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How to Close ING Direct Subaccounts

In my ongoing quest to simplify our personal finances, I started cleaning up some of the connections in my Financial Network Map [3]. The target today was my ING Direct account, which played host to both my CD ladder [4] and my bank account firewall [5], 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.

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.