Capital One 360 mobile image

In the world of investing, one core principle that investors abide by is to sell a stock or mutual fund when the company or management no longer performs in a manner that you expected. The same approach should apply to those of you who are contemplating the idea of leaving your bank. Given the recent evolution of Capital One 360 from ING Direct, former ING Direct customers are considering leaving their banks, but I’m suggesting that instead, they adopt a wait-and-see mentality before rushing to close their accounts.

Ever since ING Direct announced its sale to Capital One, many ING Direct customers have said that they’d be leaving, simply to avoid association with Capital One. Despite repeated messages reassuring customers that nothing about their experience is changing, skepticism lingers as Capital One takes the helm.

“Let’s see how long it will stay the same,” said Danny, a commenter said in our Capital One 360 launch story. “I give 1 – 2 years before ING and its ‘awesomeness’ will be forgotten and it will be just like any other traditional bank, nickel and dime you in every possible way.”

However, in the one and half years since the acquisition was announced, I haven’t noticed any significant changes to my ING Direct experience. In fact, multiple upgrades — such as remote check deposit and check-writing — have been introduced. The team behind ING Direct remains a part of Capital One 360.

Sure, I have mentioned that I’m moving the bulk of my savings to Ally Bank. But that was strictly because Capital One 360’s savings rate has slipped enough to warrant the move. Following the rule stated earlier, I transferred money out because the savings rate had lost its competitive edge. I would do the same if a mutual fund manager decided to take a less aggressive approach in picking the funds’ holdings.

Patience matters

Many Capital One 360 customers are sticking around to see what becomes of their accounts and online banking experiences. That’s a great move. If everything works the way it should, why be so hasty to leave?

“I’m a bit nervous about this Capital One thing and am scouting around for another bank in case things go south,” said Costello, who left a positive review for ING Direct. “Shopping around at other online banks and credit unions over the last month or so has made me realize how good ING is. I seriously hope Capital One doesn’t foul it up.”

I think Costello is a great example of someone who finds that his bank account is doing a good job, and that’s all that matters — not the change in the bank’s name.

Andreo, another ING Direct reviewer and 10-year patron of the online bank, said, “As it stands for now things have pretty much remained the same as they did pre-Capital One days. So I guess as long as Capital One minds its manners I will remain with them.”

Now ask yourself this: if ING Direct was acquired by any other bank, and experience stayed the same, would you stay?

Let us know in the comments below!

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  • wealthybusinessman

    I believe they also did away with foreign transaction charges a few months ago.

  • Maximus

    I miss the Orange, but so far it’s exactly the same service. Plus the government doesn’t own 73% of their assets… unlike Ally.

  • bunholio

    I don’t beleive there are no comments!

  • Frustrated Saver

    Simon, you moved the bulk of your money from ING to Ally yet you say others should wait and see? Seriously, with ING now owned by a scummy bank, savers should put their money at a scummy bank that pays more interest. I just switched my significant savings from Cap One 360 (plain scum) to Barclays (major scum.) Their interest rate makes the scum easier to take.

    • Simon Zhen

      For rate-conscious fanatics like me (and you — I’m guessing), the savings rates hold a ton of weight. If Capital One 360’s rates were still competitive, my money would still be with Capital One 360 (and you probably wouldn’t have ditched and went to Barclays too).

      I think the low-rate environment is to blame for how we perceive savings rates. If Capital One 360’s savings rate was 3.75% APY and Ally’s savings rate was 3.90% APY, I wouldn’t have bothered to move the money.

      But, for those who found value in ING Direct’s (Capital One 360) checking accounts, for example, I’m suggesting that they’re better off financially by sticking with the online bank as opposed to jumping ship simply because they don’t like the idea of being a customer of Capital One.

      • Simon – I had also moved a decent portion of my savings to Ally given the higher rate. But after the recent set of articles have come out stating that Ally is the only bank to fail the Federal government’s stress tests on banks, I have since moved most of my money out. I don’t want my personal savings to suffer in another financial crises. Check out one such article here:

        How do you think about this? It sounds like you aren’t too concerned by it?

        • Simon

          I’m not worried. So long as my deposits stay within the FDIC deposit insurance coverage limit, I’ll keep my money with Ally.

  • Capital One Sucks

    Capital One is like the cancer of all financial institutions and it is a damn shame that the ING board sold off their customers to such a horrible company. That move alone confirms that “the people behind ING” never cared about the customer. Peace out, Capital One. You screwed me on a credit card – I won’t let you do the same on my savings.

  • Apparently none of the people dreading the Capital One takeover realize that Capital One has ALWAYS offered an online savings account that has never had monthly fees or minimums. I understand if you’ve had bad experiences with Capital One, but most people get so upset for silly reasons.

  • Jim

    I don’t understand these people’s attitudes. Even before the acquisition, Capital One offered online checking and savings accounts that were comparable to ING Direct.

  • IMissOrange

    Everything bad about Capital One has been grafted onto Capital One 360. They will screw you 360 degrees.

  • Barcelona

    FYI: Get a $50 bonus when you sign up for Capital One 360 checking and a $25 bonus for savings. Easy $75..

  • Alex Darwigian

    I agree that Capital one is the cancer of the banking industry. The worst possible experience, the worst possible customer service, a palatable dislike of their customers and a complete disregard for basic human interactions. I closed my account with them after a terrible experience and I would urge everyone who still has not left them to do the same!

  • Maposa Sidz

    hi, this link works to open a new capital one 360 account with $25 bonus

  • DS

    I miss orange to but so far Cap 1 360 hasn’t bothered me any. I have never had a problem. I also love their promotions! I closed my Ally account for ING and Cap 1

  • Josh Destardi

    Honestly, Capital One has been great to me. I can’t complain; always been treated in a very professional manner. I have 2 credit cards and a legacy ING Direct account now a 360 account.

  • bobcat4424

    I have banked with ING since 1964 when I was stationed in England and was an early adopted of INGDirect. But in recent months, in preparation for dismantling ING’s superb security, CapitalOne360 has adopted an Experian-based third-party “security” database from which they ask security questions. Unfortunately for me, the security questions under my name are for someone else and there is zero way for me to answer them. This means hours on the phone each time I need to access my account trying to convince a customer service rep to jiggle the telephone PIN so I can get on and reset my PIN without having to try the security questions. But if I can get on that way, anyone who wants to illegally drain my accounts can also get on that way.
    In an additional security breach, CapiutalOne360’s customer service lines are over-multiplexed — a way of saving a few cents — causing conversations to “bleed” across into other conversations. Despite being able to tell them account information overheard in this way, CO360 refuses to acknowledge that they have a serious privacy issue.

  • Aaron

    You used to get a person to answer the phone when you called ING. Now it’s a robot. Highly symbolic, if you ask me.

  • Chazz

    I don’t understand the complaints. I’ve had a legacy Capital One MMA and credit card for years and it pays good interest rate and still has no fees on international ATM and POS usage. Actually from my perspective things started going downhill there for new customers after they acquired INGdirect. I hope they keep us legacy account holders with no changes.

  • Grumpah

    I never liked the fact that I never received statements from ING unless I go online to retrieve them. Same thing for my end of year interest statement. And I ALWAYS have difficulty logging into my account for some reason. I just can’t say my experience with either has been pleasant. There are better places to put money safely these days and I intend to close my account tomorrow (because Customer Service is closed right now…what’s up with THAT? You’re an INTERNET BANK!)

  • George

    Leaving now. Since February, seems like the site is down more often and rates aren’t very competitive. The new app is buggy, but will probably improve with time. Still a shame to see a good bank falling. Switching to Ally.

  • Missing ING

    Did you know that if you transfer from a linked account at another institution to Capital One, which is in fact a cash transfer, that a 5 business day hold is placed? I transferred $450 to my savings. I made the transfer to purchase stock through my brokerage account with them. When I called, all the representative was interested in was selling me a checking account which would not work for me. Oh, I miss ING. Now my big project is to find a better online bank/brokerage.

  • Konrad Poth

    I recently opened a Capital One 360 checking account and a Savings account. Then I learned Capital One 360 does not have POD accounts – requiring one to go to the great expense and trouble of creating a Revocable Living Trust to accomplish the same thing! I’ll be going to Ally Bank which does have POD provisions.

    • ?g

      what the heck is POD

      • Nzenit

        account transfers upon death to beneficiary without having to go through probate court, which can be very expensive…takes 5-15% of assets in legal and court fees (POD = Payable On death also know as TOD)

  • Alex’s Experiences

    I’m a very happy Capital One customer on both the 360 and the credit card sides, they treat me better than other issuers, I’ve had no problems at all. I will say that I wish they had EMV cards to help make the no F/X fee easier to take advantage of, but other than that, the experience has been excellent. I think the people who complain about their credit cards tend to have their near-prime and sub-prime products. The truth, though, is that even in that space you can’t do much better. Go see how Credit One or First Premier will treat you if that’s what you qualify for with Capital One 🙂

  • Chris Raymond

    for the past several months, I have had a problem logging in, from 3 different browsers. Today, after resetting EVERYTHING on every browser, per their help instructions, and resetting my PIN, still cannot login. Tells me my PIN is wrong even when I just reset it and confirmed it via phone help. So now I have to figure out how to login one more time and move all my money to my other bank: whose online banking I can access from ANY of my browsers ANYWHERE. Can’t login, CapitalOne account is USELESS.

    • Dennis Schilling

      I can also confirm I have been plagued with sign on issues since switching particularly in the last few months. I am slow to act and take a lot of crap before leaving but this is outrageous

  • Robert Brunner

    I love cap 360 lured me in by stating they would credit my account 50.00 by signing up, then after getting my personal information I was told my credit score was not good enough (my score is 740). Now come to find out Capital One is a huge rip off… BEWARE PEOPLE.

  • Mark Lindell

    It’s starting to happen. CapitalOne just called me and told me I could no longer use the re-occurring scheduled transfer feature from my HELOC. They cancelled all my re-occurring due to system upgrade. I informed that that upgrading system never takes away features. They were indifferent.

  • Chris

    I have had Capital One 360 account for over two years and will be closing my account as soon as I get access to my money. I will be closing escrow the next week on a home and had roughly 25k that was transferred into my Capital One account via ACH Direct Deposit on 4/6/14. The funds had complete swept over today 4/9/14. I needed to transfer that and the remaining balance to my US Bank account because I need to wire the money on 4/15/14 to the escrow company to finalize the purchase of my home. I transferred money from four other bank accounts on 4/6/14 and all those cleared by 4/9/14. I find out today, that Capital One has placed a hold on the entire 25k until 4/16/14. The funds and account info has complete swept to my Capital One account, but they are holding the money due to set internal policies.

    I spoke to four different representatives who all basically told me it is there policy to hold ACH transfers for five additional days and there is nothing I can do to get the hold removed. I am not an expert, but I believe this violates section 229.10 of the FDIC. Either way, I will not bank with a company who arbitrarily sets their own rules and places holds on their customer’s money with no regard as to the outcome to those policies. There are far to many better banks out there that value their customers.

  • edb

    Capital One wasted a tremendous amount of money just to switch the website to red/white/blue and stick their name all over everything. Since then, the website is not as functional: it won’t even remember your user name, and in the secure message center there is no button to compose a message from user to Capital One. Under the Contact Us button at the bottom, there is no option to email at all; only phone or US Mail.
    this means they don’t want to hear from us. The phone reps claim that the buttons for these buttons are there and have a long convoluted script to read to say why it might not work, mostly claiming that Windows updates destroy cookies (since when???). They claim to “see” the missine buttons…. so what they’re given in the office and the scripts to read are useless. They have (1) no ability to send a confirmation message that says they’re working on it; (2) no ability to connect the caller to the technical department; (3) no ability to tell whether the techs will actually get back to the caller…. the interest rate paid out is inversely proportional to the money they have wasted on making a dysfunctional website and directly proportional to the additional profit Capital One pocketed when they acquired ING. Shame on them all.

    • Simon Zhen

      ebd, thanks for sharing your experience about the transition that Capital One 360 is making. You know, if you’d like to get your message heard by the online bank, you can email Jim Kelly, head of Capital One 360 at He openly shares this email through CapOne 360 newsletters. You can send your feedback directly to him!

    • Eyanosa

      Try again. There is a GIANT freaking blue button at the bottom of the message center page that says ‘COMPOSE MESSAGE’

  • John G.

    I’ve got to bail on Capital One. Their savings interest rate is so uncompetitive now, I feel like I’m wearing a big red sign that says “SUCKER.” I don’t need a lot of bells and whistles on a savings account. Also, it appears that they disavowed any responsibility to keep your statements accessible for more than two years. Two years of statements is the maximum you can access. That’s nuts.

  • joe logan

    I just closed my account. My customer service experiences have been horrible. Rude, dismissive and uncaring.

  • Eyanosa

    Ok, sure, Capital One 360 has poor saving rates, they are a major credit company, and they send you credit card offers. Guess what! They are still the best bank I have ever had in my entire life. Accidentally overdrawn the account? Cool…you’ve got an overdraft to help. The check is more then your overdraft limit? No big, because they won’t charge you a fee, while other banks will charge you any where from $15 to $60. No account fees, no minimums, no transaction fees, no international fees, the list goes on and on.

    I have been with Capital One 360 since February of 2014 and I have to repeat that it is the best bank ever. I was with Wells Fargo beforehand and get royally screwed by them on multiple occasions. The first time was their check policy. The second time was their decision to screw anyone that used their Direct Deposit advance service. Due to these, I left them and went to 360. Haven’t even thought twice about that decision.

    When I first opened an account with them, checks would post at 9am the day after they were received. This ensured I could write a check before my money came in, and would not post until my money hit. After a few month, about 6 or 7, they changed the entire process without giving me any advance notice of this. All of a sudden, my checks started to post to the account at 8:30pm, when the bank was completely closed (even their customer service closed at 6pm). No matter how much I tried to talk to them about it, they would usually tell me to screw off and hang up….great company!

    The last straw for me was their Direct Deposit advance (think payday advanced) service. Had been using it for about 4 months and was planning on stopping on the 6th when I had some bonus money coming in. They; however, had different plans. They shut it down. One month of warning was all they gave as well. So, here I was, almost an entire check gone without enough warning to plan ahead.

    Well, that was just my experience with one bank, one that obviously only cared for the money. I didn’t even get into the other banks I’ve used,but never had a good experience with them either. I found Capital One’s 360 online and decided to give them a shot. Sure, they don’t have a competitive savings percentage, but then again, who does now-a-days (you have to take into account any fees as well, not just the %). Anyways, if you want a bank, without all the hassle and BS that other banks and credit unions will give you, then go with 360. If you like being treated like crap, go with someone else.

    Oh, btw, I have since gotten a credit card from Capital One and I can tell you, I couldn’t be more happier with it. 0% apr for 9 months, 11.75% afterwards, 30 day grace period, and they are very quick to deal with any charges that are wrong. So, personally, I don’t have any reason to complain about them.

    • Eyanosa

      Sorry, mistyped;

      When I first opened an account with them, checks would;

      Them = Wells Fargo