to Close ING Direct Subaccounts”

  1. blisster says:

    just read today in the WSJ that ING is closing its US online bank in response to govt aid it received and an effort to repay that money. i love the sub-accounts, and don’t know of another online bank that offers them :(

    • Jim says:

      Nope, ING wasn’t ordered to close its bank, the EU ordered the parent company to divest itself of the US bank because the parent company accepted Dutch state aid earlier in the year. They have to divest itself of the bank by 2013, which is a long ways away.

  2. JB says:

    Thanks for this. I was wondering how to close a subaccount without having to call in.

  3. Austin says:

    I stumbled upon this yesterday and was surprised they don’t promote it a little more. I would expect this kind of trickery from a normal bank, but I hoped ING would be a little more forward with the information.

  4. eric says:

    nice. never had to close one but now i know how!

  5. byikes says:

    Sad to hear they might have to close, I worked for them in the late 90′s as a programmer and they were a really good company.

  6. coolio says:

    Thanks! I was curious about how you set up a ‘firewall’ – could you explain how the firewall works?

    • Daniel says:

      @coolio For a “firewall”, I believe he is using ING as an intermediate step in his money flow.

      In otherwords, if your paycheck is direct deposited into your checking account, and you want to transfer money into paypal or similar. You could transfer the money into an ING subaccount, then transfer from there to PayPal. This way, paypal has no direct access or knowledge of your main bank account. This helps keep your other money secure.

      I think this is can be very helpful for certain types of transactions that I dont want to have direct access to my checking account. For instance, when I sell books on half.com the money is deposited into a separate ING subaccount where I can distribute the money among my other accounts as I please.

  7. PK says:

    Let it be known, the close option will not appear if there is an automatic transfer scheduled into or out of the account you’re trying to close. Cancel that first and then transfer the money and you’ll see the option.

  8. Daniel says:

    Thank you posting this Jim. I was concerned about the difficulty of closing sub accounts if I had too many open. This is very helpful information.


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