View Full Version : Mourning ING
Did anyone out there have an ING account? Are you as dismayed as I am that their American branch was bought by Capital One? Have you discovered a satisfactory alternative?
Thanks.
I've had an account at ING for about 12 years. While I am sad that it is no longer local to where we live, I am not looking to move it at this time. So far I have not noticed any changes that impact me or my account.
I've had an account at ING for about 12 years. While I am sad that it is no longer local to where we live, I am not looking to move it at this time. So far I have not noticed any changes that impact me or my account.
Rosemary, check your privacy settings. You may want to indicate "no" wherever Capital permits you to.
If you don't indicate "no" where you can, you will be subject to affiliate and non-affiliate marketing.
Also, look at Capital One's record in predatory lending. They're in the same league as City Bank, JP Morgan Chase, etc.
I would prefer to have nothing to do with them.
dado potato
11-24-12, 1:27am
When ING ceased to be competitive on rates, I lowered the account to a token (under $30) amount. I thought if they ever decided to be competitive again I would be glad to have the account already open. I am not holding my breath.
Since I drained the ING account, I have been using Alliant Credit Union, based in Chicago, for an online savings account. ACU's rates have come down along with everyone else's. The rates compare favorably on regular savings and their Health Savings Account.
I have a friend who had his HSA there. He had used CUNA's brokerage to invest his HSA in stocks. He is unhappy, because (as he tells it) he is being forced to go into a monthly fee plan for unlimited mutual fund trading. (I wouldn't invest my HSA in equities, because the tenure of ownership is dependent on the uncertainties of illness and accident, so his displeasure with ACU would not concern my investments there.)
My ING account, which I've had since 2005 or so, has very little in it right now, maybe $10 at the most. I'm going to close it out, since I've not really used it in more than a year or so.
I hate capital one!
I switched to Ally Bank the minute I got the notice.
Ally Bank offers a very high rate plus compounded daily. Experience has been good so far. Their website is far less obnocious than ING website.
Also, I was able to get a check card with my money market high yield savings. This is good for when the fridge breaks down or something. I can get cash right away from an ATM. So, all my emergency funds can be at ally and no pain to get them (waiting 5 business days or whatever) when I am in a pickle.
The concern is that Ally Bank failed a financial "stress test" :
http://money.cnn.com/2012/11/16/news/economy/federal-reserve-bank-stress-test/index.html
with FDIC, does it matter?
with FDIC, does it matter?
Are your money market funds covered by FDIC?
dado potato
11-25-12, 12:24pm
The terminology can be confusing, but anyone with savings needs to determine directly from the financial institution whether their account is a "Money Market Fund" (which would be a mutual fund not insured) or a "Deposit". A deposit, even in a so-called money-market savings account, will be insured (within limits) in any US or Canadian bank or credit union. Money Market Funds have a long tradition of maintaining the $1 per share value, but there is no guarantee that I am aware of. Certainly no deposit insurance.
miradoblackwarrior
11-25-12, 2:58pm
Hello--
I agree with closing out the ING account. I just did, and I think I did it just in the nick of time. I checked out Ally Bank on bankrate, as well as googled reviews. I was not impressed. Right now my money is in my checking account. Since I "skimmed" my account to feed my ING account, I might just hide the money in checking. With such low percentages out there, and a fiscal cliff to worry about, I want the money as flexible as possible.
Once upon a time, I marked my check register ING to record how much I transfered to the account. Now that the account is no more, I'm marking my check register BHC and "taking out" the same amount of money I used to take for ING. BHG means "Black Hole of Calcutta". The money is still in my checking account, but it is no longer available to me to spend (hence the "hole" part of BHC). Some day, when I figure out a better alternative, I am still putting that money away.
Susan
The terminology can be confusing, but anyone with savings needs to determine directly from the financial institution whether their account is a "Money Market Fund" (which would be a mutual fund not insured) or a "Deposit". A deposit, even in a so-called money-market savings account, will be insured (within limits) in any US or Canadian bank or credit union. Money Market Funds have a long tradition of maintaining the $1 per share value, but there is no guarantee that I am aware of. Certainly no deposit insurance.
Dado, thank you so much for the tip on Alliant. Their savings rate is actually higher than ING/Capital One's.
I see I can do the same online banking. Using a credit union is also easy on my conscience.
why you guys gotta disillusion me about Ally
i just changed to them already.
checking on FDIC
shadowmoss
11-26-12, 10:49am
Keep this conversation going. I'm in Honduras, so moving my money around is a tad more difficult and I may wait till I'm back in the States after the first of the year. In general I want to close the ING account. My toss up is the two mentioned here, Ally or Alliant. I'm looking more to Alliant now. I think from their website that since I have an account at Orbitz I can join? Is that right? Or is it just employees of Orbitz. Gotta find something that qualifies me...
why you guys liking Alliant. where did that come from?
why you guys liking Alliant. where did that come from?
Heydude, I missed your earlier thread on ING, so apologies for starting this one. I am in agreement with you about Capital One.
Dado clued us in about Alliant. You'll see his reply to me on this thread.
I'm more comfortable with a credit union (non-profit, customer owned) and the rates are just slightly lower than Ally's, but higher than ING's. My home credit union in NY has really low rates - always has.
I don't know anything about Ally, so have no reason to think you've made a bad move. As you wrote, they're protected under FDIC.
miradoblackwarrior
11-29-12, 4:09pm
Hey, all--
I was in my local bank the other day and discovered they have a super saver account! So, I attached my checking account to that. It makes mini-mini interest, but actually more than their CD product. I guess we won't see decent interest rates for a long time. However, I feel better that I've got my instant savings active again.
Folks--stick with local banks! I've been working (reluctantly) with BOA lately, and they are the most difficult, most dense I have ever seen.
Susan
shadowmoss
11-29-12, 5:51pm
I emailed Alliant and they say that if I'm a member of Orbitz, Escapees or United (airlines) Loyalty club (the three I asked about as I am or would be members) I can go ahead and join their credit union. This weekend I'll start the process. I've been wanting to join a credit union again, but living outside the US I was having a difficultish time finding one I qualified for that I knew was on-line. Thanks, Dado de Papas (Spanish for potato) for the recommendation. BTW, do you get any referral good karma if I mention you?
dado potato
11-29-12, 6:48pm
shadowmoss:
I am really pleased you were able to do this, given your cross-border situation. When I joined the credit union, I made a token $10 contribution to a children's charity, as my way to qualify for membership.
I am not aware of any karma for a referral.
Dado de Papas I must remember that! I have been reading about the hundreds of varieties of potatoes that were bred by Andean natives. The International Potato Center in Peru has identified and preserved over 3,700 varieties. After contact, the one variety of S. tuberosum that was popular with the Spanish colonizers was cloned and introduced to Europe.
"Many scholars believe that the introduction of S. tuberosum to Europe was a key moment in history. This is because their widespread consumption largely coincided with the end of famine in northern Europe... More than that, the celebrated historian William H. McNeill has argued, S. tuberosum led to empire: 'Potatoes, by feeding rapidly growing populations, permitted a handful of European nations to assert dominion over most of the world between 1750 and 1950' ... The potato fueled the rise of the West." -- Charles C. Mann, 1493
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