Whats Long Overdue From John Q.

What is long over due from John Q. Public is a revolt against the Banksters But there are signs that the public is doing “a Network” against the Elite Powers That Will Be Damned Until John Q. Says No!”. Here is what is happening in the Capital 1 takeover of ING Direct banking. First the recaction of many customers up at the Capital 1 Facebook site:
“I’ve been really happy with ING, but C1 have a horrible reputation for fees and customer support, quite the opposite to ING’s business model. I’m really sad to see it go this way. I’m willing to bet that ING will lose at least 50% or more of its account holders due to this takeover. What a shame to see a truly customer oriented bank fall into the hands of a bank with probably the worst customer relations out there. I REALLY DON’T want to change banks, I LOVE my banking experience with ING, I can’t see me staying with C1 though so I guess I’ll just have to start looking around…sigh…”
And here is the Capital 1 pledge , via PR, as elicited by a clever NYTimes Business staff:

Q: Why are customers of ING so upset about the sale of their bank to Capital One?

ING  has developed a unique connection with its customers. There are  millions of “happy savers” across the country who are incredibly loyal  and value their relationship with ING. We truly appreciate that, and we  intend to do everything we can to maintain that trust and their  enthusiasm.

We  deeply understand and respect the value and the loyalty ING has  created.  Together with the ING team, we have the capabilities and  insights to sustain and build the power of that franchise to better  serve customers and create great value for our shareholders and  associates.

Q: What changes are you planning to make to ING Direct’s account offerings? Will subaccounts for specific savings goals remain?

We  have no plans to make any significant changes. ING customers should  expect the same great customer experience and the “status quo” from ING  for the foreseeable future.

Q. Are you planning any new fees or minimum balance requirements?

ING Direct has built a large and valuable franchise of engaged customers by focusing on a few simple proconsumer products.  We  deeply understand the value of the loyalty and advocacy ING Direct has  been able to build with its customers.  Everything we do as we integrate  our businesses will be thoughtful and surefooted with a focus on  sustaining and building that customer loyalty. We  will focus on the customers, channels, products, and pricing strategies  that build the best long-term customer relationships and deliver the  best cost of funds.


Q. Will ING Direct be operated separately or integrated into Capital One’s operations?

ING  Direct and Capital One share a heritage of innovation, a strong focus  on building customer franchise and an unwavering commitment to find,  empower and unleash extremely talented people.  We have been impressed with the management team of ING Direct and what they have accomplished.

As  I am sure you will appreciate, over the upcoming weeks we want to get  to know ING Direct’s management team and associates even better as we  determine how best to organize to deliver the customer experience as  well as the financial and strategic results we have been discussing.

Thank you, NYTimes for helping to foster some resistance to the Banksters and putting Capital 1 on record for what they will be doing to low cost banking services. Ye Editor suspects the only thing that won’t be touched in the next few months is the Savings sub-accounts as that is relatively easy to preserve; but $7B says the fees and loan intrest are up and the savings interest rates are down within 1 year.

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