I got an account with INGdirect today got an email below, look like ING DIRECT and Capital One merged? probably not a merge but eventually probably become one of the other. Similar to Wachovia, used to have its own name Wachovia, but as time goes by, all of its branches turned into Wellsfargo.
From: ING DIRECT
Sent: Tuesday, September 25, 2012 12:36 AM
Subject: ING DIRECT is now part of Capital One. Here’s your FDIC insurance update.
Customer Number: XXXXXXX
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, and Capital One, N.A. before November 1, 2012, they’ll stay separately insured until the 1st maturity date after May 1, 2013. Keep in mind, these coverage extensions won’t apply to deposits made after November 1, 2012.
If you want to learn more about the nitty gritty details (and get info on stuff like CD rollovers), check out our FDIC FAQs.
Be on the lookout for our next update soon. Until then, save on.
Chief Operating Officer
ING Bank, fsb, and its subsidiaries, including ShareBuilder Corporation, have been acquired by Capital One Financial Corporation and are no longer affiliated with ING Groep N.V. (“ING”). The trademarks ING, ING DIRECT, ING Lion, and the ING Lion logo, alone or as a part of any trademark, logo, work or domain name are trademarks of ING and are used by permission.
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1 South Orange Street
Wilmington, DE 19801
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