ING Bank – Job cuts and bank charges for all

bankcartooncolor2Postbank, the former banking division of the Dutch postal service, has been taken over by ING. This was made official at the beginning of 2009 and as a welcome present they are slapping new charges onto their customers. No doubt they will have some explanation related to the banking crisis and how this will ‘safeguard customers’.

Not satisfied with the rafts of charges most banks levy on their small lenders (things as small as charging for the sliver of plastic you use to access your own cash), they have been announcing (on the bottom of bank statements) that from the 1st of January there would be quarterly charges, stepped according to the type of account. For many small savers charges already add up to more than they receive in actual interest.

As we now have less of a choice whether we keep our money in banks or not, these people have a guaranteed capital to reinvest (with or without corruption, according to how the wind is blowing) and still these profits fail to offset charges. Small savers get very little in return for lending their money to banks, instead they are pick-pocketed by stealth.

Whilst ‘safeguarding’ customers with this exercise in revenue raising, it doesn’t seem to have done much to prevent the thousands of job cuts they have just announced.

What has ING done other than charge its customers more, sack thousands of its workforce and change the colour of its acquired cash machines? They’ll be requesting a bailout next.

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One thought on “ING Bank – Job cuts and bank charges for all

  1. Bit inaccurate. Postbank has been part of ING group for years (19 or so). The merging of Postbank and ING Bank labels was done purely to cut jobs, no other reason. It’s been a real mess on the inside, and will have (bad) repercussions for customers for years. The new label is simply ING. No bank, no service…. oh, but new spiffy charges for a different piece of plastic. So successful the Dutch government kicked out the old CEO and put in their own stooge a few days ago. Watch out if you save in ING Direct – that’s a time bomb. No way they can keep paying that interest.

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