Capital One's Response to Outrage Over ING Direct Purchase
ING became popular offering no frills accounts, a savings account with competitive rates but no minimum balance, for instance, and no monthly fee. Users also especially like a feature that lets them easily establish subsavings accounts for specific purposes, like vacations or taxes, and have money transferred automatically from other accounts.
“TERRIBLE NEWS,” said a typical entry, from someone called Red Broad on the Facebook page .
“I’ve been really happy with ING, but C1 have a horrible reputation for fees and customer support, quite the opposite to ING’s business model. I’m really sad to see it go this way. I’m willing to bet that ING will lose at least 50% or more of its account holders due to this takeover. What a shame to see a truly customer oriented bank fall into the hands of a bank with probably the worst customer relations out there. I REALLY DON’T want to change banks, I LOVE my banking experience with ING, I can’t see me staying with C1 though so I guess I’ll just have to start looking around…sigh…”
And this one, from Steve Bush: “I feel betrayed by a trusted friend. What a shame.”
Many of the posts used language that can’t be used in a newspaper, although a few optimistic comments dismissed the predictions of banking apocalypse. “A lot of you people seem to be taking this a little too hard,” said Matt Cannon on Facebook. “No one has any idea yet what’s going to happen, but I severely doubt ING Direct will see any significant change in the way they do business, no need to run for the hills yet.”
We here at Bucks wondered if this outpouring of emotion gave the folks at Capital One pause, so we asked them some questions that seem to be on customers’ minds. The bank declined to provide “yes or no” answers to queries about specific changes, saying it was too soon to do so. But the spokeswoman Tatiana Stead did offer the following responses via e-mail.
To us, it looks like they’re at least leaving open the option of adding fees and minimum balances and subsuming the ING Direct brand altogether. Do you feel reassured by the responses below?
Q: Why are customers of ING so upset about the sale of their bank to Capital One?
ING has developed a unique connection with its customers. There are millions of “happy savers” across the country who are incredibly loyal and value their relationship with ING. We truly appreciate that, and we intend to do everything we can to maintain that trust and their enthusiasm.
Ing Direct Savings Account - News
Q: What changes are you planning to make to ING Direct's account offerings? Will subaccounts for specific savings goals remain? We have no plans to make any significant changes. ING customers should expect the same great customer experience and the
Almost everything is in the ING DIRECT account." "The No. 1 reason to choose an Internet bank is the higher interest rate," offered on checking and savings accounts, says Tom Alexander, chair of the finance department and associate professor at
ING Direct offers exactly one type of savings account and one type of checking account. There are no fees and no minimum balances. 4.5% in a savings account!?! Wow, that sure has changed. An ING Direct savings account now allows customers to earn a 1%
ING DIRECT gives the power of saving to all Canadians by offering high-value, simple products such as high interest savings accounts with no fees or service charges, low rates on mortgages and a no-fee daily chequing account that actually pays interest
Almost everything is in the ING DIRECT account." "The No. 1 reason to choose an Internet bank is the higher interest rate," offered on checking and savings accounts, says Tom Alexander, chair of the finance department and associate professor at
Capital One's Response to Outrage Over ING Direct Purchase ...
ING became popular offering no frills accounts, a savings account with competitive rates but no minimum balance, for instance, and no monthly fee. Users also especially like a feature that lets them easily establish subsavings accounts for specific purposes, like vacations or taxes, and have money transferred automatically from other accounts.
“TERRIBLE NEWS,” said a typical entry, from someone called Red Broad on the Facebook page .
“I’ve been really happy with ING, but C1 have a horrible reputation for fees and customer support, quite the opposite to ING’s business model. I’m really sad to see it go this way. I’m willing to bet that ING will lose at least 50% or more of its account holders due to this takeover. What a shame to see a truly customer oriented bank fall into the hands of a bank with probably the worst customer relations out there. I REALLY DON’T want to change banks, I LOVE my banking experience with ING, I can’t see me staying with C1 though so I guess I’ll just have to start looking around…sigh…”
And this one, from Steve Bush: “I feel betrayed by a trusted friend. What a shame.”
Many of the posts used language that can’t be used in a newspaper, although a few optimistic comments dismissed the predictions of banking apocalypse. “A lot of you people seem to be taking this a little too hard,” said Matt Cannon on Facebook. “No one has any idea yet what’s going to happen, but I severely doubt ING Direct will see any significant change in the way they do business, no need to run for the hills yet.”
We here at Bucks wondered if this outpouring of emotion gave the folks at Capital One pause, so we asked them some questions that seem to be on customers’ minds. The bank declined to provide “yes or no” answers to queries about specific changes, saying it was too soon to do so. But the spokeswoman Tatiana Stead did offer the following responses via e-mail.
To us, it looks like they’re at least leaving open the option of adding fees and minimum balances and subsuming the ING Direct brand altogether. Do you feel reassured by the responses below?
Q: Why are customers of ING so upset about the sale of their bank to Capital One?
ING has developed a unique connection with its customers. There are millions of “happy savers” across the country who are incredibly loyal and value their relationship with ING. We truly appreciate that, and we intend to do everything we can to maintain that trust and their enthusiasm.
well u need to open an account that doesnt hand u a debit card . Ing direct savings .. Plus u need to set a spending budget
RT : Definitely moving my savings account after finding out that Capital One
bought ING Direct!!
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