ING was sold to Scotia Bank

[ING_rep]

Here is all the info!

http://www.cbc.ca/news/business/stor...-ing-bank.html

[ING_rep]

What am I going to do with my Smart Canucks name!!!! lol

[MortgageQueen]

No worries INGrep. They are maintaining the ING "bank" as is. Why fix what ain't broke? It was sold because the mother company needed cash, not because there was anything wrong with it. . .

[MortgageQueen]

Statement from President of ING:


ING Group announced today that it has reached an agreement to sell ING DIRECT Canada to Scotiabank. Scotiabank is a leading bank within Canada with a proven track record of success. You can find the press release here: ingd.ca/O3IS5j
Scotiabank is committed to preserving everything that you have come to love about ING DIRECT over the past 15 years. We will continue to operate separately – as a wholly-owned subsidiary -- and deliver excellent service, simple and transparent products, and all around great value for your hard-earned money.
You will be able to interact with ING DIRECT the way you do now; online, on your mobile devices, and via our award-winning call centres, with your existing account numbers and passwords. In other words, it is business as usual!
Since we started, our goal was to make it easier for you to save more of your money and to live a better life. With this announcement, this has not changed. We are excited about what we can provide our customers now and in the future, with the backing of a strong Canadian financial institution like Scotiabank that is committed to maintaining what has made ING DIRECT special.
Sincerely,

Peter Aceto
President & CEO, ING DIRECT

[tjthemanto]

No worries INGrep. They are maintaining the ING "bank" as is. Why fix what ain't broke? It was sold because the mother company needed cash, not because there was anything wrong with it. . .

Yes they will maintain it like that for only a little while , but then slowly and steadily they will start charging fees and start lowering the interest they pay. They will do this gradually and sneakily so as to not upset the current ING customers and hope that they don't notice it.

This is like Scotia Itrade all over again. I was with E*Trade Canada when Scotia bought them and changed it to Scotia Itrade. For the first 6 months or so they kept things identical , it was just like E* Trade but after the honeymoon period was over , they started jacking up the trade fees , service charges , administrative fees etc etc.

With E* Trade Canada i had very low fees and excellent service , but with Scotia Itrade ( after they bought E Trade ) , I had horrible service and jacked up fees.

Trust me over a period of time , they will do exactly the same with ING , just like they did with E*Trade inspite of their empty promises of not changing anything.

Higher fees , Crappy service and low interest rates for savings/chequing accounts coming soon to an ING near you , courtesy of Scotia.

At the first sign of it , I will be closing my ING account and going to PC Financial

[Shwa Girl]

At the first sign of it , I will be closing my ING account and going to PC Financial

Or just keep ING and open a PC account now and do regular transfers.

Maybe when they see people switching or linking to PC Financial, they may move more slowly when making the bad changes.

Now if only Target had a bank....

[MortgageQueen]

I think there will be a lot of people watching closely. . .

[aemi]

This makes me appreciate my PC Financial no fee account even more. I could close ING anytime they want a fee for something. Unless that would be for closing the account?

[Shwa Girl]

The other way it could play out, is that the big brick and mortar banks may introduce more fee free accounts.

For example, Scotia has a "money master" savings account, where you do your banking without paperwork and TD has a similar account. You only pay if you request a teller to print a statement or if you send in a request for the bank to print a statement. If you print everything yourself, no fees and a slighly higher interest paid to you.

[ashedfc]

Here the honeymoon will be over much sooner than one can think...

[Shwa Girl]

The head of Scotia Bank was on the radio stating that "ING customers will not see a change in all the great ING features they are accustomed to." Meh. Not sure I believe him.

Then he said, of course the name change will occur in the near future. Hmm. What other changes can we expect, Mr. Scotia Bank guy?

[Ciel]

The ING parent company made it a condition of sale that Scotia Bank drop the ING part of the name within 18 months.

I suggest the bank be called the Save Your Money Bank, after the actor's main tagline in the commercials.

[Shwa Girl]

The ING parent company made it a condition of sale that Scotia Bank drop the ING part of the name within 18 months.

I suggest the bank be called the Save Your Money Bank, after the actor's main tagline in the commercials.

Good name.
Wonder what ever happened to the save your money guy.
http://www.youtube.com/watch?v=-_48C5X-xGk

[Ciel]

The actor's voice and the pin-striped vest he usually wore always got me to watch the commercials when they came on. The man would be a great emcee at women's consumer shows or events.

I enjoyed that video clip, Shwa Girl!

[tjthemanto]

The head of Scotia Bank was on the radio stating that "ING customers will not see a change in all the great ING features they are accustomed to." Meh. Not sure I believe him.

Then he said, of course the name change will occur in the near future. Hmm. What other changes can we expect, Mr. Scotia Bank guy?

I heard similar things when they bought E*Trade Canada and converted it into Scotia ITrade.

Within 6 months thy jacked up my fees, administrative charges, changed my log in , client card etc .

Lot of customers were angry and left , when they did that .