Last year, one of the big stories was that Capital One bought ING Direct. Since the announcement, Capital One has been gradually changing up the branding. Now, though, the transition is complete, and ING Direct is now Capital One 360.

So, is anything different? And what does Capital One 360 have to offer?

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Have you seen the interest rates on savings accounts lately? Our list of high yield savings accounts basically peaks at 1%. (As of this writing, we have just three banks with “high yield” interest rates above 1%… but barely above 1%) I can barely type high yield because when I see a single percent, I don’t think high yield. I barely even think “yield” because you’ll get exactly one dollar for every hundred dollars you save in the bank. That’s it!

You might be wondering why rates are so low. I’ll explain.

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I don’t write personal checks unless I have no choice (or the alternative is expensive). Whenever possible, I use something electronic, like bill pay, so that I can reduce the amount of paper I’m mailing around in the postal system. While I’ve been fortunate never to have been confronted with a problem using checks, I don’t want to tempt fate by continuing to use them. The reality is that personal checks are simply too insecure to be used.

I’ve talked about using the “internet safety test” and the personal check basically fails. Here are three big reasons why I avoid checks:

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Do you have a jar somewhere in your room filled with spare coins? Most of us do.

While it can be a painless way to let cash accrue and save for things like a vacation or debt snowflaking, turning that change in can be a real pain, especially if you are hit with fees. However, there are ways to avoid the fees and the inconvenience of counting and rolling your own change.

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Do you have an account with American Express Centurion Bank or American Express Bank?

If so, you may soon be one of the estimated 250,000 customers who will receive part of an $85 million  refund from the bank as repayment for their deceptive practices from 2003 to 2012. In addition to the refund, American Express will also pay a $27.5 million penalty.

American Express’ Misdeeds

American Express has recently found itself under the scrutiny of the Consumer Financial Protection Bureau for some of its subsidiaries’ deceptive acts and illegal fees. Some of the offenses include:

• Telemarketers telling potential customer that if they signed up for the Blue Sky credit card offered through American Express Centurion Bank that they would receive a $300 sign up bonus, which new customers never received;
• Charging late fees that were higher than those set by law. This occurred at both American Express Centurion Bank and American Express Bank;
• Discriminating against older customers (those 35 and older) by using a discriminatory credit scoring system at American Express Centurion Bank for those applying for new accounts;
• Telling customers that by paying off old debt they would improve their credit score. The problem? The three subsidiaries didn’t notify the credit bureaus of the changes, and in some cases, the debt that was being paid off was over 7 years old and would have no impact on credit scores even if it was reported.

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A few years ago, debit card rewards were very popular. Whether they were straight up rewards or part of a reward checking account, banks were going crazy offering them. Then, as interchange fee caps came into effect, one by one they started dropping off. Many of the programs were funded by these interchange fees, the fees banks charge merchants for accepting cards, and so when the revenue dried up, the incentive to push those programs and the ability to pay for those programs also dried up.

Nowadays, the rewards are smaller but they’re still there. Here are the best of the debit card reward programs:

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One of the trends on the rise recently has been an increase in the number of consumers who are unbanked. There are several reasons that people join the ranks of the unbanked. No matter the reason, though, the truth is that being unbanked can have some serious drawbacks — and cost even more than bank fees.

If you are unbanked, it’s probably a good idea to consider joining the ranks of the banked again, if possible. You’ll likely save money, and you’ll have access to other services as well.

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ING Direct just sent me one of the most confusing emails I’ve ever read. In it, they describe how the FDIC coverage would be changing on November 1st (assuming it is approved) and how FDIC coverage would be changing on May 1st.

Unless you have an account at ING Direct and Capital One Banking, you probably didn’t receive this email. I still have an account at Capital One from back when they had a Costco promotion and so they probably pulled my name from that list.

Here’s the confusing email:
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