Disillusioned with ING and The Way They Are Shifting to Be Just Another Bank

Well my wife and I have our Savings, Home loan and Investment home loan with ING. The main reason we got both loans with themwas the Simlicity coupled with low costs, money back etc etc.

Well all the positive things are eroding faster than the ice caps.

First they cut off the cash back on tap and go, which was one of our favourite features., then on our home loan I get an email today saying the annual fee is going up from $199 to $299.
They then have the gall to say that we will be eligible for a special credit card.

They are about to lose a customer in me. Our home loan is basically paid off (offset almost matches the outstanding balance), we dont want their credit card and I think there are better options as far as savings and investment loan products out there.

So basically which banks/unions savings and investment loans seem the best to you.

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  • Just got the email. What a bunch of pricks. Will be having a speak with my broker next week

  • +2

    They introduced fees on the superannuation account too! They promoted it as "no fees".
    Then they waited for people to switch their super to it and they introduced the fee.

    • Wow lucky I only opened ing super long time ago to get the $75 promo but never actually move my super in yet.

      • Same here. And closed the account the same day I received the email about the fees.

  • +1

    I referred a friend not long ago and they said they never go the bonus, neither did I despite the fact they are certain they used my code correctly. I first made contact with ING, who told my friend to contact them, and what followed was a back and forth and misinformation and ING finally claimed no one has used my code and we dont get the bonus. They seem to really be on the take these days with the removal of paywave rebate, fee free super and constant rate changes/raises..

    • Make that another two (neither mate and I have received bonus as per the terms, despite following the terms). Have had people for ages go on about how great ING is but I can't see the reason (especially without the $100 bonus). My usual bank has by far the largest ATM network in my state, and I probably take money from an ATM out once a quarter and pay the rest by card (so what's the big deal - my usual bank has all the same features otherwise, and also has something more secure than a 4 digit PIN to login to boot!).

      • +1

        I have seen others complaining on the Facebook page about not receiving their bonuses either. My views towards ING have definitely soured in the past year. I have referred another 4 people within the last few weeks under the $100 promo, what's the bet I don't see a single cent… will be interesting.

        • They are all turning to sh#t.
          ING used to be the best, now is crap.
          ANZ used to be really good, now is crap.
          RABO used to be really good for online savings accounts, now is crap.
          Not sure what is happening.
          The tide must be turning…

  • I still use for everyday account just because free atm anywhere. And interest rate is not bad.
    Half money in ubank. Thats all.

    • But only if you deposit >= $1k/month no?

      I still have mine as a backup DC for travel in case of Citiplusfail.

      • Yes. Deposit 1k is easy you can deposit and withdraw next day

        • I just get cash out from Woolies, less work.

  • +2

    "The Savings Maximiser, Savings Accelerator and Business Optimiser accounts are no longer able to accept SWIFT deposits involving a financial institution from outside Australia (or in a foreign currency)."

    • Hey mate, can you please link me to where you found that quote, was it in an email?

      • Came up in a message when I logged into account.

        • Thanks
          Great…you'd think that information would be important to be given somewhere else. Never need to actually login since I use the app.

    • I got this email too.But I think ING started doing this since January this year already because I got 2 times intl transfers rejected with no reason.They finally went through after I changed to other accounts.

      What now?

      If you have any recurring or upcoming international payments, ING DIRECT International Transfers, provided by OFX (previously known as OzForex), allows you to receive and send money overseas in different currencies. The minimum international transfer amount is A$250 (minimum of A$500 per payment if a recurring regular international payment). Visit https://ifx.ozforex.com.au/ for the full details.

      If an international SWIFT payment is made into an ING DIRECT account that no longer accepts it, the payment will be rejected and returned to the sender.

  • +4

    The worst part of this email whixh i also got today was no explanation or justification whatsoever. Just 'hey we want another hundred bucks cheers'

    Too bad i cant shift right now :/

  • +3

    This is the standard thing: offer a great service/price until you have a lot of people then lower the value you give or raise costs and make a shit ton more from the large numbers of people that don't leave.

    Leave ING.

    • I'll be leaving by taking my money out $200 at a time via EFTPOS.

  • Same boat. They bought me as a customer cheap and were great, I give them that. But they're just not competitive anymore so I'll be refinancing before my next annual fee (mid-July, hopefully need to settle before that).

    If any brokers/lenders want to take advantage then post a deal.

  • +1

    If no atm fees go I'm out of there.

    • +1

      Macquarie also now have no ATM fee Australia wide.

  • OP are you on P&I or interest only?
    I got the same email, but being slapped with 0.15% on my current IO rate on top of $100 extra annual fee.

  • +1

    Exactly the same here. To lose some of the features that made me join ING so soon after switching was quite irritating but this is the final straw and I'm now aiming to refinance away before my next annual fee.

  • yes. I said political leaders are in bed with big business and both rob the public before and got negged on another post. I won't say it this time. Even though the political winds of change are beginning to stir here and overseas as more excesses come to the fore. Unfortunately you will need to check how to break the contracts so that it is still beneficial for you to switch. a lot of work but worth it. Maybe ME bank associated with the industry super funds may not have caught the greed bug yet?

    have been a loyal ing customer since it started. thank go d I no longer have loans.

  • Moved my super. Savings interest rate isn't too bad and free ATMs, if a better option comes along I'll switch

  • I switched to them for the paywave cash rebate, and the Windows Phone app. Hard to find a bank with a windows phone app - and theirs was brilliant.
    Of course, a few months ago, the app was removed from the store.
    Now I may as well be dealing with one of the 'big banks' - at least a few still support the windows platform…

    • Which banks still support Windows apps ?

      • Commbank and Bankwest.

  • ING is turning bad on all fronts:super accounts, online savings, everyday accounts.
    They got people in with good deals and now they think that they can change things and people will stay. Hopefully people will teach them a lesson…

  • +1

    As a broker I can say they are one of the worst banks to refinance away from. They put in a lot of hurdles to refinance compared to other banks. They force you to call their retention centre then they call you back 3-4 times to confirm why you want to refinance before giving you a unique refi code that is to be used on their discharge forms.

    • Do you think they are likely to offer any incentives to stay?

      • +1

        The best bet is to send in a discharge form. You will get a call with their retentions team within 5 business days. If you want shoot me an email and I will email you a quick offer of 3.69% with 100%offset and no annual fee for life from one of their competitors (3.69% comparison). See what you can do with it. They probably won't match it, but will still give you a rate discount to compensate for the rise in annual fee. Lazy way to get a discount without refinancing :) Hope that helps.

        • Thanks, will contact my broker and let you know if I need your offer :)

        • @kev98:

          My broker essentially dissapeared but I am with ING. Paying 3.95% on $300k loan - variable P&I.. is this a good deal? Been with them 18 months, but not happy about this increase in annual fee.

        • @hummel:

          Yours doesn't sound too bad. Mine is 4.44% on investment loan interest only. I'm sure they can do better than that

        • @kev98:

          Mine is Owner/Occupiter - Was originally 3.99% When I signed up - I did speak to them a couple of months ago and they couldn't offer me any better.

          Keeping in mind that ratecity.com.au has their big HL sale on tommorow as well. Time to crunch some numbers.

          .5% for an investor loan over Owner/Occupier is pretty standard.

        • I want to leave ING and interested in this 3.69% offer, let me know how to contact you

  • Antone know the direct number to their retention team? I'd like to try my luck and and get a discount to my rate because of this stupid fee hike.

  • -2

    They are a bank.

  • +1

    who else goes to town on their 50cent bonus though? Gonna keep smashing that until they cancel it.

    • I just worry that cycling so much cash may trigger an audit from the tax office.

  • "First they cut off the cash back on tap and go, which was one of our favourite features."

    I have no association with ING, but do you really think a bank can afford to lose money on every transaction forever?

  • ING run their transaction account as a loss leader just like the supermarkets.

    If you want to win, shop around for the best product in each category and give them only that business.

  • +1

    All I can say is that if/when they get rid of the ATM fee refund I'll be moving to another bank immediately.

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