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Ally Bank Buying ING Direct?

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Allying DirectWhile I was on the Amtrak train to New York for a business meeting yesterday, I tweeted news that Ally Financial was in talks to buy ING Direct. It’s still very early in the process but the news came from The NY Post and there isn’t much additional news other than they’re “in talks.” The article cited sources that ING Direct could go for as much as $10 billion, which ING would be use to repay $13B in loans from the Dutch government.

It makes for some good chatter, so let’s chatter! What do you think about these two guys potentially combining into one? How do you like my “Paintshop” skills?

{ 22 comments, please add your thoughts now! }

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22 Responses to “Ally Bank Buying ING Direct?”

  1. Alan says:

    As long as they make it a smooth transition/merger, I have no problems with it.

  2. daenyll says:

    I don’t mind if they keep ING’s interface. hey it’d be even better if they bump up the ING accounts to be in line with ally’s rate structure

  3. Jacqui says:

    I’m with Ally and love it! I’m hoping the combo gives us the best of both… not the worst.

  4. Jim, you have mad Paintshop skills. AllyIngDirect is your Sistene Chapel.
    - Chip

  5. justin says:

    Let’s hope they become a real bank. ING bought my original (awesome) Netbank account and made it into a useless pile of crap (no acceptance of incoming wires, no depositing of checks)

  6. javi says:

    I don’t mind the combination. I have been looking into opening an Ally account to supplant my ING account. Maybe now I don’t have to open an account.

  7. zapeta says:

    I’ve been worried about some huge bank buying ING and essentially gutting the features and rates. I’ve got an Ally account that is mostly inactive but I like them as well. I think these two are among the best banks for consumers so they would go well together.

  8. Lelly says:

    What ING lacks (a lot), could be intelligently supplemented by Ally. Hopefully Ally’s philosophy and style would be the overriding direction of this merging of banks

  9. Shirley says:

    I agree with zapeta about a huge bank takeover. I am taking a wait-and-see stance on this one because I don’t want to see anything change at ING Direct, other than interest rates rising. ;-)

    For me they have been so easy to use, come through with all promotions as stated and in a timely manner, and the customer service has been top notch. I’ve had only one instance of contact with Ally, but the customer service, while not downright bad, was not all that great.

  10. Looks like I picked the right online savings account (Ally Bank that is)! I’ve had an Ally account for a while now and have had no issues or problems with them whatsoever. If anything, it would be nice to have an automatic transfer from my Ally savings account to my checking account at my loca bank, but that’s just the nature of savings accounts. Plus, if it were any easier I might be tempted to spend a little more of my savings. Check out my review of my Ally Online Savings Account at GoBeRich.com.

    • Okay, apparently I didn’t read my comment before I posted… I meant to say it would be nice if the transfer between online savings and my local bank wouldn’t take 2 business days, but that’s just the nature of online transfers. Gotta stop commenting and eating at the same time I guess…

  11. govenar says:

    ING Direct’s rates dropped a long time ago such that they’re not longer competitive. I guess their customers would be attractive to an acquirer, since the customers who are still at ING are probably too lazy to move their money elsewhere, and won’t care if the rate drops further.

    • Jim says:

      I disagree, they’re competitive to other banks, they’re just not competitive to our memory of “good” interest rates. :)

      • Strebkr says:

        Good point Jim. I still have my money there because I like ING and relative to everyone else they still have great rates. I just wish they were the 5% rates from a few years ago.

        • Jim says:

          Those were the good old days… remember when WaMu had a 5% CD right before they failed?

          • Strebkr says:

            I had some money in my PayPal account earning 5.25% at one point. That was great.

            I never got into WaMu because PayPal & ING filled my needs. I do remember getting into some 18month CDs at ING when the rates fell to 4%. I saw the writing on the wall and figured I should lock in. At the time I couldn’t believe I was locking in for such a long term, but 18m later when it ended I wished I could have locked for 5 years.

  12. Don says:

    My main concern in this MA is how the Sharebuilder relationship will work. I have many accounts with Sharebuilder, ING and Ally. If Ally raises brokerage rates, I would hate to have to move 8 sharebuilder accounts (including 4 IRAs), 3 ING accounts and 2 Ally accounts all over the place. AND to have to redo bill pay would be a major nuisance, but I’m already moving a couple of payees to Great Lakes Credit Union Checking.
    I’m already establishing two accounts at discover bank, which has superior rates to both ING and Ally, with downside being they only have savings, CDs and Money market – no checking or bill pay.

  13. Strebkr says:

    So has there been any official news, or just the 10 of us talking about it here?

  14. I’ve been very happy with ING since taking them up on their promotions (that you recommended). I already had Sharebuilder accounts, so the combination there worked out great for me. I just hope that Ally (or whoever ends up buying them) doesn’t change too much, especially with the customer service!!!

    • skylog says:

      i agree. that is one of the problems i may have with the merger. i joined sharebuilder to make some ETF purchases in some way because of the ability to have instant transfers from ING. i will be “bummed” when this disappears.

  15. skylog says:

    i was trying to see if i could get some added benefit from this merger and open an Ally account now with some sort of promotion, but it appears they do not have a promotion structure like that of ING.

    if i was going to end up with an Ally account anyway, why not get something extra? alas, no go.


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