ING Orange CHANGES TO Capital One 360

[heydude]

ING Direct Orange is changing to Capital One 360.

The minute I heard this I dumped the account. I am getting a new online bank.

I hate capital one so much. They are evil.

What kind of name is Capital One 360 by the way? Yuck.

[lhamo]

Capital One has owned ING for several months now (if not over a year? I forget exactly when the takeover happened).

I have had relatively decent experiences with my Capital One credit card -- the only beef I have with them is that they refuse to bump up my credit limit to an amount that would cover our typical trips back to the US (credit limit is $5000 -- spent just over that on four tickets to Seattle via Hawaii (yes!) for Christmas). I would prefer to use the Capital One card as it doesn't charge foreign transaction/foreign exchange fees and I also get a 1% cash back award. But if they won't give me the credit limit I need then so be it. They clearly know from my spending patterns that I am a "deadbeat" in credit industry terms (that means you pay off your bill every month so they don't earn interest on you....)

ING's interest rates have been dropping and are not as competitive as they used to be, but I still think they are superior to other options (scared to put my money in Ally Bank aka GMAC).

I'm reserving judgement but if they turn out to be lousy I'll put my cash reserves elsewhere.

lhamo

[bunnys]

I worked for Capital One for about 6 months, 15 years ago. Yes, they are evil. And I mean evil.

[Mer05]

I have a small savings account with ING that I'd been thinking about consolidating with my main accounts; CapitalOne's involvement tipped the balance. Now it's just finding the time/energy to do it!

[dado potato]

ING used to be competitive on rates for savers, and highly convenient for setting up savings for specific purposes. A lot has changed.

The mother ship in the Netherlands had to sell the U S bank to play ball in a government bailout. Capital One "What's in your wallet?" (Goons) were the highest bidder, so Bully for them.

When ING ceased to be competitive I moved my online savings into the Alliant Credit Union (Chicago). Maybe ACU is a scootch less convenient, but I give them the benefit of the doubt, being member-owned.

[ctg492]

So what will be the "bad" thing that will happen to ING now? Seems like every place sells/transfers anymore.
Back in the day when ING had great rates, I had a few CDs and savings with them. Now just a bit of funds stuck there. No place is paying really, so why take the time to move it....unless I hear bad bad things will happen there.

[loosechickens]

Capital One bought them about a year ago....they have promised not to change anything, and I was gratified to see that they had kept INGDirect's "opt in" privacy plan, which, unlike most, does not require you to opt out, but rather, requires you to opt IN if you want your information shared. I thought that was a good sign.

They have dropped their savings rate a bit, but so has everyone else......we keep most of our cash there because our brokerage account's rate on cash is a laughably tiny fraction of one percent.

BUT....I am watching them like a hawk, and at the first signs of unwelcomes changes, we'll close both the checking and savings accounts with them. Capital One really does have a lousy reputation. My hope is that they have a good company here, and won't be tempted to do stuff that might damage the ING brand.

So far, so good.......but my eyes are open...WIDE......

[heydude]

Ending it is so easy. You just click transfers and type in your current balance. It will then prompt you to see if you want to actually close your account and receive the due interest as well. It is easy.

DUMP CAPITAL ONE!

[puglogic]

Could somebody explain to me (the uninitiated) why Capital One is evil? I don't mind hating a company if I have good evidence they're abusive, but I haven't been paying attention to this , I guess. I do have accounts with ING but would probably want to know that anywhere I might move our money is significantly better than Capital One. I see most financial services companies as pretty crappy.

[rosarugosa]

I have the same question as Pug. I believe I have heard something about predatory lending pactices to lower-income consumers?
Ilhamo: I was considering a move to Ally Bank. What do you fear might happen? Does the FDIC insured status not alleviate your concerns?

[awakenedsoul]

I have an ING Orange account, too. I used to have a car loan, and Capital One took it over. I was happy with them during that time. No problems...

My credit union is being taken over by Premier Credit Union. They're closing our branch...bummer.

[heydude]

bumpie