Get educated on Capital One buying ING DIRECT and the changes associated with it from Wise Bread.
In 2012, Capital One bought ING DIRECT, the popular bank that conducted most of its operations online. The transaction took place in February of 2012, but the name change didn’t happen until November, when Capital One, N.A. and ING DIRECT legally became a single bank.
The bank remained ING DIRECT until February 1, 2013, when it became Capital One 360. The colors changed from orange to a red and blue motif to match Capital One, but for the most part, ING DIRECT customers should notice very few changes. Sign-in information, routing numbers, payments (on loans), and other items are all the same. In fact, I just logged in, and there really aren’t any discernible differences with accessing my accounts, even though it is now “officially” part of the Capital One banking family.
The main difference that will affect consumers is that now the FDIC coverage treats your ING DIRECT/Capital One 360 balance as part of Capital One. So, while you used to have a limit of $250,000 in coverage for balances at each bank, now that is combined, so you have a limit of $250,000 coverage total for all the money you have in Capital One accounts and ING DIRECT accounts.
Brief History of ING DIRECT
ING Group is based in the Netherlands and provides a number of financial products and services. ING DIRECT USA was established to provide services to consumers in the United States. Over time, ING DIRECT went from just offering a savings account with a very attractive and competitive yield to offering a range of financial products, including CDs, kids savings, interest checking, mortgages, investing, retirement, and business banking.