Capital One Cleared to Buy ING Direct
Remember last summer when I noted that Capital One was in the process of buying ING Direct? Well, the Federal Reserve approved the acquisition yesterday, and the deal is expected close within the next few days.
According to the note that I received from Capital One:
“Capital One has no current plans to change ING customer accounts. Customers will still enjoy the competitive rates, no fees and the same online experience they’ve come to know and love from ING Direct.”
One thing that I hope will be changing is the lack of remote deposit. As regular readers know, ING has been promising to add this functionality since last summer, but nothing has happened.
Perhaps they were too busy with the impending acquisition to roll out new features. Or perhaps they’ve just been dragging their feet. Either way…
What do you think about the news? Do you think Capital One will leave well enough alone? Or will they mess up a good thing?
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Modified on February 19th, 2012 - 11 Comments
Filed under: Banking
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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11 Responses to “Capital One Cleared to Buy ING Direct”
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February 15th, 2012 at 9:50 am
I am a long time and happy ING customer. I am also very happy with my Capital One credit card. Hopefully, they will keep all the upsides of ING and add a few niceties from Capital One.
February 15th, 2012 at 11:04 am
Hmm, I wonder what impact this will have on my Sharebuilder account which is also owned by ING?
February 15th, 2012 at 11:24 am
I closed out my ING account the day the announcement was made. While I don’t hate Capital One with the white-hot, blazing passion I hold for Chase, I had a hard time with the idea of them earning money on me again. I know others still enjoy ING, and they have features I like, but I just can’t bring myself to do it. Hopefully for the customers, CO will leave it as is or make it better. I personally have my doubts.
February 15th, 2012 at 1:13 pm
Eh, whatever. Capital One will be the fourth owner of my internet banking accounts. I haven’t changed banks voluntarily–each bank has been bought out in succession. I think I actually opened the account with something called Compubank, but I’d actually have to go look it up to be sure who was first.
The bigger the bank, it seems the less likely they are to offer competitive deposit interest rates. ING faded back into the pack in recent years, and I seriously doubt Capital One will be a standout in this aspect.
February 15th, 2012 at 1:16 pm
I’m with Jonathan. I’ve had good experiences with both. If it were Citibank or Chase buying ING, I would have headed for the hills long ago.
February 15th, 2012 at 3:40 pm
I love my ING accounts and don’t really use Capital One except for a credit card. I have a savings account with them because it had a good interest rate but don’t even access that account. I am just hoping they keep the ING and Sharebuilder features because those are very good.
February 15th, 2012 at 5:46 pm
If they make any changes to the customer service I’m gone. That’s THE best thing about ING. Call them up, no prompts, and someone answers that’s competent. Cant beat that.
February 15th, 2012 at 7:29 pm
I still have open ING accounts back in Germany. I always hoped that my stateside ING accounts would have any benefits from this connection, but this hope is eventually gone now. However, I do have a CO cc and am most likely to keep my ING accounts as well. It’s just too good to let go so easily. Having a Chase account as well for the convenience of local access to my money
February 16th, 2012 at 8:02 am
We should be splitting, not merging, banks.
February 16th, 2012 at 9:05 am
Waiting for my Simple invite to come, then adios ING
July 17th, 2012 at 2:06 am
ING sucks they have kept two of my checks that have been cleared for over a month. Every time I call they just say we are checking the funds REALLY a month. I filed a complaint with OCC, ING is crap.