Electric Orange

“America's first all–electronic, paperless checking account is going to change the way you do your banking.”

Can a checking account really “change the way you do your banking”? This is precisely how ING Direct begins its description of Electric Orange, the institution’s recently launched checking product.

The account is positioned to target those who want a high interest checking account (4.00% - 5.30%, depending on the balance), and the conveniences of a sophisticated online experience and an extensive ATM network - ING has teamed up with the Allpoint Network to offer account users free access to over 32,000 ATM’s across the country. The account compliments ING Direct’s popular high yield savings accounts and is directly in-line with its strengths as an institution capable of delivering high rates, a great electronic experience and straightforward, easy to use products.

The account is definitely a departure from traditional checking accounts in that it encourages electronic check writing and bill pay as opposed to using paper checks and check books. It’s not surprising that this is the case given ING Direct’s online delivery focus and target market.

Electric Orange isn’t for everyone; it’s targeting those who don’t necessarily value the “benefits” of traditional checking accounts. ING recognizes that this target doesn’t necessarily value a free order of checks, or a checkbook at all for that matter; and as a result, they have created a product with a different, more focused value-added that can definitely change the way that its customers do their banking.