Thursday, November 5, 2009

ING Direct For Sale

The first bank closures of this recession sent people flurrying scared that their money was gone. But by now we've become accustomed to bank closures and understand that our money is safe. Then last week a different bank closure announcement came from Internet-based ING.

Parent company ING Group located in the Netherlands received bailout money of 10 billion euros and was worried both about a crackdown by European Union regulators and pressure to pay back the tax-payer funds. In response ING agreed to sell off ING Direct in Wilmington, Delaware by 2013.

There has been a flurry of activity from customers wondering how the sale will affect them on Twitter. Naturally, ING's response has been "Have no fear, we're still Orange, still as safe as Fort Knox and still paying more interest than your mattress," the bank Tweeted back at 12:15 p.m.

Most likely customer's don't fear that they'll loose their savings, but that they lose out on future earnings and may get stuck with a lesser product. ING Direct was famed for great customer service for customers who basically didn't need service.

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