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Banking

Capital One Buys ING Direct, Now What?

by Luke Landes

ING Direct has been on sale for the past few years, and I’ve speculated on the rumors of possible buyers like Ally Bank and GE Capital Bank. The winning bidder has been announced. Capital One has purchased ING Direct for $9 billion. Capital One is a financial institution that is historically known as a credit […]

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How to Choose the Best Savings Account

by Luke Landes

Born in the 1970s, I didn’t get to experience the days when anyone with a bank account could earn 18 percent APY in their savings. When I started being aware of interest rates — something that didn’t happen for me until I was out of college, struggling to earn a living, and thinking of a savings […]

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Student Checking Accounts Comparison, May 2012

by Luke Landes

As we head into summer, thousands of young adults will be heading to college for the first time. It’s important to get started on the right financial foot, and a free student checking account is an essential tool, particularly when combined with a savings account. Obtaining a student checking account that’s convenient for both students […]

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The Difference Between Savings Accounts and Money Market Accounts

by Luke Landes

One could be forgiven for confusing a savings account with a money market account (MMA for short). There are, however, some key differences between the two account types. Here’s what you need to know about savings accounts and a MMA. Savings accounts and a MAA are different from each other practically in name only. From […]

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Are Online Banks Safe?

by Luke Landes

Anyone who is accustomed to being able to walk into the local bank branch, access accounts through a teller, and discuss banking options with an account manager on-site might still have reservations about moving money to an online-only bank. The benefits are big. Usually, online-only banks offer higher interest rates on savings and certificate of […]

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Ally Bank in Talks to Buy ING Direct

by Luke Landes

Update: Capital One has purchased ING Direct. A little less than eighteen months ago, I mentioned that ING Direct was scheduled to be sold off. The online bank’s parent company, ING Group, received taxpayer assistance. The plan is for ING Group to sell ING Direct USA to pay back the European Commission. The New York […]

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US Bank Offers Free Rewards Account, Then Cancels Offer

by Luke Landes

Xenocid is having a frustrating experience with US Bank. A customer service representative moved his account into a new tier, offering a free account with cash back rewards when using his debit card. Xenocid promptly received a letter saying they would start charging $25 per month for this free account. Here’s his side of the […]

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The Saver’s Dilemma

by Luke Landes

At Consumerism Commentary, I’ve been writing about putting money into high-yield savings accounts for as long as this website has been around. Just as people started getting the message, banks pulled the rug out from under their customers. The Federal Reserve made cash easy and cheap from banks to access, and since the low federal […]

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Citibank Changes Overdraft Procedure: Fewer Fees

by Luke Landes

At the end of March, Fifth Third Bank changed its procedure for dealing with overdraft fees. When a customer has many debits (withdrawals) posting on the same day, and they are not real-time debits, banks often start with the largest amount. Ordering the debits from largest to smallest ensures that customers who do not have […]

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ING Direct Electric Orange Raising Credit and Margin Rates

by Luke Landes

On May 16, ING Direct will change the rate is uses to determine the cost of overdrawing the Electric Orange checking account. ING Direct’s overdraft system is a little like Passover, where we ask how this bank is different than all other banks. Rather than charging an overdraft fee if you send an electronic check […]

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