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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.

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33 Responses to “Capital One Buys ING Direct”

  1. bean says:

    I have had a good exerience wth Capital One. I have the high yield savings with them, and the worst thing I have had to deal with was that in the beginning there is a 10 day hold on all deposits for any deposits made in the first 30 days. With ING the only 10 day hold is on your initial deposit. Its minor and doesn’t affect me, but thats the only difference I’ve seen between the two so far. I don’t want to be able to touch it immdiatey anyways, which is why its in a savings anyway. I think the transition will be fine and I don’t think capital one will make it as bad as everyones saying. ING actually took longer than the 10 days for the hold to come off, CapOne was 10th day. :) Most people hate them because of their credit card service, not their banking which is why I gave them a chance.

    The only concern I have with capital one buying ING Direct is that I have online savings accounts with both banks and this makes me nervous if they consolidate the accounts together. I’m probably being paranoid, but at the same time I’m sure they have to prepare for that kind of run in. Aside from the 1%APY with ING, I prefer Cap one with my savings.. unfortunately, even with the 10% quarterly bonus on interest, the .85% falls so considerably short to 1%. If ING drops to around .85% or .9% apy then I will be switching all my money to CapOne.. if it doesn’t happen all on its own first. I have had ING and CapOne both for a few months now for the record.

    I’ve decided if for any reason the transition is rocky I’m going to American Express for their high yield savings, but that’s only IF it gets bad. :)

  2. jmac says:

    This is terrible news. I vowed never to ever do business with this predatory bank years ago. My search for a new bank begins, which is a heartfelt matter since I love ING’s site and their customer service. There is no doubt in my mind that they will change it, ruin it, and ppl will leave.

  3. GRANDPA JACK says:

    I HAVE HAD 4 ACCOUNTS TOTALING OVER $1,000,000.00 ON ACCOUNT WITH ING DIRECT SINCE 2009. THEY REFUSE TO SEND ME QUARTERLY STATEMENTS AS PROMISED UNLESS I PAY THEM TO HAVE THEM MAILED TO ME AS THEY DID FOR THE FIRST 2 YEARS (AND AS PROMISED WHEN I SENT THEM THE MILLION DOLLARS TO OPEN THE 3 ACCOUNTS.)

    THEN AFTER CALLING THEM REPEATEDLY AND RECEIVING THE RUN AROUND – THEY JUST SENT ME LETTERS TODAY STATING THAT “YOU DO NOT FIT OUR BUSINESS MODEL” & “YOUR ACCOUNT(S) WERE CLOSED!”

    TALK ABOUT LIES, CHEATING AND STEALING …. WHEN AS AN INVESTOR, YOU KEEP OVER A MILLION DOLLARS OF YOUR HARD EARNED MONEY WITH A COMPANY THAT “GOES BACK ON IT’S WORD AND “REFUSES TO SEND YOU A SIMPLE 1 PAGE STATEMENT QUARTERLY AS PROMISED UNLESS YOU PAY EXTRA FOR IT” – THEIR ARROGANCY IS UNMATCHED IN MY 68 YEARS OF LIFE.

    WHEN COMPANIES REFUSE OVER AND OVER AND OVER AGAIN TO LIVE UP TO THE SIMPLEST REQUEST THAT YOU WERE PROMISED WHEN THEY ACCEPTED MY MILLION DOLLAR CHECK ….. YOU KNOW THAT THIS IS A COMPANY THAT REASONABLE MEN AND WOMEN SHOULD STAY AWAY FROM.

    • Matt says:

      Why are you so mad, you have over a million there and your mad about a charge of a few dollars to mail you a statement.
      And you get a free e-statement with every account.

  4. woppc says:

    I liked the orange. Sick of red, white and blue.


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