As a “Saver” since 2008, I sadly write this article wearing my bright orange ING T-shirt with the phrase Save Your Money.
In just a few short hours ING Direct (a popular online bank) will be fully absorbed by Capital One.
The logo, the name, the fun bright orange colors, and more are heading the way of the Dodo bird with this change from ING Direct to Capital One 360 that cost Captial One almost 9 billion dollars.
Those who have put their trust and money with ING are full of much fear and a watch-and-see mentality is the norm for many of We the Savers.
What Attracted Savers to ING Direct
I was stricken with the idea of an online only bank like ING Direct and the higher interest rates they (once) offered.
Their witty marketing didn’t hurt either that encouraged us to be fiscally fit and save with that quirky orange ball. What was your favorite ING Direct billboard ad?
I loved that they supported running and had coffee shops that sold Peet’s Coffee–far superior to the Starbucks by the way.
Another important factor that attracted Savers to ING was that they didn’t offer credit cards nor were they affiliated with a much hated bank with poor customer service.
The question remains will Capital One 360 be an improvement or will they make changes that force many Savers to flee to other options?
Positive Changes with Capital One 360
Several changes stick out in my mind with the change to Capital One 360:
- No fees for international transactions outside of the U.S.–normally 1%-3% per transaction depending on bank.
- More ATM options. Now you’ll be able to access money at 2,000 more Capital One owned ATMs.
- During the changing of the guard, Capital One fueled the need for remote check deposits via smart phone.
Despite these positive changes, I have several questions that make We the Savers weary–and looking at alternatives to ING.
- How can Savers trust Capital One that so actively promotes credit cards and debt?
- Can the Capital hold to the spirit of the We the Savers Declaration?
- Will the marketing team from ING Direct stay on board?
- Will Capital One 360 increase interest rates to match Ally Bank and other online banks?
Are you a ING customer? How do you feel and will you stick with Capital One 360?