Loan repayment account functionalities
- You will be able to transfer money into this account:
- To pay your loan instalments
- To allow for early repayment of your loan(s) at any time, subject however to prior notice made to the bank as foreseen in your loan agreement.
- This loan repayment account will not incur any maintenance fees.
- You can continue to access My ING as a helpful consultation tool and track where you stand with your lending.
- You still will be able to download your statements and tax certificates via your My ING.
Loan repayment account limitations & conditions
- The following services are not available:
- Withdrawals and deposits
- Card payments (your payment cards will be cancelled)
- Outgoing transfers (except for the transfer of any remaining credit balance before final closure to another account in your name, indicated to us)
- Direct debits
- Standing orders (other than the ones set up to repay your loan)
- Any credit facility linked to that account
- This account does not generate credit interest.
- Please make sure you have sufficient balance for loan instalment payments, otherwise the periodical payment will not be executed.
- You will not be able to perform any transactions via any channels including your My ING.
We inform you that, contrary to what may be stipulated in your loan agreement, we waive, as from the date of the letter you received/will receive any obligation to receive in your ING account(s) your income and any rental payments.
What do you need to do?
The method of repaying your loans, as well as your IBAN number, remain unchanged. All you need to do is to ensure sufficient funds in your loan repayment account(s) to meet your loan repayment obligations.
To avoid any disruption in your personal finances, don’t forget to act for activities linked to your current account:
- Transfer your recurring transactions to the new bank:
Either by using the banking mobility service (you may ask the new bank to do the work for you) or doing it on your own.
- Retrieve the list of your beneficiaries:
Select ‘My beneficiaries’ from the main menu of My ING and then select the ‘Download the list of my beneficiaries’ option.
- Redirect incoming payments via the relevant organisation
(salary/ADEM/Pension, Rents received, CNS – repayment…).
- Redirect outgoing payments
(standing orders, future transfers, direct debits, recurring payments via your credit cards…).
When will the limitations of your loan repayment account(s) be operational?
Before we convert your current account(s) used to service your loans to a “loan repayment account(s)”, you will need to complete the termination of all products held with us as per the instructions in the letter you received/will receive. We will let you know, at least two months in advance, before changing your current account(s) to a loan repayment account.