ING DIRECT contributed a total of $1,067,539.43 in charitable contributions and sponsorships, and approximately $118,000 in work-time volunteer hours in 2012. This does not include personal donations made by employees in support of non-sponsored charities, or goods and other services provided by ING DIRECT employees.
In keeping with the philosophy of being a savings company, ING DIRECT offers a lucrative business investment savings vehicle for our small business Clients to grow their businesses. Our business model does not include debt financing directly to small businesses. In addition, ING DIRECT does not provide debt financing to firms in Canada and is not involved in new initiatives or technical assistance programs for financing for small business, nor are we involved in investments or partnerships in micro-credit programs.
ING DIRECT is the operating name of ING Bank of Canada, a Schedule I chartered Canadian bank regulated by the Office of the Superintendent of Financial Institutions (OSFI). We are a member of Canada Deposit Insurance Corporation (CDIC). Until November 15, 2012, we were a Schedule II chartered bank owned by ING Group.
On November 15, 2012, Scotiabank (also known as The Bank of Nova Scotia) acquired ING Bank of Canada and its subsidiaries from ING Group, the previous parent company. Now that ING Bank of Canada and its subsidiaries are wholly owned by The Bank of Nova Scotia, we are no longer affiliated with ING Groep N.V. (the legal name of ING Group). We are an independently operated subsidiary of Scotiabank.
All of our Canadian dollar savings products, such as our Investment Savings Account (ISA), Guaranteed Investments (GICs), Business Investment Savings Account (BISA), Retirement Savings Plan (RSP) and Tax-Free Savings Accounts (TFSAs) are eligible for CDIC insurance. However, like other banks, our loan products, US dollar accounts and mutual funds (offered by ING DIRECT Funds Limited) are not insured.
ING DIRECT Affiliates include:
We are a member of the following industry associations: The Canadian Payments Association, Interac®, THE EXCHANGE Network®, MasterCard® International and Maestro® International.
This 2012 Statement of Public Accountability and Corporate Responsibility is published by ING Bank of Canada pursuant to the requirements contained in the Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations.
The report is available from any ING DIRECT retail location, or by calling us toll-free.
This 2012 Statement of Public Accountability and Corporate Responsibility can be viewed in its entirety on our website at ingdirect.ca.
Trademarks Belonging to ING DIRECT or Other Entities Certain names, graphics, logos, icons, designs, words, titles or phrases in this document may constitute trade names, trademarks or service marks of ING DIRECT or other entities. Trademarks may be registered in Canada and in other countries as applicable.
The display of trademarks on the pages of this document does not imply that a license of any kind has been granted unless expressly stated herein.
Any unauthorized copying or modification of trademarks and/or the contents herein may be a violation of federal, common, trademark and/or copyright laws and could subject the copier to legal action.
Marketing Names/Trade Names Used by ING Bank of Canada: “ING DIRECT” is a marketing name (also referred to as a trade name or brand name) used by ING Bank of Canada.
ING Bank of Canada and its subsidiaries have been acquired by The Bank of Nova Scotia and are no longer affiliated with ING Groep N.V. The trademarks ING, ING DIRECT, ING Lion, the ING Lion logo and any derivation, variation, translation or adaptation thereof are trademarks of ING Groep N.V. and are used under license.
® save your money, unmortgage and The Money Movement are registered trademarks of ING Bank of Canada.
™ The Streetwise Portfolios is a trademark of ING DIRECT Asset Management Limited.
ING DIRECT Streetwise Portfolios are exclusively offered by ING DIRECT Asset Management Limited. ING DIRECT Funds Limited is the principal distributor of ING DIRECT Streetwise Portfolios. ING DIRECT Funds Limited and ING DIRECT Asset Management Limited are wholly-owned subsidiaries of ING Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual funds are not insured by the Canada Deposit Insurance Corporation or any other government deposit insurer, and are not guaranteed by ING Bank of Canada, or any other Canadian financial institution.
™ forward banking, THRiVE Chequing and Lil’ Savers are trademarks of ING Bank of Canada.
The following are trademarks of other companies: ® Interac is a trademark of Interac Inc. ING Bank of Canada is an authorized user of the trademark. ® MasterCard is a trademark of MasterCard International Inc. ® Maestro is a trademark of MasterCard International Inc. ING Bank of Canada is a licensed user of the trademark. ® Twitter is a registered trademark of Twitter Inc. ® Facebook is a registered trademark of Facebook Inc. ® YouTube is a registered trademark of Google Inc. ® BlackBerry is a registered trademark of Research in Motion. ® iPhone, iPad and iPad touch are registered trademarks of Apple Inc. ™ Android is a trademark of Google Inc. Windows® Phone is a registered trademark of Microsoft Corporation, registered in the US and other countries. ® THE EXCHANGE Network is a registered trademark of Fiserv Inc., licensed for use in Canada by FICANEX Services Limited Partnership. ® Scotiabank is a registered trademark of The Bank of Nova Scotia
In 2012, ING DIRECT celebrated its 15th anniversary. It’s quite remarkable that in 15 short years, we’ve become the 8th largest bank in Canada and the 6th largest mortgage lender, while proudly paying our Clients over $5 billion in interest. We’ve given Canadians a true mainstream alternative for banking and proven that our model works, which is one reason why Scotiabank, our new shareholder, decided to invest in our continued growth. What’s more, this growth will continue as we remain separate and independent, offering the same value and service that we’re known for.
A key factor of our success has been our committed focus on the core values that make us who we are. Our guiding purpose remains firmly front-and-centre in everything that we do. Every individual within our organization, regardless of their role, clearly understands why we’re all here:To Help Canadians Live Better Lives
As you read through these pages, you’ll see how every aspect of our business reflects this purpose. From the products and services we offer, to the community work we do and the careers of our employees, wherever our name is attached, you’ll see this vision brought to life.
We’re proud to be known as the bank that helps Canadians save their money, and all of our products reflect this. Our simple products along with award-winning Client service have helped almost 2 million Canadians grow their savings - including over 100,000 Clients who are now using our THRiVE Chequing™ Account and have saved over $18 million in unnecessary bank fees. On top of that, our mutual fund Clients have saved $22 million in fees since the launch of our Streetwise Portfolios™, so it’s unquestionable that we’re making a difference for Canadians.
Our commitment to helping Canadians live better lives also includes creating new and innovative ways for Clients to take control of their finances. One way we did this in 2012 was by introducing Small Sacrifices, a feature of our Mobile Banking app that’s designed to help Clients rethink impulse purchases. Users see how much their spending will add up over time, and they can choose to redirect the money to a Savings Account instead. It’s our way of helping to make spending and saving decisions easier for Canadians.
Lil’ Savers™ (lilsavers.ca), which was also launched in 2012, is another example of what we’re doing to help foster healthy financial lifestyles for families. Lil’ Savers is a fun and educational online world where kids learn about money. It’s an interactive site with a useful parent interface - a true family learning tool.
Canadians have made it clear that it’s important for them to be able to bank when and where they want. They’re looking for a simplified banking experience that suits their modern lifestyles. It’s what we call forward banking™. Part of how we deliver forward banking is by creating value for our Clients through innovations that focus on convenience and simplicity for the Client. For example, in 2012 we introduced Cheque-In, a Mobile Banking enhancement that allows Clients to deposit cheques from anywhere using their iPhone®. The feature was piloted with over 1,000 Clients, and will be offered to all mobile Clients later in 2013. We’re the first bank in Canada to process a phone-generated cheque image for deposit, and we’re very proud to be able to offer Clients this convenience.
However, our favourite way of helping Canadians live better lives is to get out in communities and pitch in. In 2012, our employees spent a total of 9,066 hours volunteering. That works out to over 8 hours per employee, which is quite an achievement. You’ll read all about the great work we did in the pages that follow. I’m very proud of these accomplishments, and it’s my pleasure to share them with you.
Wishing you and your family all the best.