Saturday, July 4, 2009

Poll: Why turn down $25?

In my most recent Companies Tony Loves post, I described how ING Direct is taking the online banking community by storm. I also put an offer out there: $25 for opening a checking or high-interest savings account at ING (with a minimum deposit of $250). To take advantage of the offer, you just needed to contact me so that I could refer you for the $25 bonus.

This sounds like easy money to me. All you need to do is try out a new bank account (no need to abandon your others) with $250 in it, and ING will give you $25. That's an immediate 10 percent return that costs 15-30 minutes of clicks. Plus, the savings account currently gets 1.5 percent APY. ING really is a good FDIC-insured bank. Bunches of people must have gone for that offer, right?

After almost a week, how many people contacted me for a referral? None.

From an economic point of view, it's not really surprising -- that's the subject of a future post. For now, I'd like for you to think about several options. Let's see what the readers think is a good reason to turn down $25.

Why did/would you turn down $25?
(a) It's gotta be a scam. I don't trust the banks, even if they're encouraging me to save.
(b) It's too much of a hassle. I already have a bank account.
(c) It sounds like a great deal to me. Sign me up (e-mail: thisyoungeconomist@gmail.com)
(d) As I already have an ING Direct account, I don't qualify for the program. Orange Revolt!

I understand all of these responses, so don't feel like I'm giving you the third-degree. For what it is worth, it's not a scam and it really isn't much of a hassle to earn $25. This program is just a cost-effective advertising program for ING Direct. Hey, they only pay when the plan succeeds, right?

As with all of the polls, vote early and often. Tell your friends to vote, and tell your bankers to vote. The poll is on the sidebar (----->) and is open for a week. I am interested in hearing what you have to say.

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