ING Direct Has "Record Savers" in 2007

03.11.08 | Online Banking | 0 Comments | by junger

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ING Direct, probably the best known online bank, had "a record number of new savers, deposits and home mortgage loans" in 2007, according to an email from CEO Arkadi Kuhlmann sent to its customers.

Dear Jason,

I am happy to report that ING DIRECT's 2007 financial results are complete. Your confidence in us helped us deliver a record number of new savers, deposits and home mortgage loans. Further, we acquired ShareBuilder so we could offer you a low cost way to invest in stocks and ETFs. I'm proud of our first 7 years, but there's work to be done.

Global financial markets ended 2007 with many challenges ahead. While ING DIRECT avoided the sub-prime mortgage problem, we understand that this housing crisis threatens the well-being of countless families and, in the end, it will be seen as a major failing of the mortgage industry and its regulators.

The fact that ING DIRECT was not adversely affected is a testament to our operating philosophy that, as Americans, we should only buy houses we can afford. That way we can keep them for years to come. We believe a mortgage is a contract that both parties should execute in good faith and expect to see through to its conclusion. We will not waver from our sworn promise to provide you with great value, service and convenience.

Thank you for your continued trust in us. Stay tuned in 2008 for new ideas we'll offer to help you save your money.

Arkadi Kuhlmann
The CEO of Saving

While ING hasn't been delivering the leading interest rates on its online savings account for some time, they have continued to innovate with new products like the Electric Orange checking account and business online savings account.

2007 also saw ING acquire NetBank — even if there were some problems during the transfer.

Kuhlmann has been an outspoken advocate of understanding you financial situation (he's not the only one) and has argued that, even though ING only offers adjustable rate mortgages, they ARE right for some people.

I don't keep any money with them anymore — there are too many better paying options — but I know that some people do because of the ease of use and dedication to the company. I wouldn't do it, but more power to them.

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