We’ve written about ING Direct (Stock Symbol: ING) a myriad of times in the past few months, particularly in BankingMyWay’s “Deals of the Week” article on Wednesdays (like here and here).
The bank has a track record of good savings and checking account rate deals, a popular and slick Web site and a great reputation, placing high in banking industry customer satisfaction surveys.
Sounds like a pretty stable place to park your cash, right?
Not after a recent announcement from ING that it will leave the U.S. market in 2013 to focus on European markets.
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According to a company statement, ING opted to make the move out of the U.S. banking market as part of a restructuring deal with the European Commission, where the multinational finance behemoth, called ING Groep NV, will split in two during the next four years. In announcing the move, ING said that it will be "predominantly focused on Europe with selective growth options elsewhere."
The company says that, as part of the restructuring deal, it will have to sell its American banking brand, ING Direct, and plans to do so by the end of 2013.
So what does that mean to the American banking industry, and what does it mean to ING Direct customers?
As usual, the economy has something to do with the ING decision. High-risk investments and toxic mortgages prevalent in the U.S. may have soured ING’s global parents on the American banking market.
As far as consumer impact, customers have little to worry about. Individual deposits of up to $250,000 are FDIC-insured, not that ING is failing.
