“I’ve been really happy with ING, but C1 have a horrible reputation for fees and customer support, quite the opposite to ING’s business model. I’m really sad to see it go this way. I’m willing to bet that ING will lose at least 50% or more of its account holders due to this takeover. What a shame to see a truly customer oriented bank fall into the hands of a bank with probably the worst customer relations out there. I REALLY DON’T want to change banks, I LOVE my banking experience with ING, I can’t see me staying with C1 though so I guess I’ll just have to start looking around…sigh…”
Q: Why are customers of ING so upset about the sale of their bank to Capital One?
ING has developed a unique connection with its customers. There are millions of “happy savers” across the country who are incredibly loyal and value their relationship with ING. We truly appreciate that, and we intend to do everything we can to maintain that trust and their enthusiasm.
We deeply understand and respect the value and the loyalty ING has created. Together with the ING team, we have the capabilities and insights to sustain and build the power of that franchise to better serve customers and create great value for our shareholders and associates.
Q: What changes are you planning to make to ING Direct’s account offerings? Will subaccounts for specific savings goals remain?
We have no plans to make any significant changes. ING customers should expect the same great customer experience and the “status quo” from ING for the foreseeable future.
Q. Are you planning any new fees or minimum balance requirements?
ING Direct has built a large and valuable franchise of engaged customers by focusing on a few simple proconsumer products. We deeply understand the value of the loyalty and advocacy ING Direct has been able to build with its customers. Everything we do as we integrate our businesses will be thoughtful and surefooted with a focus on sustaining and building that customer loyalty. We will focus on the customers, channels, products, and pricing strategies that build the best long-term customer relationships and deliver the best cost of funds.
Q. Will ING Direct be operated separately or integrated into Capital One’s operations?
ING Direct and Capital One share a heritage of innovation, a strong focus on building customer franchise and an unwavering commitment to find, empower and unleash extremely talented people. We have been impressed with the management team of ING Direct and what they have accomplished.
As I am sure you will appreciate, over the upcoming weeks we want to get to know ING Direct’s management team and associates even better as we determine how best to organize to deliver the customer experience as well as the financial and strategic results we have been discussing.