Who offers the best free online bill pay - HSBC Direct vs. ING Direct

HSBC (Hongkong and Shanghai Banking Corporation) Holdings is one of the largest banking groups in the world and ranks as the second largest corporation in the world in terms of assets. HSBC Direct, the online direct banking operation of HSBC, lures millions of customers through its high-interest savings accounts, no service charges or minimum account balance requirements. The Online Payment Account offers an extensive array of features for the costumer including 2.50% APY with no minimum balance or fees, reimbursement up to three ATM transaction fees charged by third party banks in a month, link to unlimited number of external accounts for fund transfer and online bill payment.

Online bill payment from HSBC is a unique feature of personal internet banking and is offered as free service for HSBC customers. The bank guarantees the due arrival of payments and security of financial information. In order to sign up for the service, the customer has to enter detailed information on the companies or people to whom he wishes to make the payment. Upon entering the information, it gets automatically saved. HSBC makes use of advanced technology to prevent unauthorized access to the given information.

ING Direct, part of the ING Group, is one of the frontrunners in the online savings account market. The prominent financial services offered by the bank in the United States include Savings (Orange Savings Account), Checking (Electric Orange), Certificates of Deposit (Orange Certificate of Deposit), Mortgages (Orange Mortgage), Home Equity Line of Credit (Orange Home Equity Line of Credit) and Mutual Funds (Orange Investment Account).

ING Direct's checking account, known as the Electric Orange, offers an incredibly high 4% annual yield and has no minimum balance or direct deposit requirements, no monthly maintenance fees, and is entirely paperless. The checking account helps customers to make online electronic payments. They can even have ING Direct send out a check via first class mail. Electric Orange customers can use MasterCard-branded debit card for ATM withdrawals or debit payments.

ING Direct's checking account provides free online bill payment. All Electric Orange Customers are automatically enrolled and they can start using it as soon as their account is opened. The online payment made by a customer would most probably arrive in 3-5 business days. The processing time basically depends on the recipient as they have to process the payment and credit the account. The various deposit options offered by the checking account include Automated Clearing House (ACH) transfers from a linked account at another bank, direct deposit, transfer from Orange Savings accounts as well as mailing in paper checks.

Nayanathara. S.

Hi-Tech Editorial Division