Just received this update from ING Direct which is now owned by Capital One. Have to decide it I want to keep my account with them. Capital One is big in the credit card market, they are also in the banking market and in the top 10 largest banks in the US. I will be interested in the new fee structure now. But until then here is the email I got.
ING DIRECT is part of the Capital One family and our 1st order of biz is FDIC coverage.
So what does that mean for you, Saver? It means we’ll have the same commitment to helping you save time and money as we always have – only now as part of Capital One. Will the way you access your account stay the same? You got it. Will we keep working hard to make your money work harder? Always. And your money’s as safe and sound as ever with Capital One and ING DIRECT, too. It’s just that simple.
We’ll be sending you updates over the next few months to keep you in the know about what’s to come. So what’s up first? Just some housekeeping on your FDIC coverage.
Here’s the deal: Last February, ING DIRECT became a part of the Capital One family, but there’s still some official stuff we have to tidy up, like consolidating our legal structure. What’s that mean in real life? It just means that on November 1, 2012 (subject to regulators giving us the final go-ahead), ING Bank, fsb (that’s ING DIRECT’s official name) and Capital One, N.A. will legally become one bank – and unless you hear from us, assume they gave us two thumbs up. It also means that the FDIC coverage on your deposit accounts will stay as is until 6 months following that date (or May 1, 2013). Then, your FDIC coverage will be based on your total combined deposits at Capital One, N.A. and ING DIRECT up to the FDIC max of $250,000 per depositor – or $500,000 for joint depositors. If you opened CDs with ING Bank, fsb, andCapital One, N.A. before November 1, 2012, they’ll stay separately insured until the 1st maturity date after May 1, 2013. If you stash cash in ShareBuilder’s FDIC insured Cash Balance program, that money will transition from ING Bank, fsb to Capital One, N.A. on May 1, 2013 and will count toward the FDIC maximum. Keep in mind, these coverage extensions won’t apply to deposits made after November 1, 2012.
You have money at both Capital One, N.A. and ING Bank, fsb. Add up your balances and keep reading.
|Here’s an example of what FDIC insurance coverage is like today for Jane, aCustomer who has both ING Bank, fsb and Capital One, N.A. accounts:|
|Here’s an example of her FDIC insurance coverage on andafter May 1, 2013 if she leaves her accounts as is:|
If you want to learn more about the nitty gritty details (and get info on stuff like CD rollovers), check out our FDIC FAQs or give us a call at 1-855-217-7218. We’re always here to help.
Be on the lookout for our next update soon. Until then, save on.
Chief Operating Officer
ING DIRECTTags: May 1 2013, FDIC insurance coverage, Jane ING DIRECT ING Bank, legal structure