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Good Start To ING, Capital One Marriage

Capital One bought ING Direct USAIn June, I suggested four ways that online bank ING Direct could keep this longtime customer.

The post was prompted by the news that Capital One had agreed to buy ING Direct USA for $9 billion in cash and stock.

The partnership was made final earlier this month.

So far, I’m seeing good things — so good, in fact, that ING is becoming a more viable option for my checking account, which I’m moving from Wells Fargo.

This spring, ING is adding a service called CheckMate, a new remote-deposit service.

So instead of having to mail paper checks to ING and wait for the bank to make the deposit, I’d be able to scan or take a picture of the check with my phone to deposit it.

This was always a big stumbling block for me, and why I never made the checking account switch even though I have a savings account there.

I still get paid mostly through paper checks and don’t want to rely on the U.S. Postal Service to get my money to ING.

Also, ING customers with checking and MONEY accounts (MONEY accounts are their checking accounts for teens) will be able to use Capital One’s 2,000 ATMS to take out money — that’s on top of the 35,000 Allpoint-affiliated ATMs that ING customers can already use fee-free.

This is good stuff. But I’m still concerned about the Capital One connection and worry that it will mess with what makes ING so good.

Then again, as far as big banks go, Capital One doesn’t look terrible.

It still offers free checking, and it actually pays interest on your balance (it’s low — 0.20% APY when you get past the first year’s 0.60% APY promotional period, but everyone’s low, or offering nothing, for checking).

It also doesn’t charge ATM fees if you go out of network, and it reimburses fees charged for using another bank’s ATM, up to $25 a statement period.

I’ll be waiting until CheckMate is actually available to make the determination.

It could be a very good spring for ING.

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Comments (3)
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  1. BenFirst said:
    on March 2nd at 10:53 am

    Did they give an exact date for check mate? I am excited about this feature as I get paper checks often

  2. Kristen Kirk said:
    on March 2nd at 11:08 am

    You’re wise to move away from Wells Fargo. They bought my old bank, Wachovia, which offered great customer service. Wells Fargo staffers have been rude and unable to answer questions about fees. One time I had to keep saying, “If you can’t tell me what this fee is for, I want you to take it off.” The woman, after 30 minutes, finally said, “I can’t tell you what the fee is for, so I’m going to take it off.” Haha! I felt sort of bad and figured she probably hasn’t been trained correctly and wasn’t helped by her supervisors. I worry that my money is with them. I will change my bank account, but they bought my mortgage and I have no choice but to deal with them for that (which has also been a nightmare in getting them to pay taxes they collect.)

  3. Mike Cetera said:
    on March 2nd at 11:34 am

    BenFirst: No, the bank has only committed to “this spring” as a timeframe for unveiling CheckMate.