ING and Capital One

[JHZR2]

Just got this from ING:

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 and ShareBuilder Corporation were officially purchased by Capital One. We are proud to bring these great companies together.

I'm no fan of a standard bank and credit card company owning ING. Is this where bailout money is going,

I've been an ING customer since around 2000. I'm not sure that their rates are competitive any more. Might C1 help that?

Better options? Just looking for a better deal on savings than the bank, and not at my brokerage. Also like the $0 minimum accounts, so I can break up different goals into separate pots and save bit by bit.

Also not a fan of letting a Chinese company control my money, in case us debt issues arise.

 

[Quattro Pete]

Thanks. Somehow I missed this whole acquisition announcement, and I've had an ING account since 2005. Their rates aren't good anymore. Looking for alternatives myself...

 

[daves87rs]

Well, there go my thoughts of opening an account there...

Simply will not deal with Capital one at all....they make Citi Corp look good....

 

[HerrStig]

Capital One sends me a credit card offer at least once a week, and wastes a LOT of postage doing so. I don't understand it. A lot of them are first class mail at 40 odd cents a wack, excluding the cost of the printed material. I'm tempted to tell them to save their money, but how to get through is beyond me. Right in the shredder with it all.

 

[dparm]

Originally Posted By: Quattro Pete
Thanks. Somehow I missed this whole acquisition announcement, and I've had an ING account since 2005. Their rates aren't good anymore. Looking for alternatives myself...



I read the announcement recently. I think they emailed me but I don't recall.

I am a customer of both and have been for a while. Neither one blows me away but to date I have no major complaints. Capital One's credit card has a decent enough rate though I hate all the stupid balance transfer checks they send me. ING's rates are less competitive than they used to be but I see no compelling reason to drop them. Customer service for both companies has been good.

 

[CivicFan]

Originally Posted By: JHZR2
Just got this from ING:

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 and ShareBuilder Corporation were officially purchased by Capital One. We are proud to bring these great companies together.

I'm no fan of a standard bank and credit card company owning ING. Is this where bailout money is going,

I've been an ING customer since around 2000. I'm not sure that their rates are competitive any more. Might C1 help that?

Better options? Just looking for a better deal on savings than the bank, and not at my brokerage. Also like the $0 minimum accounts, so I can break up different goals into separate pots and save bit by bit.

Also not a fan of letting a Chinese company control my money, in case us debt issues arise.


I highly doubt that Capital One is a Chinese owned company - there is no such record about their investors.

They obviously have been successful with their products. As far as I know, they extend credit to the lower end of the credit-worthy borrowers and are rewarded handsomely through high interest rates and fees they collect.

 

[dparm]

The co-founder of Capital One is involved in Chinese banking. Capital One is NOT Chinese owned. Their headquarters are just outside of Washington D.C. in McLean/Tysons Corner.

 

[Tom NJ]

Originally Posted By: JHZR2
Better options? Just looking for a better deal on savings than the bank, and not at my brokerage.


I don't believe any bank savings or money market accounts are paying any meaningful interest these days. I store money in diversified bond mutual funds where I can get returns of 4 - 6% and quick access to my money (sell some shares and transfer to my local bank account). Of course there is some risk, but I have only lost money one year of the last ten.

Tom NJ

 

[dparm]

There really aren't. The best you can do with a savings account is slow down the 3% annual depreciation.

 

[rg200amp]

Originally Posted By: dparm
Capital One is NOT Chinese owned. Their headquarters are just outside of Washington D.C. in McLean/Tysons Corner.


+1

I have two capital one credit cards. A Mastercard and a rewards Visa.

I have been a customer with them for little over three years and I have zero bad things to say about them. I have recieved credit line increases steadily every six months and I redeem $40-$60 dollars in cash back rewards every six months.

Had one fraud charge on the mastercard about two years ago and they had it fixed within two days.

 

[PandaBear]

I have capital one credit cards and so far I'd have only good thing to say about them. I do not carry a balance and their reward is straight forward, with no international transaction fee as well (the biggest selling point to me as a foreign travel use card).

They are not as straight forward in setting up auto payment. You have to jump through hoops to have them set that up, so if you are forgetful, you probably shouldn't use them.

 

[greenjp]

Huh, I thought ING was Chinese owned. Anyway I have a savings account with them (that I like for the same reason stated earlier - easy to set up multiple "mini accounts" for goal-oriented saving), and an auto loan with Capital One. They have very good rates and a really easy application process, used 'em twice actually.

jeff

 

[JHZR2]

Originally Posted By: CivicFan


I highly doubt that Capital One is a Chinese owned company - there is no such record about their investors.

They obviously have been successful with their products. As far as I know, they extend credit to the lower end of the credit-worthy borrowers and are rewarded handsomely through high interest rates and fees they collect.


When I said Chinese owned, I was implying jumping ship and going to HSBC. Wasn't clear on that though.

 

[CivicFan]

I see

I see HSBC as a multinational bank - funded by the Brits in Hong Kong, listed in London and in operation all over the world...

 

[MNgopher]

I too have had an ING savings account since 2001, and was not thrilled to hear that Capital One was the party that got this deal. I knew a deal was coming - ING had agreed to divest itself of these operations in the US many years ago as part of other governmental approvals.

As far as options, I haven't found anything that would make it worth my time to change. For now, staying pat, and if things take a turn for the worst will bail. Don't know where though.

ING has truly been a pleasure to work with. Easy to understand, straightforward, wish all banks were like that.

 

[PandaBear]

Originally Posted By: CivicFan
I see

I see HSBC as a multinational bank - funded by the Brits in Hong Kong, listed in London and in operation all over the world...


Lots of people assume that just because the name is Hong Kong Shanghai Banking Corp, it is a Chinese bank.

It is not. It is a colonial enterprise setup by the British money operating in a colony. It is still mainly a British enterprise rather than a Chinese / Hong Kong enterprise.

 

[JHZR2]

Originally Posted By: PandaBear
Originally Posted By: CivicFan
I see

I see HSBC as a multinational bank - funded by the Brits in Hong Kong, listed in London and in operation all over the world...


Lots of people assume that just because the name is Hong Kong Shanghai Banking Corp, it is a Chinese bank.

It is not. It is a colonial enterprise setup by the British money operating in a colony. It is still mainly a British enterprise rather than a Chinese / Hong Kong enterprise.


So when the western world defaults on their debts and China absorbs all assets including corporations that they can take in, is HSBC safe, or will it get absorbed in like the rest?

...And I understand that most money is electronic funny money, and that banks only hold a very small amount in reserve... But is there an ability to "freeze" my assets?

Are they truly a British company or not? Lots of Chinese firms trade stock on the NYSE too.

It may be fantasy land, but Id rather not chance that if I can avoid it. I dont know enough about it, but might as well discuss since options need to be considered. If rates are better elsewhere, I dont see Capital One doing favors to make them better - jumping ship may still be prudent.

 

[Drew99GT]

Originally Posted By: rg200amp
Originally Posted By: dparm
Capital One is NOT Chinese owned. Their headquarters are just outside of Washington D.C. in McLean/Tysons Corner.


+1

I have two capital one credit cards. A Mastercard and a rewards Visa.

I have been a customer with them for little over three years and I have zero bad things to say about them. I have recieved credit line increases steadily every six months and I redeem $40-$60 dollars in cash back rewards every six months.

Had one fraud charge on the mastercard about two years ago and they had it fixed within two days.



+2 That's been my experience with Capital One.

 

[jaj]

Wow. A real festival of misinformation. HSBC - the Hongkong & Shangai Banking Corporation - is owned by one of the world's wealthiest men - Li Ka Shing. He's wealthy but one of the good guys, as far as I can tell. He creates value by making and selling things, not buying companies and stripping their assets and putting their employees out of work.

As for ING, it's Dutch with a merchant trading history that runs back for hundreds of years. ING in Holland got in trouble during the 2008 crash and sold some assets, including their US operations, to raise cash. The Dutch bank survived and while the US operations kept the name, they lost the foreign focus on thrift and savings. Now they're just another American brand trying to make a fee every time you turn your head.

 

[ddrumman2004]

Originally Posted By: HerrStig
Capital One sends me a credit card offer at least once a week, and wastes a LOT of postage doing so. I don't understand it. A lot of them are first class mail at 40 odd cents a wack, excluding the cost of the printed material. I'm tempted to tell them to save their money, but how to get through is beyond me. Right in the shredder with it all.


Same here.....I just send it all back via there prepaid envelopes. I thought I had them stopped from sending me stuff but they started back.