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ING Direct Reveals More News on Its Acquisition by Capital One

POSTED ON BY

Last week I posted on the news that Capital One completed the acquisition of ING Direct after receiving approval from the Federal Reserve. The transition process now starts. ING Direct has released this webpage for its customers detailing what to expect. Some noteworthy things mentioned include:

  • Your accounts will continue to be FDIC-insured at both places separately. That means your deposits will be FDIC-insured up to $250,000 at ING DIRECT and an additional $250,000 at each of Capital One's two other banks (Capital One Bank (USA), N.A., and Capital One, N.A.).
  • ING Group will allow a one-year transitional use of "ING DIRECT" from February 17, 2012. So, yes, our name will gradually change over time
  • Electric Orange and MONEY Customers will now have access to the over 2,000 Capital One ATMs (cash withdrawal only) in addition to the 35,000 free ATMs already available through the Allpoint network.
  • coming this spring you'll have access to CheckMate, our new remote deposit service. You can deposit checks directly into your ING DIRECT accounts anywhere from your computer or mobile device.

It's interesting to see ING Direct mentioning its new remote deposit service as part of the Capital One transition. I wonder if the acquisition had slowed them down in rolling this out. It was almost a year ago when I was first told by ING Direct representatives that the service was in the works.

As I mentioned last week, there's a question about future deposit rates at ING Direct and Capital One Direct Banking. Will they remain competitive? As I described last week, recent rate cuts at Capital One Direct Banking have been disappointing. Also, the CD rates at both ING Direct and Capital One Direct Banking are dismal. Now that Capital One is the sixth largest bank in the country, I hope it doesn't start acting like a megabank with uncompetitive deposit rates.


  Tags: ING DIRECT

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Comments
8 Comments.


Comment #3 by Dan (anonymous) posted on
Dan
So... Will capital one's *other* customers also get access to the new remote deposit feature? I certainly hope so. I've been waiting for such a thing for a while and have almost jumped ship to another bank as a result.

3
Comment #4 by Kevin (anonymous) posted on
Kevin
Anonymous #2, it's his website and blog; not yours.  If you have a desire to express your opinions more freely with less control, please feel free to start your own blog.

10
Comment #6 by maven (anonymous) posted on
maven
I couldn't care less about remote deposit at a bank that pays .65% APY. And now no one will be surprised when ING's slightly higher savings rate falls to the Cap One level. I have already pulled most funds from Cap One.

6
Comment #7 by emory posted on
emory
This may be a dumb question, but here goes.

Are all accounts (checking/savings/Mortgages) transferred to Cap One?  Or, only the savings/checking accounts are transferred?  The information was not clear to me.

3
Comment #8 by Mike (anonymous) posted on
Mike
Emory, you can find details about what will happen to your accounts on ING's website.  Nothing is changing for now, but everything will ultimately become Cap1.

 

https://home.ingdirect.com/capitalone/faqs

2
Comment #9 by Anonymous posted on
Anonymous
Just as I feared. Capital one MUCKS things up already.

I can no longer view my ING account at 125%. It freezes up my page.  A rep told me its ONLY viewable at 100%.

Gee, what more "improvements" can they give us ?

13 years without problems and Capital One mucks it up the first week.

I feared this. I hoped I would be wrong.

I will be looking to close out my 6 figure account & move elsewhere.

3
Comment #10 by Anonymous posted on
Anonymous
Nowhere on my account pages is there mention of the Cap One Aquisition, despite having the above-mentioned internal site link, which is not available via their regular News & Media or About Us links either. Thanks for the notices here.

1
Comment #12 by Anonymous posted on
Anonymous
I don't like Capital One at all. i will be movin g my funds to Discover bank or Ally. i do not trust them at all.

1