Author Topic: ING Direct -> Capital One 360  (Read 6036 times)

madage

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ING Direct -> Capital One 360
« on: November 09, 2012, 06:28:55 AM »
Hate the name. Hate the logo. Hate the colors. I'm going to miss Orange.
https://home.ingdirect.com/capitalone

LadyM

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Re: ING Direct -> Capital One 360
« Reply #1 on: November 09, 2012, 06:34:35 AM »
Hate the name. Hate the logo. Hate the colors. I'm going to miss Orange.
https://home.ingdirect.com/capitalone

Me too!  But I can deal with it as long as the service remains the same....no fees, etc.  If things start to change (fees, ease of use, etc), I'm jumping ship.
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askew

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Re: ING Direct -> Capital One 360
« Reply #2 on: November 09, 2012, 06:35:46 AM »
What would the top contenders be if you were to switch??

madage

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Re: ING Direct -> Capital One 360
« Reply #3 on: November 09, 2012, 06:41:29 AM »
What would the top contenders be if you were to switch??
I've always liked the ease of setting up new savings accounts with ING. If the service or rates (though they aren't the best, they're at least "competitive" if such a thing exists in a low-rate world) drop off, I'd be looking for an online bank that made it just as easy to add a new sub-account. Is anyone aware of any? I know it's somewhat silly and a mind game, but I like having a few targeted savings accounts for known upcoming expenses and I'd prefer to not have to print paper or make a phone call to add an account to a bank I already use.

atelierk

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Re: ING Direct -> Capital One 360
« Reply #4 on: November 09, 2012, 06:52:12 AM »
Hate the name. Hate the logo. Hate the colors. I'm going to miss Orange.
https://home.ingdirect.com/capitalone

+1
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igthebold

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Re: ING Direct -> Capital One 360
« Reply #5 on: November 09, 2012, 07:25:52 AM »
Given my experience in big companies (and my cynicism, which I don't consider an asset) I don't see this as a good thing, for the following reason:

They had to change the name for regulatory reasons. Fine. But making it ugly and corporate feeling is taking a good brand and ruining it. Yes, it's just a branding change, but in order to do it *so* badly takes some serious willpower from the top. The kind of willpower that also de-funds customer service and removes key features from a boutique product, all while trying to convince you they're doing you a favor.

I'm staying put for now, but may end up dusting off my simple.com account pretty soon.

amustache

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Re: ING Direct -> Capital One 360
« Reply #6 on: November 09, 2012, 08:05:09 AM »
What would the top contenders be if you were to switch??

Ally bank. I'm thinking of switching to them. Capital One is the worst of the worst, I don't see a bright future for people who remain.

For example, I think ING's savings rates had dropped recently (0.74% last time I checked) while Ally has stayed steady (0.95%), so that Capital One's image isn't as tarnished when it comes into effect. One can only infer that Capital One was behind the rate decrease, why else would it would happen if Ally stayed at a high percentage? Jump ship now, people.

Will

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Re: ING Direct -> Capital One 360
« Reply #7 on: November 09, 2012, 08:12:27 AM »
What would the top contenders be if you were to switch??

I would recommend checking out your local credit unions.  I did a search online for high-yield interest checking and savings and was surprised to see one of the local CUs listed.  I looked into it, and sure enough, it has a free checking account that pays over 2% (with minimal requirements) and even a savings account that pays 7.5% (!!) (for a small balance only, but still!).  Some of the other ones I found weren't local but were available as online options, so with a little research you should be able to find one that works for you (that will pay a lot more than ING/CrapOne, Ally, etc.).
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madgeylou

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Re: ING Direct -> Capital One 360
« Reply #8 on: November 09, 2012, 08:25:00 AM »
I would recommend checking out your local credit unions.  I did a search online for high-yield interest checking and savings and was surprised to see one of the local CUs listed.  I looked into it, and sure enough, it has a free checking account that pays over 2% (with minimal requirements) and even a savings account that pays 7.5% (!!) (for a small balance only, but still!).  Some of the other ones I found weren't local but were available as online options, so with a little research you should be able to find one that works for you (that will pay a lot more than ING/CrapOne, Ally, etc.).

yes! i have a great account like that from a small regional bank in ohio -- i get interest on checking if i do 12 debit transactions, plus they refund all ATM fees. plus when you call a person picks up the phone!

i found them on checkingfinder.com. it takes your zip code and shows you the good accounts available to you.
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focusaurus

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Re: ING Direct -> Capital One 360
« Reply #9 on: November 09, 2012, 08:59:24 AM »
I just converted from Chase to ING Electric Orange. Just my luck to have this happen now. Chase was great other than a huge minimum balance, which is why I switched. No fees (again, contingent on leaving way too much cash with them), but there are free ATMs everywhere, easy to make deposits, get a cashier's check, etc. Now that I'm at ING I'll be moving a big chunk of money to Vanguard investments and keeping just a small checking account for quick cash and a small business account. Only 2 free ATMs in my town, but I use very little cash so that's not a problem. Online bill pay works fine. $5 gets me 50 paper checks.

However, it was a fairly large hassle to switch and provided not that much benefit and certainly no emotional satisfaction, so I have no plans to leave ING unless an important policy is changed for the worse now that they are part of Capital One. FYI I chose ING over some of the other recommended alternatives because I wanted to have my personal and business accounts at the same bank, and not all banks offer that.

AJ

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Re: ING Direct -> Capital One 360
« Reply #10 on: November 09, 2012, 10:32:41 AM »
I'd be looking for an online bank that made it just as easy to add a new sub-account. Is anyone aware of any?

They're not really "sub-accounts", they're just savings accounts. Almost all banks will offer multiple savings accounts. The biggest benefit I found to ING's was the good rate (though not the best anymore) and the ease of closing accounts, if need be. Most places will let you open new accounts online, but they're pickier about allowing you to close them for some reason.

Personally, I think it is a terrible business move to re-brand. Cap1 has a bad reputation, and ING has a great one. Why throw that brand-good-will in the trash just to use your own colors? I had been considering leaving ING to rate-chase, but hadn't yet because its such a hassle. This is just the bump I needed to start shopping around. I'm eyeing Ally...

CB

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Re: ING Direct -> Capital One 360
« Reply #11 on: November 09, 2012, 10:48:34 AM »
I like having ShareBuilder integrated (particularly the ability to do instant cash transfers); anyone know if SB was part of the package sold to Capital One? 

I do like the ability to write checks (we need to a couple of times a year) so we may stick with them for now.  Not sure if Ally or other online-only banks allow check-writing, but I'm definitely going to start shopping around.

madage

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Re: ING Direct -> Capital One 360
« Reply #12 on: November 09, 2012, 10:54:26 AM »
I like having ShareBuilder integrated (particularly the ability to do instant cash transfers); anyone know if SB was part of the package sold to Capital One?

Yes, ShareBuilder was also sold to Capital One: http://www.sharebuilder.com/CapitalOne 

Quote
I do like the ability to write checks (we need to a couple of times a year) so we may stick with them for now.  Not sure if Ally or other online-only banks allow check-writing, but I'm definitely going to start shopping around.

Ally will give you free, unlimited checks.

madage

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Re: ING Direct -> Capital One 360
« Reply #13 on: November 09, 2012, 10:59:42 AM »
They're not really "sub-accounts", they're just savings accounts. Almost all banks will offer multiple savings accounts. The biggest benefit I found to ING's was the good rate (though not the best anymore) and the ease of closing accounts, if need be. Most places will let you open new accounts online, but they're pickier about allowing you to close them for some reason.

I just opened several additional savings accounts with my credit union of choice: alliantcreditunion.org. I think I'm going to ditch my ING accounts because I don't like Capital One as a company and Alliant CU already handles all our other banking needs.

Thanks, AJ, I didn't realize how easy it was to open additional accounts with my main bank!

Chris

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Re: ING Direct -> Capital One 360
« Reply #14 on: November 09, 2012, 01:58:47 PM »
I've been a big fan of ING for a long time. No fee, competitive rates, and customer service that doesn't suck. I love their plain-English way of explaining things. Also having a business built for the internet shows.... brick and mortar banks that add eBanking often fail at it.

The rebranding was bound to happen; if you read the terms of the sale, CapOne is allowed to use the ING brand for a limited time. They could have picked a better name, but, meh.

I'm in the same boat as ladymaier. I figure the staff is mostly the same and will continue to provide great customer service. Just don't screw with "we the savers"!

tooqk4u22

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Re: ING Direct -> Capital One 360
« Reply #15 on: November 09, 2012, 02:52:26 PM »
What would the top contenders be if you were to switch??

Ally bank. I'm thinking of switching to them. Capital One is the worst of the worst, I don't see a bright future for people who remain.

For example, I think ING's savings rates had dropped recently (0.74% last time I checked) while Ally has stayed steady (0.95%), so that Capital One's image isn't as tarnished when it comes into effect. One can only infer that Capital One was behind the rate decrease, why else would it would happen if Ally stayed at a high percentage? Jump ship now, people.

Ally has to pay more because it is not financially sound, its mortgage business is still weighing on it and it still doesn't have adequate capital ratios.  Remember this was GMAC previously.  But you're still protected up to FDIC limits but I wouldn't exceed those with Ally.

Will

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Re: ING Direct -> Capital One 360
« Reply #16 on: November 09, 2012, 09:25:55 PM »

I just opened several additional savings accounts with my credit union of choice: alliantcreditunion.org. I think I'm going to ditch my ING accounts because I don't like Capital One as a company and Alliant CU already handles all our other banking needs.

Thanks, AJ, I didn't realize how easy it was to open additional accounts with my main bank!

Why do you need so many savings accounts?  Not judging, just wondering.
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grantmeaname

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Re: ING Direct -> Capital One 360
« Reply #17 on: November 10, 2012, 08:19:42 AM »
you're still protected up to FDIC limits but I wouldn't exceed those with Ally.
If you exceed the FDIC limits on your savings accounts you've got bigger problems with your personal finance than lack of deposit insurance.

madage

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Re: ING Direct -> Capital One 360
« Reply #18 on: November 10, 2012, 05:21:20 PM »

Why do you need so many savings accounts?  Not judging, just wondering.

I use a separate account to save for Christmas gifts, one for my son's preschool bills and one to save for a replacement camera. It works for us, even though it's basically a mind game.

tooqk4u22

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Re: ING Direct -> Capital One 360
« Reply #19 on: November 12, 2012, 08:42:17 AM »
you're still protected up to FDIC limits but I wouldn't exceed those with Ally.
If you exceed the FDIC limits on your savings accounts you've got bigger problems with your personal finance than lack of deposit insurance.

I agree if it is a long term strategy, but disagree in the short term.  Maybe the market is overheated, maybe one is looking for an investment that will need a lot of cash (property, business), maybe there are three kids in or going to college near term, maybe one has $5MM and this is only 10% of liquid assets, there are a lot of maybes but not a lot of options on the short term side to get return without be subject to big swings potentially. 

This is also a time when rates are ridiculously low but one day CDs may be an attractive option again for income.

Another Reader

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Re: ING Direct -> Capital One 360
« Reply #20 on: November 12, 2012, 08:51:18 AM »
If I exceed the FDIC limits on my savings accounts, I probably have no problems with my personal finances, other than the need to find another bank.  +1 for tooqk4u22.

whentruthdivides

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Re: ING Direct -> Capital One 360
« Reply #21 on: December 23, 2012, 09:58:10 PM »
Don't like it...Bad new bears...only a matter of time before they start lowering interest rates, raising fees, or just start taking away the nice things:

1) I started getting letters and phone calls that they "forgot" to have me sign a disclosure on my recent easy orange mortgage. What did this letter say? That they no longer would "Guarantee" to refinance my loan at the end of the balloon period. I didn't sign it, but I got about a dozen calls and multiple letters in the mail. Seemed pretty obvious that it was something Capital One had ING do before purchasing. The way they went about it was very shady and misleading.

2) They got rid of their easy orange mortgages which offered great rates and low closing costs..

Many Credit Unions in AZ don't offer very good rates as they laws in AZ for credit unions are so loose for anyone to join. So they pretty much compete with banks in terms of Rates and Fees. When I worked at the Credit Union it was the only job I didn't get a good review because I wanted sell people products they didn't need. Customers loved my by my manager hated me. This was a good lesson that There are few if any financial institutions out to really improve personal finance.

Good thing is there will be a new innovative bank that will emerge that will take over ING's place...Ally looks promising but I don't think they offer lending. Correct me if I'm wrong?

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Re: ING Direct -> Capital One 360
« Reply #22 on: December 24, 2012, 09:55:06 AM »
I just went to Sallie Mae's money market account(s). 1.05% interest rate. Easy to set up new accounts (I have 2, one is my emergency fund and the other is staging for investing, savings for vacations, etc). I don't like the web site as much as I liked ING's but I couldn't justify keeping my savings with such a low rate that keeps dropping. Every other month ING would drop their rate on me. Too soon to tell how I really feel about Sallie Mae. But no major complaints yet.

TomTX

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Re: ING Direct -> Capital One 360
« Reply #23 on: December 25, 2012, 07:46:06 AM »

I just opened several additional savings accounts with my credit union of choice: alliantcreditunion.org. I think I'm going to ditch my ING accounts because I don't like Capital One as a company and Alliant CU already handles all our other banking needs.

Thanks, AJ, I didn't realize how easy it was to open additional accounts with my main bank!

Why do you need so many savings accounts?  Not judging, just wondering.

We used the ING subaccounts combined with the easy automatic transfer to prepare for annual or other long-period expenses on a monthly basis: Property taxes* and insurance gets transferred monthly (automatically) as does "car stuff" - car insurance, and an allotment for estimated repairs/replacement (For example, I need to buy new tires soon.)

This method makes things easier for me mentally/emotionally. I know that when property tax time comes, we have a separate dedicated stash for paying it. I can look at the account, and know we have the correct amount of money "set aside." The main account goes up and down as income comes in, bills get paid, et cetera. Toward the end of the year, I can look at the main account and easily see that we have $xxxx to dump into a ROTH.

Really, subaccounts are a modern variant of the old "envelope system." Could it be replaced by judicious use of Mint or some other tracking system? Sure. Whatever works for you.

*because fuck escrow, that's why. Banks are constitutionally incapable of getting escrow right. Plus, we can strategically pay property taxes to stack (fed) tax deductions in alternating years. In 2012, we stack ALL possible deductions. We paid 2012 property taxes in January, and 2013 property taxes in December. Same with charitable contributions. Now doing a major garage cleanout for Goodwill, et cetera. Refi in 2012 instead of January. Max itemized deductions. In 2013, we'll take the standard deduction (and with a mini-moustache of our own!) The timing of the "fiscal cliff" is a bit unfortunate, but we've been benefitting using this system for quite a few years at this point.  Without deduction-stacking, we were perpetually right below the standard deduction.  With stacking, we are saving quite a bit in federal taxes every other year.

TomTX

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Re: ING Direct -> Capital One 360
« Reply #24 on: December 25, 2012, 08:01:13 AM »
I just went to Sallie Mae's money market account(s). 1.05% interest rate. Easy to set up new accounts (I have 2, one is my emergency fund and the other is staging for investing, savings for vacations, etc). I don't like the web site as much as I liked ING's but I couldn't justify keeping my savings with such a low rate that keeps dropping. Every other month ING would drop their rate on me. Too soon to tell how I really feel about Sallie Mae. But no major complaints yet.

Hm, I just have some..... feelings toward Sallie Mae due to student loans....

rugorak

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Re: ING Direct -> Capital One 360
« Reply #25 on: December 26, 2012, 07:01:20 AM »
Hm, I just have some..... feelings toward Sallie Mae due to student loans....

For better or worse they never had any of my student loans. So I had no feelings one way or the other. I just saw no huge complaints from anyone, good interest rate, FDIC insured.

So far opening multiple accounts is trivial. As easy as ING direct. Deposits show up quickly and they are accurate with the time until available. Only complaint was them emailing me with a bunch of crap about installing their mobile app, etc. You can opt out but much more annoying then ING ever was. But seems like par for the course as well these days so can't complain too much about that.

Honest Abe

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Re: ING Direct -> Capital One 360
« Reply #26 on: December 27, 2012, 07:29:05 PM »
Quote
Hm, I just have some..... feelings toward Sallie Mae due to student loans....

I agree.. Sallie Mae is a dirty, dirty girl in my book.

mlipps

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Re: ING Direct -> Capital One 360
« Reply #27 on: December 27, 2012, 07:57:32 PM »
What would the top contenders be if you were to switch??
I've always liked the ease of setting up new savings accounts with ING. If the service or rates (though they aren't the best, they're at least "competitive" if such a thing exists in a low-rate world) drop off, I'd be looking for an online bank that made it just as easy to add a new sub-account. Is anyone aware of any? I know it's somewhat silly and a mind game, but I like having a few targeted savings accounts for known upcoming expenses and I'd prefer to not have to print paper or make a phone call to add an account to a bank I already use.

If you just want to be able to open accounts easily, Ally can do it in seconds, just did it the other day. They've now also made it super easy to open a new joint account with someone who you already hold an account with.

On the other hand, I love my PNC account for something closer to these "subaccounts". The rate isn't as good-.5%, but really, you're kind of splitting hairs there at some point. They have the "wishlist" feature with their Virtual Wallet, which I use for Christmas presents, car insurance, and our vacation fund.