Capital One Buys ING Direct

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The news broke yesterday that Capital One would be the happy recipient of the keys to a brand new ING Direct. Everyone knew that ING Direct was up for sale, the ING Groep was required to sell it, but no one was sure who would be the happy new owner. The acquisition puts Capital One in the lead as the largest online bank, mostly because ING Direct was absolutely enormous. The final price? Around $9 billion, in a mix of $6.2 billion cash and $2.8 billion stock.

We speculated as to what would happen when someone purchased ING Direct, though we were using Ally Bank as the acquirer (those were the rumors at the time). Since it was a friendly acquisition, rather than an FDIC chaperoned affair, mostly nothing would happen.

I’m eager to see what happens because I have an online account with both banks.

{ 33 comments, please add your thoughts now! }

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33 Responses to “Capital One Buys ING Direct”

  1. zapeta says:

    I’m cautiously optimistic that Cap One won’t completely screw this up. I’ve got no loyalty to them so if they change things for the negative I will close my account in a heartbeat.

  2. Anonymous says:

    I hate Capital One basically from the ads they had on TV that stated if you carry a balance on a credit card, they would no longer charge you interest. They would however charge you a service charge of 1.5% a month. What total bullshit!

  3. I am existing customer of online capital one bank. And I am extremely happy to earn interest on my checking account with them. These days it’s hard to find a interest chekcing account.

  4. mannymacho says:

    Capital One, although they have had some great promotions and products, typically hasn’t been as customer service-oriented as ING. I think that’s what kept ING so popular, so I hope they are able to maintain it.

  5. Emilio P says:

    I have credit cards with several banks, and Capital One was probably my worst credit card experience.
    From their annoying marketing, to their shoddy credit approval process to the lack of security at the time (Circa ’02) I have no motivation of doing business with Capital One

  6. Shirley says:

    I have to view this with an open mind and a wait and see attitude because I have had no dealings with Capitol One.

  7. Anonymous says:

    I have accounts at both Capital One and ING. I wished that this buy out had never happened, but if Capital One has the same principles as ING, and the same interest and the hassle free fees, I am willing to give them a chance. But at the first sight of anything other than what I have become used to at ING, and I will be taking all of my money out. I will put it with American Express. I would not accept anything less from Capital One than I got from ING Direct. I am already panicking. ING Direct asks no specific amount to open an account, and no specific amount to keep in your account. Capital One does. Like I have stated before, one move away from ING principles, and all of my money will be coming out, fast.

  8. skylog says:

    sigh. for starters, i was hoping any sale would be a little more down the road. secondly, i am, on the surface, a little worried about this deal. i have not had much experience with capital one, but they do not seem to have the best reputation. i hope that the deal takes some time to work out and i hope they do not make wholesale changes when they take control.

    too many questions. multiple accounts? checking? savings? p2p payments? i will have to start looking at some other banks to keep my options open.

  9. jay says:

    Well capital one has maintained 3 JD Power awards for their customer service in their online direct banking…maybe the good customer service in that area will continue with ING.

  10. Jay says:

    Well Capital One does have 2 JD Power Awards for their customer service for their online/direct banking area, maybe they can keep it up.

  11. Alan Zheng says:

    I hate this buyout…i liked ing for its independence…now its just another giant bank and I’ve just become another number…

    I’ll hold on to my account for a lil while to see how Capitol One handles this, but seeing what they did with chevy chase, I’m not optimistic

  12. Donna says:

    I hate Capital One. I was okay with the Ally Bank buyout rumor, but this will definitely force me to close my accounts.

  13. Nick says:

    I agree with Donna. Capital One is just…sleazy. From their terrible customer service to their legendary “hidden” fees, I don’t want them anywhere near my wallet. I’ve already started the move to Ally and should be completely out of ING in about 60 days. It’s a shame, but my three year love affair with ING is at an end… One lesson I have learned from this is to NOT use direct ACH transfers with vendors…unwinding those is proving to be a real pain.

  14. daenyll says:

    I am leery about this acquisition. I don’t have any personal experience with capital one, but have not heard the best about their service and practices. I will be looking out for options to change banks if the ING features I’ve come to like and expect are changed with the new owners.

  15. Juan Luis says:

    I have accounts with both! Now I have to strongly consider moving on to yet another bank, if Captial One starts to run ING Direct starts to run ING Direct like it does everything else!!!

  16. BrianC says:

    ING is one of the few financial companies I’ve never had any problems with. I really hope Capital One doesn’t attempt too many “improvements” over what already works.

  17. Frugal says:

    Is there anyone who had a pleasant experience with Capital one?

    I am looking for a customer opinion, not Capital One’s own announcements. I also have accounts with ING while no experience with Capital One.

  18. Sheila says:

    Due to a past decision to avoid any business with Capital One, I have already closed my accounts. I sure hope losing that 0.5% doesn’t cause me any loss of sleep. 😉

  19. Jan says:

    as a guy from holland i’m just amused about all you guys being so happy with ING. In holland were ING has it’s base it’s one of the most dissapointing banks for consumers they have very low interst rates and bad customer service.

    ING was forced by the european commission to sell ING direct after they had to take a loan form the state in order to survive.

  20. glenn chin says:

    I HATE CAPITAL ONE. I am currently looking for another place to move my money.

  21. ~L. says:

    Am very much like lots of us here regarding feelins about Capital One. I used to like them alot. When nobody gave me credit Cap1 was first to start me off with 500 bal. Ten years later they gave me two credit cards totaling 17000 and I NEVER were late with them. I always payoff my balance. Then, in 2008 downturn, they raise my rates from 9% to 19% and stated that it was due to economic condition-mind you that my score from Transunion was 801. They did not care. I still have the card and still pay them off monthly. I would avoid their customer service at all if possible. It’s kinda like deal with it or if you hate them so badly..leave them.

  22. Mel says:

    ING’s own customer service, which used to be excellent, turned horrible in its own right recently. When I opened my ING account in 2003 I was enamored of the online banking concept, but now I don’t see the point any more. My local credit union pays double and they actually let me take money out when I want it. Why are people still using the online banks vs. local credit unions since you can initiate online payments through anyone these days and the rates are no better online? And you can talk to a person at the CU and they take care of something in 30 seconds that you are going to be on the phone repeatedly to try to fix with the online banks? The only online account I have now is with Chuck because trades are easier online.

    • Steve says:

      Why . . . use online banks?

      1) Less time consuming.
      2) Less costs due to no travel.
      3) Typically better rates.
      4) Less charges . . . due to not using a “teller”.
      5) Transfers are easy. I have yet to have a problem with ING Direct. I’ve only been with them since 2007 or so, but still . . . no problems.

      Give us reasons why we shouldn’t use ING Direct.

  23. Edward says:

    I’ve had a Capital One student credit card since July 2010 and I have no problems with them (I’ve even earned over $29 in cash back by now, spending about 140/month.) That said, I do pay off my balance in full every month, so anyone who’s disciplined enough to do the same should have no problems with any bank. I do have a high 24.9% APR, but again, I pay my card in full so that doesn’t matter. Even as I get older, I’ll still keep a Cap One card around for their 0% foreign transaction fee perk. (It’s not just useful for going abroad – it works for purchases on foreign websites too.) Also, from the few times I called, Cap One’s customer service is at least staffed by Americans.

    Capital One does have a decent online bank, and I have honestly been tempted to switch to them from my Ally checking/savings just for the higher APY and simplicity of having one login. From my experience, I don’t think Cap One’s takeover will be as bad as everyone predicts.

  24. Lighthouse says:

    I have reservations about capital one taking over ING as well. If I see any sign of negativity then I am gone…Heard a lot of negative things about capital one….I am actually thinking of closing the account before but..will give a chance.

  25. Shirley says:

    Here is a very timely post on DepositAccounts concerning the ING Direct Electric Orange.

    “ING Direct To Offer Paper Checks To Electric Orange Customers”

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