ING purchased by Capital One

[disneysteve]

From my e-mail:

In June, we let you know that we would soon have a new shareholder. On February 17, 2012, our parent company - ING Group - announced that ING DIRECT USA was officially purchased by Capital One. We are proud to bring these two great companies together.

What's it mean for you today? It's business as usual. You'll still be able to access your account online, view balances, pay bills - everything that you were able to do yesterday. And rest assured, your money's still safe and FDIC-insured.

What else can you expect?

For starters, coming this spring, you'll have access to CheckMate, our new remote deposit service. You can deposit checks directly into your ING DIRECT accounts anywhere from your computer or the ING DIRECT mobile app.
If you use Electric Orange checking or MONEY, you'll be able to withdraw cash at any of Capital One's over 2,000 fee-free ATMs - that's in addition to the 35,000 free Allpoint ATMs you can currently access.

What's it mean for you down the road? As part of the Capital One team, we remain committed to offering innovative products and maintaining the same Customer service and experience you've come to expect while saving you time and money.

As always, thanks for being part of America's favorite place to save.

[kork13]

Interesting.... didn't ING Direct just get bought a couple years ago as well?

It seems that Capital One is looking to expand its base... they have savings, money market, CD, and checking options available, but I don't think they've been very popular. ING certainly has been, though, so probably a good move on their part. Curious how things will flow out long-term... mostly, I wonder if they're planning on keeping ING DIrect as a separate entity or not.

[disneysteve]

The bit about being able to deposit checks from your computer or phone is nice. I know that's one thing people have complained about with their ING accounts.

[kork13]

The bit about being able to deposit checks from your computer or phone is nice. I know that's one thing people have complained about with their ING accounts.

USAA has the same, where you scan the check in at home, or send a photo of it from your phone. So much better than mailing checks, hoping they don't get lost/stolen in the mail (I know that's rare, but especially with large checks, it's always a bit nervous), and waiting a week or more for the check to be processed and credited to your account. It's a great function to have available to you, I love it.

[fe2o3ez]

... And rest assured, your money's still safe and FDIC-insured...

I received the same, as I have some old investments sitting around in ING's ShareBuilder. You know, for quite awhile the Orange Savings was touted as having some of the highest interest rates being paid. I wonder how that works when you get swallowed by a bigger fish?? I notice there was no comment in the message about maintaining current rate structures, etc.

[Joan.of.the.Arch]

Business Week had an article mentioning that this creates a new too-big-too-fail institution. (Sorry I have no link.)

[FrugalTexan75]

Paypal also has the option of taking a photo of your check and depositing it.

However, I will be glad to see ING have this option, so that I can deposit any checks directly to my ING account and not have to round about with Paypal then ING.

I just hope that ING's stance on fees will remain as usual with Capital One in charge.

[PRICEPLUS]

Sharebuilder swallowed by ING. ING swallowed by Capital One. As I have a Sharebuilder account, an ING account, as well as a Capital One CC, I suppose I am back to one stop shopping. Nothing has changed that I can see.

[J. Spence Financial]

I would be very interested to see what happens to the interest rates that they offer and if that will change. I do however love that I will eventually be able to use CheckMate. It has always been a crutch of ING trying to get check deposits into your account. Good job on that front.