ING Direct, recently acquired by Capital One, has now eliminated one of the longstanding barriers to consumer adoption of its online banking product. For better or for worse, sometimes consumers do still need a check, and ING Direct’s unwillingness to provide or process checks has deterred some consumers from adopting the bank as a primary relationship.
According to Martha White, writing for Time,
“It’s a counterintuitive move, but it could be one that benefits ING Direct and new owner Capital One. Paper checks are a hassle, but sometimes it can be an even bigger hassle not to have access to them. If ING manages to eliminate one of the drawbacks to its online checking, it could draw more customers who are ambivalent about a traditional banking relationship but don’t want to give up any conveniences.”
This is a good decision by ING Direct/Capital One, and may attract more deposits from customers who are now willing to consolidate banking relationships.
Read more: http://moneyland.time.com/2011/08/15…#ixzz1VD2niQjp