ING Bank users expressed their worries after the online bank announced on Friday, June 24 that it is leaving the retail banking market in the Philippines before the year ends.
The digital bank cuts its Philippine retail banking operations in the country four years after its launch due to the “uncertain global macro situation in the last few years” that led the bank to reassess “ its scalability as a standalone business,” ING said in a statement.
Several account holders were saddened when the bank issued a text message of its Philippine departure.
“Saaaad. ING’s been my favorite banking app in terms of Everything tas free instapay pa with ING Pay,” a Reddit user commented.
“Awww. Sayang naman. They give out one of the highest interest on savings account,” a user tweeted.
“I really enjoyed the services of ING. Didn’t think this was even a possibility. Really sad day. :(,” says another Reddit user.
A Facebook user, meanwhile, bid goodbye to some of ING’s services such as high interest rates, free bank transfers and ATM withdrawal. “Ang lungkot naman po. goodbye free transfers and ATM Withdrawals,” she commented.
ING clarified, however, that it will not close in the Philippines as the bank decided to continue its wholesale banking business and global shared services operations.
Other users could not help but ask what to do with the money they stored in their ING accounts.
In a public group of ING Bank users, a Facebook user posted a screenshot of ING’s text message of the bank’s announcement. The user said in the caption: “What will happen to ING from now on? Any thoughts or expert ideas po [diyan]?”
“Anyone else using ING bank? what’s happening,” says Twitter user @seulgiibearcart.
“Just received an SMS advisory about this as well. It’s kind of sad since, personally, ING was very reliable and easy to use. Already thinking about whether to transfer my money now or await further updates, and where to transfer,” one Reddit user commented.
On its website, ING said users can still access their funds and accounts through the banks’ mobile banking application.
“We will keep you informed of any changes that will impact your account/s,” ING added.
However, the news came as a big shock for new users.
“Hala, kaka kuha ko pa naman ng card ko,” the Facebook user commented.
Another account holder also faced the same dilemma. “Balak ko palang sana itransfer lahat ng savings ko dyan,” she said.
Following ING’s decision to leave the Philippine retail bank market before the end of 2022, the digital bank said it will no longer entertain new account opening requests.
ING’s retail banking operations currently serve more than 380,000 customers with savings accounts, current accounts and consumer lending.
