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More Changes Announced for ING DIRECT Customers


ING DIRECT announced some more account changes that are part of the bank's merger into Capital One. As of November 1, 2012, the legal entities of the two banks are officially merged. One change should be appreciated by customers who often travel overseas. ING DIRECT will begin waiving foreign exchange fees on customers' debit card purchases outside the U.S. This includes absorbing the 1% fee charged by MasterCard/Visa. The change is consistent with Capital One's longstanding policy.

Another change will make your money available sooner with "On Us" checks. As of November 1st, all "On Us" checks (checks written from one ING DIRECT account and deposited into a different ING DIRECT account) will now have next-business-day availability. Finally, all of ING DIRECT accounts will be covered by Capital One’s Privacy Policy. These details are described in this ING DIRECT page.

For those with large deposits at both ING DIRECT and Capital One, don't forget that you may lose FDIC coverage in May 2013. I described these changes in my review of FDIC coverage changes for ING DIRECT.

Later this month ING DIRECT should be giving us a sneak peek at their new name. When ING Group sold ING DIRECT to Capital One, it was agreed that Capital One would be allowed to use the "ING DIRECT" name for up to one year starting on February 17, 2012. My guess for the new name is CAP DIRECT.

I haven't heard reports about another Black Friday special. For the last 3 years, ING DIRECT has been offering Black Friday specials. It also has a history with Fourth of July specials which continued this year. So hopefully, they'll continue the Black Friday specials. You can see what they offered in past promotions in my preview of the 2012 Financial Independence Day Sale. One special that has been common is a new-account bonus for the Electric Orange account. So if you're considering opening this account, you may want to wait to see what they offer for Black Friday.

One thing I hope continues at ING DIRECT is competitive rates. After the October rate cuts, I'm worried that they may not remain competitive in the future. I don't think the Capital One acquisition will have a big effect. Before the acquisition, Capital One had maintained competitive money market and savings account rates through Capital One Direct. In fact, the rates were often more competitive than what ING DIRECT offered. And the Capital One Direct accounts were free with no monthly service fees. However, the combined bank may feel less pressure to keep the internet rates high. That can be seen with ING DIRECT CD rates which are low even when compared to brick-and-mortar banks.

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Stewie   |     |   Comment #2
"This article says the new name will probably be either Capital One Quicksilver or Capital One 360. Both are not good in my opinion."

I agree.  Maybe they could retain some connection to the ING legacy.  How about Capital EFFING One?

Anonymous   |     |   Comment #3
I opened an ING direct account back in the day with a chevy chase bank checking account.  Capital One took over chevy chase bank and will also take over ing direct...and since it'll all be under the same 250k/entity umbrella, wouldn't make my capital one (it now shows that under my "transfers" tab) not an external account?  oh well.  The next 4 months at least should be interesting since capital one is also terminating the costco account to regular(?) capital one accounts in december.  Does that also mean the captal one direct bank accounts will be gone too?  sigh...
Anonymous   |     |   Comment #4
I have an ING Direct CD maturing soon and noticed that the rate is lower than for the regular savings account rate.  Not going to renew that anymore.

Since the online accounts are described under Capital One Direct.  My guess is that the former ING Direct accounts will be called Orange Direct.
Anonymous   |     |   Comment #5
**** the dutch.
Anonymous   |     |   Comment #6
I'm sure that if the ING Board was aware of all the distress the sale was going to cause among you people that they would have promptly reconsidered selling to Capital One. My God people, who cares? 
Anonymous   |     |   Comment #7
Same thing will happen in canada
Anonymous   |     |   Comment #8
Who cares!
RJM   |     |   Comment #9
I really, really hate capital one.

But Im attached to my ING direct checking.

And, I am at the FDIC limit at Ally.
RJM   |     |   Comment #10
Not sure I "get" what 360 or Quicksilver have to do with online banking.

But, I wish "capital one" wasnt on the account anywhere.

I cannot stress how much badwill that name has to me.

They charged me a late fee probably 12 years ago for a payment that wasnt lat and refused to remove it even when I told them I was closing my account.

I did & Ive hated them ever since.

Can someone point me to another online bank that uses the same billpay provider that has good rates ?
Anonymous   |     |   Comment #11
Point you to an online bank with billpay that has good rates?  You have got to be kidding!

No bank, brick and mortar or online has good rates.  Unfortunately, we won't see good savings and CD rates for years to come.
Anonymous   |     |   Comment #12
The new name is capital one 360.
Anonymous   |     |   Comment #13
Orange color is being dropped and replaced with blue and red.  My guess is that the website will also be shut down just like the other websites of banks that were bought out by CapitalOne.
Anonymous   |     |   Comment #14
Man do I hate Capital One! I loved ING so much and I know that stupid cap one are about to change everything even when they say they wont. Cap one is interested in making money and nothing else. They do no care about the customer. I will probably be closing my ING accounts. Ahhh, it was nice while it laster. What a great relationship. Goodbye ING, I will never forget you!
I_Hate_Cap_One (anonymous)   |     |   Comment #15
I'll never forget the day I was trying to buy a car with my Electric Orange debit card and the stupid car lot wouldn't take my card.  I got on the phone with ING Direct, and ended up letting the rep at ING talk to the finance guy.  In the end, I bought my car.  What a great company ING used to be.  But Capital One?  No way.  Capital One will NEVER be in my wallet.

Been a depositor with ING for more than a decade.  Stuck with them through a dated, bad website because I loved the company.  But Capital One marks the end of an era.  I would never give them any of my money.
Argh (anonymous)   |     |   Comment #16
So I noticed that my privacy settings, where I was (by default) OPTED-OUT of sharing my info automatically changed on Nov 1st with the acquisition by capital one to SHARE EVERYTHING WITH EVERYONE.

On the phone, the best guess either of us could come up with was that they used the settings of my old capital one account card to override my new settings. This in spite of the fact that I closed that account over 15 years ago.

So yeah, if you EVER had ANY account with capital one in the PAST (even VERY LONG AGO and closed now), or probably if you ever had an account with any bank they acquired in the past (or future, who knows) -- They think they can start sharing your info because they bought ING. GG.You should probably go into the menu and check your settings.. I was surprised by what I found.

It might be legal -- I assume I signed some fine print when I was 18 that gave them rights to share everything about me for 100 years. But that I can close the account 15 years back and have them revive those settings to apply and override on my new account -- it's not a good way to go.